Europe Medical Plastic Market Insights Forecasts to 2032
- The Europe Medical Plastic Market Size was valued at USD Multimillion in 2022.
- The market is growing at a CAGR of 6.3% from 2022 to 2032
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The Europe Medical Plastic Market Size was valued at USD Multimillion in 2022 and is expected to Grow at a CAGR of 6.3% during the forecast period (2022-2032).
Medical plastics are composed of a large number of macromolecules that are used to manufacture consistent and safe tools in the healthcare business. They are incredibly long-lasting, flexible, and cost-effective. This equipment's performance, sterility, and quality are essential factors in market growth. Diagnostic equipment, implants, disposables, medication delivery devices, surgical instruments, syringes, and catheters use medical plastics. The world's population is expected to grow in the next years. Diseases and illnesses are rapidly spreading through many mediums as the population grows. The growing senior population boosts the growth of the healthcare industry. Furthermore, medical plastics are used in prostheses, which provides a life-changing option for physically challenged persons. Increased medical tourism in Europe, particularly in Spain, Turkey, Germany, Hungary, and Poland, is expected to enhance demand for the devices, which will have a beneficial influence on industry growth.
This research report categorizes the market of Europe medical plastic market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe medical plastic market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Europe medical plastic market.
Europe Medical Plastic Market Report Coverage
|Forecast Period 2022-2032 CAGR:||6.3%|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product, By Application, andCountry Statistics (Demand, Price, Growth, Competitors, Challenges)|
|Companies Covered:||Rochling Group, Nolato AB, GW Plastics, Saint-Gobain Performance Plastics Corporation, Orthoplastics Ltd., Eastman Chemical Company, Celanese Corporation, The Dow Chemical Company and Tekni-Plex.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Europe has a well-developed healthcare system with significant investment in healthcare infrastructure and services. The region's increasing healthcare expenditure, driven by factors such as population aging, advancements in medical technologies, and government initiatives, contributes to the demand for medical plastics. Moreover, the demand for medical devices continues to rise in Europe, driven by factors such as an aging population, the prevalence of chronic diseases, and technological advancements. Medical plastics are essential components of medical devices due to their lightweight, durable, and biocompatible properties. The expanding medical device industry fuels the demand for medical plastics in Europe.
The medical plastics industry in Europe is subject to stringent regulations and standards to ensure patient safety and product efficacy. Compliance with these regulations, such as the European Union's Medical Devices Regulation (MDR) and In Vitro, Diagnostic Medical Devices Regulation (IVDR), can be time-consuming and costly for manufacturers. Meeting the regulatory requirements adds complexity and may act as a restraint for some market players.
Italy has been impacted the most by the COVID-19 epidemic in Europe. It is projected to suffer economic damage owing to a lack of revenue from numerous companies, as Italy has the most significant number of COVID-19 cases. Other member nations have taken dramatic measures and imposed travel restrictions, temporarily shutting their borders. This is expected to influence market growth in Europe.
- In 2022, the Polyphenylsulfone segment is expected to have the highest growth in the market over the forecast period.
Based on the product, the Europe medical plastic market is segmented into polyethylene, polycarbonate, liquid crystal polymer, polyethylenimine, polymethyl methacrylate, and others. Among these segments, the Polyphenylsulfone segment dominates the largest market share during the forecast period. Polyphenylsulfone has strong heat and chemical resistance, making it appropriate for metal substitution in medical applications. These polymers have great flexural strength, impact resistance, and durability, making them ideal for the manufacture of single- and multi-use surgical tools. Its great temperature tolerance makes it useful for medical devices that must be frequently steam-sterilized. These materials are rapidly being employed in surgical robotics and biopharmaceutical manufacturing.
- In 2022, the medical disposables segment is influencing the highest market share during the forecast period.
Based on the application, the Europe medical plastic market is segmented into medical disposables, prosthetics, medical instruments & tools, drug delivery, and others. Among these segments, medical disposables led the market during the forecast period, due to their adaptability, medical plastics are becoming more popular. Medical disposables are single-use devices that are utilized in surgical and procedural applications. The usage of these medicinal goods in procedures and general checkups is growing. Furthermore, the usage of these disposables as directed by various authorities such as the USFDA and the European FDA is driving global demand for medical plastics. The primary drivers for the market are increased chronic illness occurrences, changing lifestyles of the middle-income group, the desire for better healthcare facilities, and an aging population.
The report offers the appropriate analysis of the key organizations/companies involved within the Europe medical plastic market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Rochling Group
- Nolato AB
- GW Plastics
- Saint-Gobain Performance Plastics Corporation
- Orthoplastics Ltd.
- Eastman Chemical Company
- Celanese Corporation
- The Dow Chemical Company and Tekni-Plex
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Europe Medical Plastic Market based on the below-mentioned segments:
Europe Medical Plastic Market, By Type
- Liquid Crystal Polymer
- Polymethyl Methacrylate
Europe Medical Plastic Market, By Application
- Medical Disposables
- Medical Instruments & Tools
- Drug Delivery
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