Biodegradable Medical Plastics Market Size to grow by USD 434.9 million between 2024-2028
According to a research report “ Biodegradable Medical Plastics Market” by Application (Medical devices, Medical packaging, Others) Type (Poly lactic acid, Polyhydroxyalkanoates, Polybutylene succinate, Polycaprolactone, Polyvinyl alcohol) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 434.9 million, at a CAGR of 13.64% during the forecast period. The global geriatric population is experiencing significant growth, with countries such as Japan, the UK, the US, and Germany leading the trend. According to The World Bank Group (WBG), the percentage of the world's population aged 65 years and above increased by 10% in 2021 compared to 2019. The US Census Bureau (USCB) projects that by 2030, elderly individuals will outnumber children in the US. By 2034, the US is predicted to have 77 million residents aged 65 and above, surpassing the 76.5 million under 18 years old. This demographic shift presents a substantial opportunity for the biodegradable medical plastics market, as the demand for eco-friendly and sustainable healthcare solutions continues to rise..
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By Application, the Medical devices segment is projected to dominate the market size in 2024
The biodegradable medical plastics market represents a significant business opportunity for companies prioritizing sustainability and eco-friendly solutions. These plastics, which decompose naturally over time, are gaining traction due to their environmental benefits and increasing regulatory pressure on single-use plastics. Key applications include medical packaging, disposable medical devices, and implants. Market growth is driven by factors such as technological advancements, cost competitiveness, and growing consumer awareness.
By Type, Poly lactic acid segment is expected to hold the largest market size for the year 2024
The biodegradable medical plastics market represents a significant growth opportunity for businesses seeking to reduce their environmental footprint in the healthcare sector. These eco-friendly alternatives offer superior performance and sustainability, aligning with the industry's shift towards more sustainable practices. Key players are investing in research and development to expand their product offerings and cater to the increasing demand for biodegradable medical plastics. This trend is expected to continue as regulations and consumer preferences continue to prioritize sustainability.
North America is forecasted to hold the largest market size by region in 2024
The biodegradable medical plastics market represents a significant growth opportunity for businesses seeking to reduce their environmental footprint in the healthcare sector. These eco-friendly alternatives offer superior functionality and compatibility with medical devices, while ensuring sustainable disposal. Key players are investing in research and development to expand their product portfolios and cater to the increasing demand for sustainable solutions. Biodegradable medical plastics offer a competitive edge to businesses looking to differentiate themselves and meet regulatory requirements.
The Biodegradable Medical Plastics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Biodegradable Medical Plastics Market is witnessing significant growth due to the increasing demand for eco-friendly alternatives to single-use plastics in various industries, including the medical sector. Companies like Novamont and Trineso are leading the way with their biodegradable solutions made from plant-based materials. In the agriculture sector, biodegradable plastics are being used for mulch films and agricultural packaging. The medical industry is also adopting biodegradable plastics for producing face shields and masks, reducing the reliance on petrochemical counterparts. The composting infrastructure required for biodegradable plastics is a crucial factor in their market growth. Bio-based packaging made from PLA (Polylactic Acid), a biodegradable plastic derived from corn starch and other plant-based materials, is gaining popularity. Public awareness about the environment and the role of microorganisms in breaking down biodegradable plastics is also driving market growth. Biodegradable plastics like green polyethylene, derived from sugarcane, ethanol, hemp, and other plants, emit carbon dioxide during the degradation process, reducing their carbon footprint. However, the high production cost and limited availability of raw materials are challenges for the biodegradable medical plastics market. The market is expected to continue growing as more research and development is focused on improving the production process and increasing the availability of raw materials.
Market Research Overview
The Biodegradable Medical Plastics Market is gaining significant attention due to the increasing ecological footprint of traditional medical devices made from non-renewable resources like fossil fuels. The use of these medical devices contributes to landfill space conservation and greenhouse gas emissions through energy consumption during production and disposal. The medical industry is responding to this challenge by embracing biodegradable medical plastics derived from renewable sources such as agricultural waste, starches, and bio-based plastics. These eco-friendly alternatives have similar barrier properties and mechanical strength as their petrochemical counterparts, but with a lower carbon footprint. Biodegradable medical plastics are broken down by microorganisms like fungi and bacteria, reducing the amount of waste that ends up in landfills and oceans. Companies like Novamont and Trineso are leading the way in this field, producing biodegradable medical plastics from renewable raw materials. The agriculture sector is also contributing to the production of biodegradable medical plastics through the use of raw materials like corn starch, plant-based materials, and even seaweed. However, the development of biodegradable medical plastics is not without challenges. Composting infrastructure and public awareness are essential for the successful implementation of these eco-friendly products. Legislative measures and procurement policies are driving the adoption of biodegradable medical plastics. Patients and healthcare professionals are also demanding more sustainable options, as the environmental impact of single-use medical plastics becomes increasingly apparent. The use of biodegradable medical plastics in end-use segments like IV bags, face shields, masks, and bio-based packaging is expected to grow significantly in the coming years. However, the production of biodegradable medical plastics still relies on some non-renewable resources, such as oil for the production of PLA and PBAT. As oil prices continue to fluctuate, the medical industry must find ways to reduce its reliance on these non-renewable resources and explore alternative raw materials like Thymidine, green polyethylene, sugarcane, ethanol, hemp, and plants. In conclusion, the biodegradable medical plastics market is an essential step towards reducing the environmental impact of medical devices while maintaining their functionality. The use of renewable raw materials, microbes, and living organisms like Polyhydroxyalkanoate is a promising solution to the challenge of waste management systems in the medical industry. The adoption of eco-friendly products is not only essential for the environment but also for the long-term sustainability of the medical industry.
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