Europe Medical Plastic Market: Demand, Supply, SWOT, Consumption, ROI to 2024

Growing demand for medical plastics in applications such as disposables, surgical instruments, diagnostic components, implants, and orthopedics is expected to drive demand. Rising demand for healthcare services and facilities coupled with increasing government support to the medical industry in the Europe is expected to have a positive impact on the industry growth.

The Europe Medical Plastic Market is expected to reach USD 4.84 billion by 2024, according to a new report by Grand View Research, Inc.

Rising R&D expenditure related to the manufacture of bio-compatible medical plastics with superior quality, low cost, and minimal health hazards is anticipated to propel demand. However, stringent regulatory scenario associated with the medical device manufacturing and waste disposal are anticipated to be key challenges for the industry in the region

Europe medical plastic industry is highly competitive and fragmented owing to the presence of numerous players. Manufacturers are coming up with various innovative technologies in order to reduce cost and improve product quality and durability. Price volatility of the feedstock and stringent government regulations associated with the medical device manufacturing are expected to be the key factors affecting the industry growth.

Competition in the medical plastic market is likely to help consumers in terms of cost, quality and product innovation. Cost competitiveness and product quality are anticipated to be the key factors influencing buyer power decision. High production volumes and ease of availability of the product is expected to propel demand over the projected period.

Polyethylene was the largest product segment for Europe medical plastic industry in terms of volume in 2015 and is expected to grow at a CAGR of over 5% from 2016 to 2024. Rising demand for the product for manufacturing artificial tendons, surgical cables, tubing and orthopedic sutures is expected to drive growth.

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Disposable was the key application segment for the industry, accounting for 25% of the total market in 2015 and this trend is expected to continue over the forecast period. Growing demand for devices such as disposable enemas, cleaning gloves, contact lenses, hypodermic needles and Dialysis disposables is anticipated to drive demand for various plastic materials such as PVC, silicones, and PE.

Top Players of Europe Medical Plastic Market:

Key players in the industry include Rochling Group, Nolato AB, GW Plastics, Saint-Gobain Performance Plastics Corporation, Orthoplastics Ltd., Eastman Chemical Company, Celanese Corporation, The Dow Chemical Company and Tekni-Plex.

Market Segmentation of Europe Medical Plastic Market:

The Europe Medical Plastic Market segmented on the basis of Product, Application and Country.

By Product:

    Polyvinyl Chloride
    Polypropylene
    Polyethylene
    Polystyrene
    Silicone
    Engineering Plastic

By Application:

    Disposables
    Containers
    Catheters
    Surgical instruments
    Medical bags
    Implants
    Drug testing equipment

Inquire about Europe Medical Plastic Market with Our Experts @ https://www.grandviewresearch.com/inquiry/3040

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