Escalating Hospital Healthcare Costs Spurring Medical Device Sales to Outside Markets

Share Article

According to the new report from BCC Research, the U.S. medical plastics market totaled nearly 4.4 billion pounds in 2014. This market should reach nearly 4.6 billion pounds in 2015 and 5.8 billion pounds by 2020 increasing at a compound annual growth rate (CAGR) of 4.8% between 2015 and 2020.

Medical Plastics
The U.S. medical plastics market should reach nearly 5.8 billion pounds by 2020

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
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information(at)bccresearch(dot)com

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Steven Cumming
BCC Research
+1 (781) 489-7301 Ext: 632
Email >
Follow >
Visit website