Meta description - Did you know that the Indian Medical plastics market is booming and could witness an immense growth by 2021?
There is no doubt that the COVID pandemic will leave an acute scar on the Indian and global economy. With life coming to a standstill, many businesses are facing severe setbacks. However, amid the turbulent times, there are a few industries that are functioning and contributing immensely to our nation’s economy. One of those sectors is the Medical plastics industry. Let us understand why this is so.
With the number of COVID patients rising in India, there is a huge demand for PPE made from single-use plastics. From plastic masks, gloves, face shields to medical gowns, goggles, syringes, IV bags, surgical equipment, plastics are playing a huge role in protecting and saving countless lives during the global threat. They have proven to adapt to the dynamic needs of the current pandemic and have met the advancements of the healthcare industry.
For instance, disposable medical devices and PPE are been extensively used to mitigate infection. The cost-effectiveness accompanied by the performance and sterility is contributing to the growth of the Indian medical plastics industry. However, it’s not only the Indian Plastics Industry that will witness a growth. The rise will be on a global scale.
According to this study, the global medical plastics market is anticipated to grow from $25.1 billion to a whopping $29.4 billion by 2021, at a CAGR of 17.2%. Amid the global rise, Asia Pacific regions, of which India is a part, is predicted to be the largest medical plastics market.
The medical plastics market is segmented by various types of plastics such as:
Due to their flexibility and ease of mass production, PVC and PET are extensively used to produce face shields, IV tubes, and infusion sets. The polyethylene segment is also seeing wide use in the production of masks, surgical cables, orthopedic sutures, and tubing. Due to these reasons, the PVC, PET, and polyethylene sectors are bound to witness a remarkable boost. The market will also grow due to the rising need to upgrade to different infection prevention standards combined with the hospital, outpatient, and surgical procedures.
Another major driver for the Indian medical plastics industry includes the huge demand for the production of medical devices and critical care systems such as respirators, ventilators, and thermal scanners. In addition, increasing awareness around maintaining good health and hygiene is driving the consumption of medical plastics as well.
In conclusion, the anticipated growth in the Indian medical plastics industry should not come as a surprise. So far we haven’t come across an alternative material that has proven at par with economics, ease of utility, and production. Due to their immense utility, the future course for medical plastics seems bright and our fight against COVID seems winnable.