Medical Plastics Market Revenue, Share and Growth Rate to 2030
The global medical plastics market was valued at approximately USD 52.9 billion in 2023 and is forecasted to expand at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030. This growth is largely attributed to advancements in specialized plastics and plastic composites, which are integral in manufacturing various medical components such as catheters, surgical instrument handles, and syringes. The rising demand for in-house and advanced medical devices is propelling the need for durable, lightweight materials like polyethylene, polypropylene, and polycarbonate, which are increasingly used in medical device manufacturing. Furthermore, the expanding home healthcare sector, which is more cost-effective than hospital-based care, has also significantly increased the demand for medical devices that rely on medical plastics for portability, durability, and safety.
According to the most recent U.S. census data, approximately 16.8% of the U.S. population is aged 65 or older, with this demographic expected to reach 74 million by 2030. Among this population, those aged over 85 require the most intensive healthcare, and their numbers are growing rapidly. In March 2021, President Joe Biden proposed a significant investment of USD 400 billion over eight years for Medicaid, aimed at expanding at-home care for the elderly and disabled populations while raising caregivers' wages. In the U.S., increasing costs and shrinking profit margins for healthcare providers have driven the government to overhaul healthcare funding and insurance through initiatives like the Affordable Care Act (ACA) and Medicaid reforms to make healthcare more accessible and affordable.
Gather more insights about the market drivers, restrains and growth of the Medical Plastics Market
The market is experiencing a high growth stage, with an accelerated pace due to its consolidation. Medical plastic manufacturers are increasingly pursuing strategic moves such as mergers and acquisitions, product launches, and production expansions to strengthen their competitive positioning. For example, in November 2023, TekniPlex Healthcare acquired Seisa Medical, a medical device manufacturer based in El Paso, Texas. This acquisition allows TekniPlex to leverage Seisa’s expertise in materials science and processing technology for interventional therapy and minimally invasive devices on a global scale. Seisa offers contract manufacturing services across the entire product development cycle for Class II and III medical devices, including component manufacturing, assembly, and packaging, all of which are critical for expanding TekniPlex’s global capabilities.
Application Segmentation Insights:
In 2023, the medical components segment led the market, accounting for over 40.0% of revenue share. The COVID-19 pandemic significantly drove demand for essential medical components such as personal protective equipment (PPE), face masks, gloves, gowns, and technology-intensive devices like magnetic resonance imaging (MRI) scanners. Emerging markets played a key role in manufacturing PPE, face masks, and gloves, while developed markets primarily focused on producing high-tech equipment such as MRI scanners and ventilators. The global surge in demand for these products during the pandemic highlights the importance of medical plastics in facilitating healthcare responses, thereby fueling growth in the medical components segment.
Medical device packaging is essential for maintaining device integrity and performance over its shelf life. Proper packaging protects devices from physical damage, biological contamination, and environmental disturbances, while ensuring sterility before their use in healthcare settings. Effective packaging includes labeling for easy identification and supports the safe transport of devices to end users.
Packaging for orthopedic implants, such as knee, hip, spine, and thumb implants, requires materials compatible with multiple sterilization methods and that offer high puncture and abrasion resistance. These implants must be safeguarded against physical damage and contamination to maintain their integrity and effectiveness. Common materials used for orthopedic implant packaging include thermoplastic polyurethane (TPU) and polyethylene. UFP MedTech, for instance, developed FlexShield TPU and cross-linked polyethylene (XLPE) for orthopedic packaging applications. Both materials are compatible with gamma and ethylene oxide (ETO) sterilization processes and offer strong resistance to abrasion and punctures.
The demand for orthopedic soft goods, such as knee and back supports, is rising, particularly in developed regions like Europe, the U.S., and Japan, which have a growing elderly population. Additionally, the fitness and sports industries in emerging economies like India are driving demand as well. Orthopedic soft goods cater to a diverse consumer base, including senior citizens, young adults, and teens, by providing relief from joint pain caused by disease, occupational strain, or sports-related injuries. These products encompass a range of items, including rehabilitation aids, knee braces, wrist supports, back support braces, ankle supports, elbow straps, abdominal binders, rib belts, hernia supports, and cervical collars. They are essential for managing pain and providing support for injuries related to fractures, muscle pain, and various orthopedic conditions.
Order a free sample PDF of the Medical Plastics Market Intelligence Study, published by Grand View Research.
- Art
- Causes
- Crafts
- Dance
- Drinks
- Film
- Fitness
- Food
- Games
- Gardening
- Health
- Home
- Literature
- Music
- Networking
- Other
- Party
- Religion
- Shopping
- Sports
- Theater
- Wellness
- IT, Cloud, Software and Technology
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian