Pune, India -- (SBWire) -- 05/22/2018 --Market Synopsis:
Medical Plastics are polymers employed in Medical Industry applications such as manufacturing, packaging and others having properties which are safe for their intended use. The Global Medical Plastics Market is expected to generate a CAGR growth of ~ 8.1 % during the forecast period of 2017 to 2023.
Industry News:
February 2017 – Pexco and PPC Industries are expected to merge creating a large power base in the medical plastics business. The merger is expected to span across five countries in three continents, and will create a value added manufacturing business due to merger synergies.
January 2017 – SMC, acquired specialty pharmaceutical device company Oval Medical Technologies. The acquisition is aimed at gaining possession of Oval's autoinjector products, a critical step in medical plastics industry.
Feb 2017 – Nordson Corporation and Vention Medical's Advanced Technologies agreed on a acquisition agreement by the former of the latter's minimally invasive interventional delivery devices, catheters and advanced components business for an approximate USD 705 million.
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Regional Analysis:
North America accounts for the largest market share resulting from the growing demand for lightweight manufacturing of Medical Devices such as hypodermic needles, disposable syringes, and others. The safety afforded by disposable segment also drives the market in its favor. The Asia Pacific region is led by Japan, China and India with packaging emerging as a significant driver of growth.
The implementation of new European Medical Device Regulation scheme which replaced the medical directive and the Active Implantable Medical Device Directive (90/385/EEC) is the chief attraction of the European market. The regulation has stricter parameters which is expected to create faster demand for innovative products. The U.K., Germany, and France are expected to retain a lion's share of the market during the forecast period. The Middle East & Africa is anticipated to witness a faster growth due to increasing demand generated by the expansion of its healthcare facilities.
Segmental Analysis:
To generate a comprehensive view of the different facets of the market the report has been segmented by type, application, and region.
Type – polyvinyl chloride, polypropylene, engineering, plastics, polyethylene, polystyrene, and silicones. Polyvinyl chloride segment accounts for the largest market share due to desirable features afforded such as heat stability, chemical resistance, inert and versatile nature. The polyethylene segment is anticipated to generate the fastest growth owing to large demand from medical sutures and tubing.
Application – disposables, implants, drug delivery devices, syringes, diagnostic instruments, catheters, surgical instruments. The disposables segment holds the largest share of the market due to growing demand for medical devices such as disposable syringes, medical bags, gloves etc.
Regions – Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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Medical Plastics Market: Growth by Top Companies, Trends by Types and Application, Forecast Analysis to 2023