The U.S. medical plastics market should reach nearly 5.8 billion pounds by 2020
(PRWEB) May 14, 2015
BCC Research reveals in its new report on U.S. medical plastics that the U.S. medical plastics market should grow from 4.4 billion pounds in 2014 to 5.8 billion pounds in 2020, reflecting a five-year annual compound growth rate (CAGR) of 4.8%. Plastics usage in the healthcare field encompasses several distinct markets, and covers applications for medical devices and related products and packaging.
Commodity thermoplastics dominate the market, comprising more than 55% of total volume of all resins. Growth rates are fairly similar, ranging from 4.6% to 5.1% for most of the resins due to a variety of trade-offs based on property requirements, pricing, environmental and regulatory issues.
Generally, demand for medical plastics will outpace packaging applications, especially in the area of prosthetic devices and minimally invasive surgical instruments. On the other hand, plastics in the packaging sector are largely driven by cost. Most consider that the use of engineering resins will increase faster than commodity resins because of increased physical demands being placed on resins used for medical devices.
Hospitals continue to constitute the largest market for medical goods in the U.S. and Europe, accounting for well over 50% of total purchases. However, efforts by government and private insurers to contain escalating hospital costs have resulted in growing opportunities for sales of medical equipment to those outside of the hospital setting.
“Most countries will need to spend more money on healthcare in the coming years, but advances in medical devices will also raise costs,” says BCC Research analyst Mel Schlechter. “Considering nursing shortages and legislative reforms, costs will continue to escalate although employers and consumers will pick up more of the health bill with increased premiums. Hospitals are faced with different pressures led by trying to hold on to their nurses and hold down costs.”
Medical Plastics covers the ever-changing face of the medical device industry, new types of medical devices legislative/regulatory and environmental issues, new products and technologies related to medical devices, sterilization techniques and impact on polymer selection, polymer usage in medical devices, status of PVC, and medical plastic’s product lines and trade-named products along the recent introduction of 3-D printing.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch.(dot)com.
About BCC Research
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