MEDICAL PLASTICS MARKET ANALYSIS

Regional Analysis

Medical Plastics Market – Regional Insights

On the basis of region, the global medical plastics market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. North America holds the dominant position in the medical plastics market, owing to the revenue generated by medical devices. For instance, according to the Government Accountability Office's (GAO) 2014 report, the U.S. medical device market was valued at over US$ 140 billion in 2015, which accounts for around 45 percent of the global market.

Asia Pacific is expected to exhibit significant growth over the forecast period, followed by Europe, owing to increasing demand for plastics among medical device and healthcare product manufacturers that has resulted in remarkable technology, enhanced delivery of medical care, and better reimbursement policies in the region. For instance, in 2017, the China Food and Drug Administration (CFDA) replaced pilot medical device recall system with a permanent process, Order No. 29. The new order keeps in place a three-level recall process featured in the pilot program.