The presence of an ever-expanding healthcare industry is behind the growth of the global medical plastics market. There is tremendous demand for improved medical engineering, majorly due to the need for faster extrusion and intravenous procedures. The relevance of medical plastics during surgical procedures is tremendous. The need for ensuring proper planning and execution of surgeries has created humongous demand within the global medical plastics market. Availability of improved plastics, ranging across PE, PVC, and PP materials, has generated greater trust across the medical fraternity. Henceforth, it is safe to project that the global medical plastics market would amass a starry volume of revenues.
Transparency Market Research (TMR), in a custom report, finds that the global medical plastics market would expand at a CAGR of 7.2% over the period between 2019 and 2027. Furthermore, the total value of the medical plastics market is expected to touch US$ 15.4 Bn by 2027.
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Advancements in Dentistry
The field of dentistry has emerged as a lucrative area within medicine. The willingness of the masses to spend a substantial part of their income on dental treatment offers new opportunities for several medical manufacturers. The use of medical plastics for development of dentures and storage of dental cements has played a key role in the growth of the global market. Furthermore, plastic disposables have gained popularity across the healthcare industry. The need for cleanliness and hygiene has generated humongous demand for plastic disposable bags. Therefore, the total value of the global medical plastics market is slated to touch new heights in the years to follow.
Use of Plastic Bags within Medicine
Despite the growing relevance of medical plastics, the market could be affected by increasing flak against non-biodegradable products. Medical waste contributes towards environmental pollution, and the industry is under constant scrutiny from government authorities and state bodies. However, the efforts of the healthcare industry towards proper disposal of wastes is a sound strategy for development. Therefore, the global medical plastics market could thrive on account of the resilience and seriousness shown by medical bodies towards waste disposal. Use of catheters and syringes for a variety of treatments within healthcare has also pushed market growth.
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The applications of plastics within the healthcare industry span into a variety of areas. The use of plastic bags is a basic necessity across medical wards and operation theatres. Furthermore, the need for storing sharp surgical instruments is also met through plastic containers and boxes. The need for safety within the healthcare industry has led to the use of medical plastics. The profit margins of the vendors operating in the global medical plastics market are slated to widen.
Some of the leading players in the global medical plastics market are Exxon Mobil Corporation, Dow DuPont, BASF SE, Celanese Corporation, and The Lubrizol Corporation.