Demand for materials that offer lightweighting, recyclability, and miniaturization is responsible for the adoption of plastics across various medical application areas, says
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"Unlike traditional materials, plastics are highly flexible and can be easily molded into endless products and complex shapes while maintaining the structural integrity of the end products. Due to this, the penetration of plastic-based medical components in the healthcare industry is on the rise," said
Sengupta added: "Both by value and volume, commodity thermoplastics, including polyolefins, polyvinyl chloride, polyethylene terephthalate, and polystyrene will have the highest share in the global medical plastics market over the forecast period. Further, to address the COVID-19-induced supply chain disruptions and reduce the dependency on Chinese imports, countries located in the
To retain their position in the supply chain and ensure a smooth product supply, medical plastic manufacturers need to focus on the following for growth:
- Continuous demand for cost-effective medical plastics in developing economies: Strengthening ties with regional and local distributors is expected to cater to the demand from end-user tiers and sectors (both formal and informal) to reap benefits in the long run.
- Inorganic growth strategies and value-driven pricing approach for both developed and developing economies: Acquisition of regional and local participants will strengthen their market position and ensure the development of operational synergies.
- Investment in high-quality medical plastics for the developed world: Manufacturers should cater to regulated grades of commodity thermoplastics due to the increasing stringency of regulations worldwide and a rising focus on infection control in the healthcare industry.
For six decades,
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