Medical Plastics Market-Numerous Features of the material makes it Popular among Medical Devices Manufacturers: TMR

ALBANY, N.Y., Feb. 18, 2021 /PRNewswire/ -- Medical plastics refer to a polymers type. It is widely accepted product in the worldwide health care sector. Engineering plastics, PE, PVC, PS, PP, and silicone are some of the product types available in the market.

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A latest study released by Transparency Market Research points out that the global medical plastics market is projected to expand at 7.2% CAGR during forecast period 2019-2027. With this growth rate, the market is likely to be valued at US$15.4 Bn by 2027.

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Medical Plastics Market: Major Takeaways

    --  Expansion of Worldwide Healthcare Sector Fuels Demand Opportunities in
        Medical Plastics Market

Medical plastics are extensively used in the production of a wide range of healthcare products including dental tools, catheters and syringes, drug delivery devices, diagnostic instruments, medical bags, surgical instruments, and implants. Thus, the expansion of worldwide healthcare sector is likely to boost the demand for all these devices. This scenario highlights that the global medical plastics market will experience growth at decent pace in the years to come.

    --  Recyclability: Key Feature Fueling Adoption of Medical Plastics

Medical plastics are recyclable. This is one of the key factors encouraging medical device manufacturers to use medical plastics in their production activities. As a result, the companies engaged in the medical plastics market are experiencing promising sales opportunities.

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Medical Plastics Market: Growth Boosters

    --  The manufacturers in the medical plastics are gaining promising sales
        avenues. Some of the key factors driving this scenario include the
        cost-effectiveness, versatility, and safety of these medical-grade
        plastics.
    --  In recent few years, the manufacturing companies engaged in healthcare
        sector are growing incorporation of high technology polymers in the
        production of devices, which are used in the management of a wide range
        of health issues. This aside, many enterprises are focused using
        plastics in place of titanium/stainless steel metals for the production
        of various medical devices including medical tubing. This scenario
        suggests that the global medical plastics market will expand at
        promising pace in the years to come.
    --  In recent period, the healthcare professionals across the globe are
        growing inclination toward the use of disposable medical products, which
        are manufactured medical plastics. The list of disposable medical
        products manufactured using medical plastics includes inhalation masks,
        bed pans, and IV tubes. Thus, growing demand for all these products is
        likely to boost the market growth in the years to come.
    --  Various medical products such as surgical wraps, tools, examination
        gloves, and irrigation bottles manufactured using medical plastics can
        be sterilized. The sterilization allows the reuse of all these products.
        Thus, increased use of all these products in healthcare sector is
        projected to fuel sales opportunities in the medical plastics market in
        the upcoming years.
    --  Medical plastics are light in weight. As a result, they are increasingly
        used in the production of artificial cornea, orthopedic devices, thin
        tubes called catheters, and hearing aids. Therefore, increased demand
        for these products is likely to push the medical plastics market growth
        throughout tenure of 2020 to 2030.

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Medical Plastics Market: Well-Established Participants

The medical plastics market experiences presence of many well-entrenched players. As a result, the competitive landscape of this market seems to be highly intense. Some of the key players in this market are:

    --  BASF SE
    --  Exxon Mobil Corporation
    --  Evonik Industries AG
    --  Dow DuPont
    --  Celanese Corporation
    --  Arkema S.A.
    --  Solvay
    --  The Lubrizol Corporation

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