Medical Plastics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Standard Plastics, Engineering Plastics, High Performance Plastics (HPP)
Medical plastics are made from a huge number of macromolecules. These plastics are utilized to produce consistent and safe instruments in the healthcare industry. They are remarkably long-lasting, supple, and economical. The performance, sterility, and quality of the medical devices are a major factor for market expansion. Medical plastics find a broad range of applications in diagnostic instruments, implants, disposables, drug delivery devices, surgical instruments, syringes, and catheters. The global population is projected to increase in the coming years. With the increasing population, diseases and infections are rampantly overspreading through several mediums. The rising geriatric population further enhances the development of the healthcare sector.
The global medical plastics market in Asia Pacific is expected to grow at the highest CAGR of 8.4% during 2020–2027. The rapid growth of the market in this region is primarily attributed to growing demand for medical plastics due to its applications in medical disposables, prosthetics, medical instruments and tools, and drug delivery.
The recent COVID-19 outbreak, which began in Wuhan, China, in December 2019, has spread around the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, France, and Germany, are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, ~7,482,952 confirmed cases and ~419,497 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns called in several countries. Chemicals and materials is one the world’s major industries. It is suffering from serious disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns, as a result of this outbreak. China is the global manufacturing hub and largest raw material supplier for various industries. The suspension of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemicals and materials. The overall market collapse due to the COVID-19 pandemic is also affecting the global medical plastics market growth.
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