Medical Plastics Market Projected to Soar by Double Digits

The medical plastics market is forecast to increase from $25.6 billion in 2023 to $41.2 billion by 2028, a 10% compound annual growth rate (CAGR), according to a study from BCC Research. 

Surging demand for plastics is driven by the sustained growth of the medical device industry as it responds to the escalating prevalence of chronic diseases and a rapidly aging population with continuous technological advances supported by plastics. Medical plastic plays a critical role in the manufacture of a range of medical devices owing to its versatility, durability, and biocompatibility. Applications include catheters, syringes, implants, prosthetics, and wearables. Single-use applications will dominate the market by the end of 2028, according to the study.

While North America remains the largest market for medical plastics, Asia Pacific will show remarkable growth during this time frame thanks to substantial (and much-needed) investments in the healthcare infrastructure.

Emerging economies, notably China and India, are experiencing a surge in investment from both public and private entities, according to the report. This is primarily motivated by the need to enhance the accessibility, affordability, and quality of healthcare services, and medical plastics are an indispensable component in the development of safe, efficient, and cost-effective healthcare products. Ongoing innovation in medical plastics technology addresses healthcare challenges and drives improvements in patient outcomes while containing costs.

The report from BCC Research includes in-depth analysis of global and regional markets, applications, and types of resin. Key players in the medical plastics space are profiled.

Sample copies of the Medical Plastics: Global Markets Report are available to interested parties from BCC Research.