Industry Insights
The India medical plastics market size was valued at USD 522.3 million in 2016 and is expected to reach USD 931.7 million in 2025. This growth can be attributed to the increased demand for medical devices. Demand for high-strength and multi-functional plastics from healthcare sector due to reduced weight of devices, ease of sterilization, and the ability of providing value-added performance is expected to have a positive impact. The demand for medical device packaging is expected to be driven by the rise in the utilization of in-house and advanced devices.
India medical plastics market revenue, by application, 2014 - 2025 (USD Million)
Medical components segment is expected to remain the fastest-growing application segment due to rising consumption of plastics in the manufacturing of catheters, containers, surgical instruments, and syringes. Rising importance of preventive healthcare coupled with the increasing number of hospitals in India is anticipated to contribute toward the market development.
Demand for medical devices and health care solutions is increasing in India due to rapid urbanization. The resultant growth of the healthcare industry is expected to fuel demand for premium-grade plastics, thereby boosting the market growth over the forecast period. Increased functionality of engineered plastics is also anticipated to benefit the India medical plastics market.
Medical device packaging in India is expected to emerge as the second-largest market accounting for a share of ~11% owing to its wide usage in the medical and pharmaceutical market. In addition, low cost of clinical procedures makes India a favorable destination for medical tourism, thereby driving the demand.
Government regulations play a vital role in influencing the industry, thereby impacting the medical plastic market in India. Increasing government concerns regarding the offerings of high-quality, safe, and effective devices are expected to augment the industry growth over the forecast period.
Fluctuating prices of raw materials may have a negative impact on the market growth. In addition, manufacturers in India are bound by strict regulations enforced by the Indian Medical Council, thereby offering premium-grade plastic products for producing high-quality devices. This has increased the price of plastics used in healthcare applications affecting the market growth.
Segmentation by Application
• Medical Device Packaging
• Medical Components
• Orthopedic Implant Packaging
• Orthopedic Soft Goods
• Wound Care
• Cleanroom Supplies
• Biopharma Devices
• Mobility Aids
• Sterilization and Infection Prevention
• Tooth Implants
• Denture Base Material
• Other Implants
Increasing number of private companies entering into the Indian market are expected to fuel the demand for high-quality devices and components. In 2017, the medical components segment led the India medical plastics market. It is expected to register a CAGR of 7.1% over the next few years, in terms of volume.
These components are used in high-strength plastics for packaging sharp and delicate implants for various applications. This is expected to open new avenues for Polyether Ether Ketone (PEEK), polycarbonate, and other engineering plastics. This, in turn is projected to drive the industry over the forecast period.
Increasing application of polyethylene to produce containers, films, packaging, catheters, implants, and lid stocks is expected to fuel growth in the coming years.
Polystyrene is used in the production of plastic boxes, cups, and vaginal dilator speculum among other products. It is generally recommended for manufacturing diagnostic instruments, pipettes, flasks, and tissue culture components because of its ease of sterilization and clarity. This factor is anticipated to fuel the industry over the forecast period.
Competitive Landscape
The Indian market is highly fragmented in nature. Prominent companies in the India medical plastics market are Dow Chemical International Pvt. Ltd., Eastman Chemical India Pvt. Ltd., Celanese Chemicals India Pvt. Ltd., Solvay Specialty Polymers, Total Oil India Pvt. Ltd., Saint-Gobain India, and Rochling Engineering Plastics (India) Pvt. Ltd. Most companies have established their manufacturing facilities, as well as distribution and marketing centers, in India to fulfil the rising regional demand.
These companies benefit from their vast distribution networks that help reduce the overall distribution costs. The companies are also involved in R&D for the development of advanced products. Moreover, products are manufactured at a lower cost because of easy availability of cheap labor and resources, which is a major factor for improving the market position.
