LONDON–(BUSINESS WIRE)–The global biodegradable medical plastics market is expected to post a CAGR of more than 11% during the period 2019-2023, according to the latest market research report by Technavio.
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, biodegradable medical plastics leading to market growth.
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 global biodegradable medical plastics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global 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.
“Apart from the growing adoption of innovative raw materials, other 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.
Global Biodegradable medical plastics market: Segmentation analysis
This market research report segments the global biodegradable medical plastics market by application (medical devices, medical packaging, and others) and geographic regions (APAC, Europe, North America, South America, and MEA).
The North American region led the biodegradable medical plastics market in 2018, followed by Europe, APAC, MEA, and South America respectively. The growth of the biodegradable medical plastics market revenue in North America can be attributed to the increasing expenditure on healthcare along with the presence of well-equipped hospitals and healthcare centers in the region. The US is the primary contributor to the growth of the biodegradable medical plastics market in North America.
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Five Forces Analysis
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- Vendors covered
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