Asia Pacific Medical Plastic Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type and Application
The Asia Pacific medical plastic market was valued at US$ 4,745. 4 million in 2019 and is projected to reach US$ 9,023. 3 million by 2027; it is expected to grow at a CAGR of 8. 4% during the forecast period of 2020-2027.
New York, March 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Medical Plastic Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type and Application" - https://www.reportlinker.com/p06004138/?utm_source=GNW
Medical plastics are made from a large number of macromolecules.These plastics are utilized to produce consistent and safe instruments in the healthcare industry.
They are remarkably long-lasting, supple, and economical.The performance, sterility, and quality of these tools is a major factor for market expansion.
Medical plastics find a broad range of applications in diagnostic instruments, implants, disposables, drug delivery devices, surgical instruments, syringes, and catheters.The global population is projected to increase in the coming years.
With the increasing population, diseases and infections are rampantly overspreading through several mediums. Rising geriatric population further enhances the development of the healthcare sector. Moreover, medical plastics are exploited in prosthetics, and it offers a life-changing solution for physically disabled people.
Based on type, the medical plastic market is segmented into standard plastics, engineering plastics, high performance plastic (HPP), silicone, and others.In 2019, the engineering plastics segment dominated the Asia Pacific medical plastic market.
Based on application, the Asia Pacific medical plastic market is categorized into medical disposables, prosthetics, medical instruments and tools, drug delivery, and others. In 2019, the medical disposables segment accounted for the largest share in the Asia Pacific medical plastic market.
Geographically, the Asia Pacific medical plastic market is segmented into China, India, Australia, Japan, South Korea, and Rest of Asia Pacific.India accounted for the largest share of the Asia Pacific medical plastic market.
India is heavily contributing to this market since it is known as the manufacturing hub.The production and innovation of medical plastic applications have consistently risen for a decade.
A recent study showed that innovation in drug delivery has been accelerating across Asia Pacific, especially in India. Increasing demand from the drug delivery applications coupled with other applications—such as medical disposables, prosthetics, and medical instruments and tools—has further fuelled the growth of the market.
Celanese Corporation, Eastman chemical company, GW Plastics, Rochling, SABIC, Saint-Gobain, Solvay, and Dow are among major players present in the Asia Pacific medical plastic market.
Overall size of the Asia Pacific medical plastic market has been derived in accordance to primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the medical plastic market.
Impact of COVID-19 Pandemic on Medical Plastic Market
The COVID-19 is anticipated to cause a loss of more than 3 million in Asia Pacific.The consequence and impact can be even worse and totally depend on the spread of the virus.
The governments in Asia Pacific are taking possible steps to reduce the effects of the outbreak by announcing lockdown, and thus, impact the revenue generated by the market.The Airports Council International Asia Pacific warned that the prolonged duration of the COVID-19 (COVID-19) outbreak would drastically impact the region’s airport connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects.
Such closures are anticipated to negatively impact market growth in the coming period.
Read the full report: https://www.reportlinker.com/p06004138/?utm_source=GNW
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