Global High-Performance Medical Plastics Market

Global High-Performance Medical Plastics Market Overview:

High-performance plastics meet higher requirements and are different from the standard and engineering plastics, primarily by their temperature stability, chemical resistance, mechanical properties, production quantity, and price. High-performance plastics, including PEEK, PSU, PEI, FEP, PFA, and PTFE, are distinguished by their exceptional properties in diverse areas. High-performance plastics are principally used where the highest demands are placed on the mechanics, thermal or chemical resistance, or the slippage of the products. PEEK, in particular, is an excellent metal substitute for medical applications where the biocompatibility of the material is necessary.

Global High-Performance Medical Plastics Market Insights

The global high-performance medical plastics market size was valued at USD 753 million in 2019 and projected to reach USD 1,342 million by 2027, growing at a CAGR of 8.8% during the forecast period, 2020-2027. The major factors are the growing demand for advanced medical devices and increasing healthcare investments. Additionally, the increasing geriatric population and rising healthcare demands in the developing world propelling the growth of the high-performance medical plastics market across the globe. Furthermore, the growing government initiatives to improve healthcare infrastructure and rise in medical devices & implants are expected to witness remarkable growth of high-performance medical plastics. The increasing use of enhanced medical technologies and rising demand for affordable & efficient healthcare systems are expected to propel the demand for high-performance medical plastics over the coming years. Moreover, the upsurge in demand for high-performance medical plastics for drug delivery, prosthesis & implants, chemical tanks, sterilizing boxes, secretion bottles, artificial cornea, and analytical & diagnostic positively impacts the market for high-performance medical plastics. Furthermore, the rapidly increasing customer base, increase in the extensive R&D activities at the industrial level, and increasing concerns about high-quality devices fuel the demand for the high-performance medical plastics market. Furthermore, the increasing number of hospitals, rise in the importance of precautionary healthcare, and rapidly growing medical sector will bolster the growth of global high-performance medical plastics market share. Additionally, the rising focus on introducing innovative products by the IVD and medical devices manufacturing companies, technological advancements in design and manufacturing, and product modernization will spur the global high-performance medical plastics industry in the future periods.

Growth Driver

The rising shift toward minimally invasive medical procedures

Minimally invasive surgery allows the surgeons to use techniques that limit the size and number of cuts or incisions they need to make. It’s typically considered safer than traditional open surgery. However, it required a considerable amount of time to heal, and the patient feels more comfortable while healing. Thus, minimally invasive procedures are gaining approval. The growing prevalence of diseases such as arthritis, cancer, cardiovascular diseases, and chronic sinusitis, which require complicated surgical treatments, has boosted the demand for minimally invasive procedures that offer advantages, including less cost, quick recovery time, and minor duration hospital stays. In addition, chronic sinusitis is a highly prevalent condition, with approximately 12.5 percent of the American population affected annually and requires functional endoscopic sinus surgery (FESS). It is a minimally invasive procedure that includes few surgical complications and long-lasting results. This has expanded the utilization of high-performance medical plastics, which are perfect for medical tubing and catheters used in minimally invasive medical procedures. High-performance medical plastics promote cost efficiency through less time consumption and improved workability in producing equipment, devices, and other products. For instance, urinary and cardiac catheterization, including small catheter tubing, reduces the time taken for the concerned surgical procedure. The use of plastics in production makes them cost-effective, flexible, and easy to use. Therefore, the rising demand for minimally invasive medical procedures and the need to increase the efficiency of such procedures are influential in driving the demand for high-performance medical plastics. However, the time-consuming regulatory approval process & varied regulations, and growing medical waste management concerns can restrict the demand for the global high-performance medical plastics market.

