Increasing usage of medical devices in hospitals is driving growth of the Medical Plastics Market. Medical devices such as MRI plays a vital role in lab tests and clinical diagnostics for inner body insights. Increasing use of imaging techniques such as MRI is likely to boost growth of the medical plastics market. For instance, according to a report published in the National Health Services 2017, around 41 million medical imaging tests were performed in England in 2017, of which 3.49 million imaging tests took place in January 2017, where MRI was performed 0.28 million times.
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Moreover, increasing investments by government bodies and private organizations for health and medical researches and development is expected to propel growth of medical plastics market. For instance, according U.S. Investments in Medical and Health Research and Development report 2017published by Research America, investment in medical and health research and development (R&D) in the U.S. grew by 20.6% between 2013 and 2016. Also, private industries invested around US$ 115.9 billion in medical and health R&D whereas, federal agencies invested a total of US$ 37.6 billion, with the National Institutes of Health (NIH) accounting for nearly US$ 30.5 billion.
Medical plastics are extensively used in thin tubes, disposable syringes, intravenous blood bags, or in huge casing of an open MRI system. The use of plastics for the manufacturing of various disposable medical devices have made health care simpler and less painful. Over the past few decades, plastics have assumed a dramatically important role in modern medicine. Plastics have superior design flexibility, as compared to metals, ceramics, and glass, therefore plastic can be processed into innumerable sizes, shapes, thicknesses, and colors. Also, their properties can be tailored to meet a wide spectrum of physical, mechanical, chemical, and biochemical requirements.
Various developments in high-performance polymers and the related advantages of plastics over other materials have widened the opportunities of plastics in the healthcare sector. Polyvinyl chloride (PVC) is commonly used in the development of class I medical devices. Different types of medical plastics present in the market include polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), silicones, and others.
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Key players operating in the global medical plastics market include Ensinger, Trinseo, Lubrizol Corporation, Celanese Corporation, BASF SE, and Arkema. Key players are adopting various strategies such as mergers, acquisitions, partnership, and new product launches to retain their dominant position in the medical plastics market. For instance, in 2017, Trinseo completed the acquisition of API Applicazioni Plastiche Industriali S.p.A., which includes API’s manufacturing and research facility at Mussolente, Italy, and all of API’s business, employees, and assets.