Medical Plastics (Tablets & Capsules, Liquids, Creams and Ointments)
Plastics currently form one of the most important components of the medical industry. Medical device designers and engineers increasingly prefer plastics to conventional packaging materials such as metals owing to superior flexibility offered by plastics in fabrication process. Advancements in sterilization techniques shift towards disposable devices, development of enhanced plastic materials, and technological innovations are factors driving the overall market growth and expansion. The development of novel materials such as biocompatible polymers for use in medical implants will furthermore provide the required impetus for the global medical plastics market. Every day, plastics are involved in critical surgeries, lifesaving efforts, and routine medical procedures. Plastic materials can be sterilized hundreds of times without degradation. Lightweight plastics are used to form replacement joints, non-surgical supports, and therapy equipment. Clear plastics provide visibility for transfusions, surgeries, and diagnostic equipment of all kinds and plastics can be machined, molded, or formed into almost any shape imaginable. The use of plastics in health care field encompasses several distinct markets. Plastic is used on a large scale as medical devices like disposable syringes, optical and dental products, heart valves, contact lenses and many more medical products. This way plastic has very importance in making medical devices. The medical plastics industry is set to expand rapidly over the next decade taking up increasing proportions of GDP, as countries provide healthcare to an ageing population, access to medicine expands in developing regions and new technology is developed.
Market Outlook
The global injection molded plastic market size was valued at USD 199.86 billion 2014.
The world market for injection molded plastics would be worth $162 billion by 2020, registering a CAGR of 4.9% from 2015 to 2020. Polypropylene injection molded plastics would continue to dominate the market through 2020. Much of the growth for injection molded plastics market shall come from packaging end use segment and is projected to grow at a CAGR of 4.9% during the forecast period.
Export of plastic products from India stood at US$ 7.64 billion in FY 2015-16.
During 2015-16, major importers of Indian plastic products were US (US$ 898.45 million), China (US$ 489.25 million), UAE (US$ 422.74 million), Germany (US$ 290.03 million), UK (US$ 287.68 million), Italy (US$ 286.9 million), Turkey (US$ 285.23 million), Bangladesh (US$ 184.33 million), Saudi Arabia (US$ 169.1 million) and Nepal (US$ 161.09 million).
Domestic consumption of plastic is expected to touch 20 million Metric Tonnes by 2020.
The medical plastics market is segmented on the basis of applications that include syringes, medical bags, catheters, surgical instruments, diagnostic instruments, dental tools, ligatures, implants, drug delivery devices, and others. Each application segment is further described in detail in the report with value and volume forecasts till 2020.
The global medical plastics market was worth USD 4,644.46 Million in 2014, registering a CAGR of 7.12% between 2015 and 2020.
The global medical plastics market size, in terms of value is projected to reach USD 6,978.03 Million by 2020, at a CAGR of 7.12% between 2015 and 2020.
The medical tubing market size was estimated to be USD 3.73 Billion in 2015 and projected to reach USD 5.85 Billion, by 2021. The market is projected to witness a CAGR of 8.0%, in terms of value, during the forecast period.
The Medical Devices and Equipment Industry in India is currently valued at $ 2.5 billion, but that only makes up 6% of India’s $ 40 billion healthcare sector.
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