Medical Plastics Market Size, Share, Growth Analysis, By Type(Engineering Plastic, HPP, St, ard Plastics), By Application(Medical Disposable, Prosthetics, Medical Instruments & Tools, Drug Delivery), By Region - Industry Forecast 2024-2031

Medical Plastics Market size was valued at USD 46.5 billion in 2019 and is poised to grow from USD 50.13 billion in 2023 to USD 98.55 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).

Medical plastics are a type of polymer that can be molded into almost any shape. Thermoplastic compounds are commonly used in medical plastics. Thermoplastics can be easily molded once they have been heated. Medical-grade polymers are resistant to heat and chemicals. Polycarbonate, polypropylene, and polyethylene are some of the most commonly used medical plastics. Medical devices and equipment, including medical and surgical tubing, can be made with it.

The global medical plastics market growth is predicted to rise due to increased investment in the healthcare industry and rising consumer health concerns. Furthermore, an increase in disposable income and a shift in consumer lifestyle will fuel market expansion in the forecasted timeframe.

The COVID-19 pandemic has had no substantial influence on the medical plastics market; due to the surge in demand for test gowns, face masks, and gloves. The market demand was mostly influenced by the shift in preference for using disposable masks and gloves as part of a safety process. During the first and second quarters of 2022, however, the market experienced a minor downturn. During the first and second quarters, sales of new medical devices and equipment were down due to societal distancing norms and global lockdown measures. Nevertheless, the market is slowly on its track to growth.

US Medical Plastics Market  is poised to grow at a sustainable CAGR for the next forecast year.