The Insight Partners adds "Medical Plastics Market Forecast to 2027 - COVID-19 Impact and Global Analysis" to its store providing analysis of the current and future market competition in the market. Insightful review of the key industry drivers, opportunities, barriers, and challenges. Each trend is independently researched to provide a qualitative analysis of its implications.
The medical plastics market was valued at US$ 24,671.82 million in 2019 and is projected to reach US$ 44,669.63 million by 2027; it is expected to grow at a CAGR of 7.7% from 2020 to 2027.
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Key players operating in the global medical plastics market include Celanese Corporation, Eastman Chemical Company, GW Plastics, Orthoplastics Ltd, ARAN BIOMEDICAL TEORANTA, Rochling, SABIC, Saint-Gobain Performance Plastics, SOLVAY, and DOW.
Factors such as increase in disposable income and rapid urbanization are fueling the demand for advanced healthcare services and treatments in emerging economies. Also, public investments in healthcare sector in developing countries are increasing significantly owing to rising geriatric population coupled with growing demand for modern healthcare services from urban middle-class population. According to the United Nations, it is reported that the percentage of population comprising people aged 65 years and above in emerging countries would rise from 10% to 15% of the overall population by 2030.
The escalating healthcare needs of senior citizens and expensive treatment costs for non-communicable disease in these economies are paving the way for numerous healthcare investments. Furthermore, factors such as increasing GDP, expanding middle class, rising life expectancy, and growing disposable income are fueling the demand for medical devices across South America, especially in Brazil. Moreover, increasing purchasing power and rising willingness of the populace to pay for better health services and government initiatives are catalyzing the investments in Brazil.
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COVID-19 first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. The US, Brazil, India, Russia, Spain, and the UK are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. However, it is estimated that COVID-19 has positively influenced the growth of the medical plastics market.
Tags: Medical Plastics Market
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