Medical Plastics Market 2030 Growing Worldwide By Best Key players- Röchling SE & Co. KG; Nolato AB; Saint-Gobain; SABICPosted by Mrudula Anil Karmarkar on June 17th, 2024 San Francisco, 17 June 2024: The ReportMedical Plastics MarketSize, Share & Trends Analysis Report By Product (PE, PP, PC, LCP, PPSU, PES, PEI, PMMA), By Process Technology (Extrusion, Injection Molding), By Application, By Regions, And Segment Forecasts, 2024 - 2030 The global medical plastics market size is expected to reach USD 87.58 billion by 2030, registering a CAGR of 7.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for medical device packaging is likely due to the increased need for in-house and advanced medical devices. Plastics including polyethylene, polypropylene, and polycarbonate are increasingly being utilized in the medical device manufacturing The growth of the home healthcare sector on account of the low costs involved as compared to hospital care and intensive care contributes to a rise in the demand for medical devices and multiple hospital associated tests as well. The growth of the home healthcare sector on account of the low costs involved as compared to hospital care and intensive care has resulted in a rise in the demand for medical devices. The increasing demand for medical devices can also be attributed to the various types of medical tests conducted by hospitals for diagnostic purposes. Healthcare spending in the country is likely to accelerate in the near future owing to the growing awareness about healthcare. The rise in demand is driven by the aging population (65 years of age or above), growing prevalence of chronic diseases, infrastructure enhancements and technological advancements in medical plastics market. The strengthening of the Western European economies is expected to result in an increased provision of healthcare expenditure in the annual budgetary proposals. Moreover, Northern European economies such as Germany, the UK, and Sweden are projected to exhibit an increase in healthcare expenditure, thereby leading to a growth in the production of medical devices. However, the growth is expected to be supported by political unrest in Europe’s transition economies such as Russia and Ukraine. This growth can be attributed to the development of advanced plastics and plastic composites used in medical components such as catheters, surgical instrument handles, and syringes. The demand for medical device packaging is likely to be driven by a rise in demand for in-house and advanced medical devices. Plastics including polyethylene, polypropylene, and polycarbonate are increasingly being utilized for the manufacturing of medical devices. The growth of home healthcare due to its low costs compared to hospital care and intensive care has resulted in a rise in demand for medical devices. Request sample report of Medical Plastics Market@https://www.grandviewresearch.com/industry-analysis/medical-plastics-market/request/rs1 According to the latest U.S. census, 16.8% of the U.S. population is over the age of 65 years and this number is anticipated to reach 74 million by 2030. People aged over 85 need the most care and their population is growing rapidly. In March 2021, the U.S. President, Joe Biden, proposed spending USD 400 billion on Medicaid over eight years to fund at-home care for elderly and disabled people as well as increase the wages of caregivers. Medical Plastic Market Report Highlights
In the U.S., the frequent increment in costs and reduced margins have severely impacted healthcare providers and health plans. This compelled the government to ensure a significant transformation of healthcare funding and insurance coverage segments in the country through the introduction of ACA and Medicaid. The COVID-19 pandemic has made in-home care more appealing than nursing home facilities as home care reduces healthcare costs and is more convenient for patients. According to Medicaid and CHIP Payment and Access Commission (MACPAC), it costs about USD 26,000 a year for home care compared to USD 90,000 a year for a nursing home. Increasing investment in healthcare by the government and rising preference for home care are expected to drive the medical plastics market in the U.S. over the forecast period. The presence of key manufacturers such as Dow, Inc., Eastman Chemical Co., and DuPont can be regarded as one of the major factors driving the market for medical plastics in the country. Medical Plastics Market Report Scope
Market growth stage is high, and pace of market growth is accelerating owing to overly consolidated market. Medical plastic manufacturers are actively implementing challenging strategic initiatives such as mergers & acquisitions, new product launches, production expansion, among others. Some key market players include BASF SE; Celanese Corporation; Evonik Industries AG; SABIC; Dow, Inc.; Solvay S.A.; Trinseo S.A.; and Eastman Chemical Company.
Key Medical Plastics Companies: The following are the leading companies in the medical plastics market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these medical plastics companies are analyzed to map the supply network.
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