While it’s impossible to predict every fluctuation in commercial and industrial markets, there are plenty of predictions for where the plastic medical market is heading in 2020.
With shifts in global manufacturing and a spike in the demand for medical equipment, supplies and devices, the plastic medical market is expected to grow as the year progresses.
Developments in the Medical Plastics Market
For the last 10 years, the medical plastics market has maintained a steady increase in annual sales revenue. Experts expect that the market will continue with persistent growth projected through the next three years. There are many different factors spurring this growth in the plastic medical market. As technology advances, more products are produced to accommodate changing needs and supply the rapidly-developing medical and pharmaceutical industry.
Another factor that has led to the growth of the medical plastics market is the increasing population of people reaching old age and developing conditions that require medical care. As the Baby Boomer generation grows older, there is an influx of new patients in hospitals and medical facilities, and an increased demand for plastic medical tools, devices and supplies.
Finally, technological advancements have made the connected medical device market a viable industry, as the internet-connected devices of the IoT (Internet of Things) age make their way into everything from hospital imaging equipment to implantable medical devices that can monitor, record, and report on various health data.
Biodegradable Medical Plastics
As medical technology advances and medical facilities and hospitals expand services to provide better care for more patients, medical waste also increases. Hospitals generate a significant amount of plastic waste, and that has become the subject of a national conversation about how to mitigate the transfer of plastic waste from medical facilities to landfills. One of the most effective strategies that researchers and industry professionals have developed is a focus on replacing medical plastics with biodegradable medical plastics.
Biodegradable plastics offer a sustainable alternative to traditional medical plastics that reduces waste and improves environmental outcomes. Biodegradable medical plastics have become increasingly popular in countries across the world because of their environmental benefits. While the cost to manufacture biodegradable medical plastics is higher than the production cost of conventional plastics, the demand for these biodegradable plastics in the medical market are still steadily increasing, and medical facilities and hospitals are willing to pay higher prices for more sustainable options.
Responding to Industry Growth
At KASO, we know that understanding shifts in the plastics market can be a challenge and we are here to make sure that you are equipped to handle all the changes that come your way. We offer comprehensive plastic injection molding and engineering services for applications across the medical industry. Contact us for a consultation with our team to find out more about what we have to offer you.