Medical Plastics Market will exhibit a CAGR of 7.1% and reach USD 54.29 billion by 2027, and the market value as per 2019 was USD 29.93 billion.
Fortune Business Insights™ in its report, titled “Medical Plastics Market Size, Share & Industry Analysis, By Application (Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others), and Regional Forecast, 2020-2027”.
Medical Plastics Market Drivers and Restraint :
The European Medical Device Regulation (EU MDR) is an updated batch of regulations framed to monitor and govern the production and distribution of medical devices sold in Europe. The new regulations are focused on adopting a life-cycle approach to medical devices owing to the rapidly aging population in the continent. The regulations are based on the rationale that the probability of malfunctions and accidents associated with medical devices used to treat aging people is higher than normal. The EU MDR was expected to create a major turmoil in the medical plastics industry in Europe. The new regulations are focused on adopting a life-cycle approach approach to medical devices owing to the rapidly aging population in the continent. The regulations are based on the rationale that the probability of malfunctions and accidents associated with medical devices used to treat aging people is higher than normal.
The EU MDR was expected to create a major turmoil in the medical plastics industry in Europe. However, with the coronavirus raging across the globe, the European Parliament has decided to postpone the enactment and implement of this regulation to May 2021 so that companies can focus on prioritizing the production of medical devices to battle the pandemic. This decision, therefore, augurs well for this market.
List of Significant Manufacturers Medical Plastics Market are:
- Eastman Chemical Company (the U.S.)
- GW Plastics (the US)
- Solvay (Belgium)
- Evonik (Germany)
- Celanese Corporation (the U.S.)
- Nolato AB (Sweden)
- Röchling (Germany)
- Covestro AG (Germany)
- BASF SE (Germany)
- SABIC (Saudi Arabia)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/medical-plastics-market-102136
Some of the key industry developments in the Medical Plastics Market Include:
April 2020: US-based Celanese Corporation is supporting healthcare workers by enhancing its production of specialty materials for applications such as PPE, ventilators, and other medical devices.
February 2020: Pirouette Medical designed and developed a novel auto-injector, featuring improved portability and affordability, along with lower costs, for the delivery of epinephrine and other medications in patients. The unique device has been injection-molded with Covestro’s Makrolon® 2458 polycarbonate.
