Growth For Plastics In Medical Market
The medical device market is
exploding right along with the rest of the global health-care industry. Itís up
to a $56 billion-a-year industry in the United States, more than $140 billion
world-wide, and aging populations and government initiatives mean the spending
will only go up.
However with its regulations to
navigate and constantly evolving customer demands, medical molding can be a
difficult or even intimidating market to break into.
Some of the important facts
brought out at a recently held Technical Symposium held by Engel North America
are summarized below :
With U.S. legislation like the U.S. Affordable Care
Act and the Chinese governmentís pledge to get health care to 100 percent of its
population by 2020, the global market for plastic in health care to reach $34.9
billion by 2016 and for total U.S. medical plastic processing to exceed 4.4
billion pounds by 2015, more than half in thermoplastics.
The most significant growth in the next five years
will be in thermoplastic engineering resins and thermosets,. For success in such
a growing, competitive market, firms will have to differentiate their brands and
product lines, starting at the beginning - with materials.
Combination products using polymers blended with the
medications themselves for drug delivery or resins with compounded antimicrobial
properties are the kind of creative solutions and innovations that will get
materials suppliers a seat at the table.
Keeping costs down with waste management and
sustainability plans also makes for an attractive partner .
Being willing to invest upfront in the right
technology cut down on waste and overall manufacturing costs .
Having partners who understand the medical business
and are willing to work together for tailor-made solutions is key. Partnering to
build robust systems for long-term, high performance throughput that can remain
flexible as regulations and customer demands change.