Increasing need for medical devices with high shelf life, increasing export and import of medical devices, increasing demand for sterilized and disposable devices are some of the factors driving the sales of medical plastics market. Increasing demand for cost effective, light weight, the increasing use of prosthetics and the increasing use of non magnetic equipments around heavily magnetized medical equipments such as an MRI, are other factors serving as market drivers for the medical plastics market. The rising economies in the Asia Pacific region, the rising demand for high technology medical devices will act as opportunities for the medical plastics market. Formation of organizations like HPRC (Healthcare Plastics Recycling Council), help organizations to dispose plastic effectively and help design recycling guidelines for disposing plastic, hence avoiding raising any environmental concerns and thereby acting as an opportunity for the medical plastics market in this go-green age. The strict government regulations and the high recall costs are two of the major restraints for the medical plastics market.
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The use of plastic in the healthcare sector is extensive. Plastic is used in packaging; it is incorporated in the products, and medical disposable techniques. Some of the characteristics of plastic such as flexibility, preserving capabilities act imperatively in favor of the medical plastics market. U.S has the maximum market share in the medical plastics market because of factors like technological advancements, and availability of sophisticated medical devices coupled with high diligence concerning healthcare awareness.
The medical plastics market could be segmented into two major categories based on its resin types: Radiation resistant, PVC, Polyethylene, Polycarbonate, Polyester, Polypropylene, ABS and SAN resins, Polystyrene, and based on its applications into medical packaging and medical products segments. The medical plastics market could also be geographically segmented into U.S, Europe, Asia Pacific and the rest of the world regions.
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Some of the key players in the medical plastics market are BASF, Becton and Dickinson, Baxter International, DOW Chemical. Du Pont, Bayer, Cyro Industries, Exxon Mobil Corporation, Saint Gobain Performance Plastics, Tekni Plex Corporation, Alcan Packaging and others.
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