Type Segmental Analysis

Based on the type, the global high-performance medical plastics market is segregated into fluoropolymers (FP), high-performance polyamides (HPPA), polyaryletherketones (PAEK), polyphenylene sulfides (PPS), polyetherimide (PEI), and others. The other segment includes PFA, PAI, ETFE, and PEK. The fluoropolymers segment is estimated to witness the highest growth over the analysis timeframe. It is due to fluoropolymers are very resistant to nearly all solvents and chemical compounds and solvents and have good biocompatibility, excellent sliding, and temperature resistance property. Therefore, it is widely used to manufacture parts for magnetic resonance imaging and X-ray devices. The polyaryletherketones will grow significantly as they have high mechanical strength and high-temperature stability and are increasingly used in demanding applications, including pumps, bearings, piston parts, HPLC columns, compressor plate valves, and cable insulation. In addition, it is one of the few plastics compatible with ultra-high vacuum applications.

Application Segmental Analysis

Based on the application, the global high-performance medical plastics market is classified into medical equipment & tools, medical supplies, drug delivery, prosthesis & implants, therapeutic system, and others. The other segment includes chemical tanks, artificial cornea, sterilizing boxes, secretion bottles, and surgical theater luminaries. The medical equipment & tools are expected to be the highest revenue share for high-performance medical plastics during the forecast period. The segment’s growth is attributed to the rise in consumption of high-performance medical plastics in the production of surgical, diagnostics, and medical devices. In addition, increasing demand for quality healthcare systems, a growing aging population, and new technologies drive the market. The prosthesis & implants will witness a lucrative growth rate in the estimated period due to the increasing use of polymers in temporary & permanent implant devices, rising awareness regarding cosmetics and aesthetic dentistry, along with the growing disposable income. In addition, the polyether ketone ketone (PEKK) helps in providing finished dental prosthetics at a low cost.

Region Segmental Analysis

By geography, the global high-performance medical plastics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is to project considerable growth over 2020-2026. It is due to existing medical device manufacturers in the region, advances in technology, key industry players offering innovative products, and increasing healthcare expenditure. The Asia Pacific will have a prominent share of the high-performance medical plastics market by 2027. Due to the increasing demand for medical devices & their associated products, they are continually improving healthcare infrastructure in the region and growing industrialization in emerging countries such as India and China.

Competitor Analysis

Companies such as Solvay SA, Mitsubishi Chemical Corporation, Arkema SA, Victrex PLC, Raumedic AG, SABIC, Evonik Industries AG, Ensinger,  Rochling SE & Co. AG, The Chemours Company, DuPont, Saint-Gobain Performance Plastic, Celanese Corporation, Trelleborg, Biomerics, RTP Company, Tekni-Plex, Gujrat Fluorochemicals Ltd, Drake Medical Plastic, Performance Plastic Ltd, Bollinger Group, China Array Plastic, Extra Plastic Industry Co. Ltd, Spectrum Plastic Group, and Stratasys are the key players in the global high-performance medical plastics market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global high-performance medical plastics manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to high-performance medical plastics
• Regulatory bodies
• Suppliers
• Retailers

The objective of the Research

• Market modeling commences with identifying a target market where historical data exists. A Market may include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
• Product analysis involves examining product features, costs, availability, quality, and other aspects. In addition, product analysis is conducted to understand potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps assess potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
• Market Segmental Analysis defines an in-depth scenario of the target market by grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics.
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that can specifically target.

Market Modelling

By Type

• Fluoropolymers (FP)
• High Performance Polyamides (HPPA)
• Polyaryletherketones (PAEK)
• Polyphenylene Sulfides (PPS)
• Polyetherimide (PEI)
• Others

By Application

• Medical Equipment & Tools
• Medical Supplies
• Drug Delivery
• Prosthesis & Implants
• Therapeutic System
• Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

On-Demand Home Service Market

Global Dental Consumables Market

Plasma Therapy Market

Sanitation Station Market

Lycopene Market

Personal Emergency Response Systems Market

Global Sequence of Events Recorder Market

Global Cell Harvesting Market

IoT Chip Market

Plasma Therapy Market