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Trends Favor 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.

(Ref: http://www.plasticsnews.com/article/20140522/NEWS/140529958/trends-favor-growth-for-plastics-in-medical-market# ).

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