The biodegradable medical plastics market is expected to grow by USD 197.41 million during 2019-2023, according to the latest market research report by Technavio. Request latest free sample report of 2020-2024
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Technavio has announced its latest market research report titled Global Biodegradable Medical Plastics Market 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the global biodegradable medical plastics market size is the increasing preference for sustainable products. Hospitals and healthcare centers generate a huge amount of waste regularly, which mainly includes medical plastics. They usually dispose the dangerous waste and send the rest to landfills. However, growing environmental awareness and sustainability among consumers is forcing manufactures and end-users to adopt sustainable solutions. Biodegradable medical plastics are manufactured using renewable biomass sources, such as vegetable fats and oils, corn, starch, woodchips, straw, and food waste. Hence, the growing regulations and increased awareness will boost the demand for products made from sustainable, thus, leading to the growth of the biodegradable medical plastics market.
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As per Technavio, the adoption of innovative raw materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Biodegradable Medical Plastics Market: Adoption of Innovative Raw Materials
With a significant rise in the demand for eco-friendly and sustainable products from end-users in the healthcare industry, the adoption of biodegradable medical plastics is growing at a rapid pace. Moreover, there has been a significant increase in the adoption of various plant-based raw materials such as hemp, fruit skins, and sugarcane for the manufacture of biodegradable medical plastics. Biodegradable plastics such as polyhydroxyalkanoate are also being produced from microorganisms that feed on seaweed. The biodegradable medical plastics market industrial growth analysis anticipates that the use of eco-friendly raw materials will increase the demand for biodegradable medical plastics during the forecast period.
"Factors such as the emerging applications of biodegradable medical plastics, and the rise in use of biodegradable composite materials for implants will have a significant impact the growth of the biodegradable medical plastics market size during the forecast period," says a senior analyst at Technavio.
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Biodegradable Medical Plastics Market: Segmentation Analysis
This market research report segments the biodegradable medical plastics market by application (medical devices, medical packaging, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
With a complete study of the growth opportunities for the companies, it has been identified that North America will account for the highest share of the biodegradable medical plastics market throughout the forecast period. Factors such as increasing healthcare expenditure and the presence of well-equipped hospitals and healthcare centers will contribute to the biodegradable medical plastics market growth in this region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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