Published on : Mar 26, 2019
ALBANY, New York, Mar 26, 2019 - In the past two decades, several countries across the globe have increased their focus on the development of healthcare. With growing support from government, global welfare organizations, and rapid development from private sector, healthcare sector has opened avenues for several industries and markets. One of the benefiters of the booming healthcare sector is the global medical plastics market.
The global medical plastics market has registered substantial growth in the recent years, and is predicted to maintain the growth rate in the coming years too. The rapid development in healthcare is fueling demand in the global medical plastics market.
Increase in Healthcare Procedures to Augment Demand in Medical Plastics Market
With growing awareness among people, the demand for healthcare procedures has also risen. People are becoming increasingly cautious about their health, and are proactive about receiving early treatment. This inflates the demand for diagnostic and treatment procedures. Medical plastics are used in diagnosis, surgical tools, delivery devices, orthopedics, and more.
Further, the growing geriatric population creates new range of demand for orthopedic products. Several senior citizens suffer from orthopedic ailments and require some or the other form of supporting device or implant. This is expected to instill demand in the global medical plastics market.
Innovation to Open New Avenues for the Market
Innovation has become the backbone of growth in the entire healthcare industry. Medical devices are no different. With evolving population, the disease requirements are new, and thus doctors need new-age devices to treat people. This opens new opportunities for players in the global medical plastics market.
As a result, many players in the medical plastics market are investing heavily on research and development. Some of them have managed to launch innovative products in the market, thus gaining edge over their competitors. Analysts feel that there is immense scope for new products in the medical plastics market. This is boosting hope among companies in the global medical plastics market.
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North America to Remain the Largest Regional Consumer
The global medical plastics market is divided into North America, Europe, Asia Pacific, and Rest of the World. Among these, North America is expected to hold the highest share in the market. This is mainly due to the developed healthcare infrastructure and high level of awareness among people about health are some key factors driving demand in the medical plastic market here.
On the other hand, analysts project that Europe will continue to maintain its momentum in the global medical plastics market. It is Asia Pacific that will grow in importance over the next few years as developing economies like India and China increase their focus on healthcare. The overall healthcare expenditure in these countries has risen multifold, and the push from private sector on building world-class healthcare infrastructure is also a critical factor here.