The Europe Medical Plastics Market would witness market growth of 6.9% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 2,154.5 Kilo Tonnes, showcasing a growth of 3.2% (2019-2022).
The growing proportion of the senior population is also driving the development of the medical plastics market. The aging population presents several challenges for healthcare systems. As a result, healthcare systems must adapt to meet the requirements of the aging population, which may require increased resources and specialized care. Medical plastics are often used in devices such as mobility aids, hearing aids, and prosthetic limbs, which are in high demand among the elderly.
The World Health Organization (WHO) projects that by 2030, one in every six individuals will be 60 years of age or older. It is expected that the percentage of individuals aged 60 (and above) will increase from 1 billion in 2020 to 1.4 billion. Worldwide, the population aged 60 (and above) is projected to increase by twofold to 2.1 billion by 2050. The population of individuals aged 80 or older is also projected to triple, amounting to 426 million between 2020 and 2050. WHO also highlights that although the phenomenon of population aging originated in high-income nations, the most significant transformation is currently taking place in low- and middle-income countries.
The demographic phenomenon of population aging is a substantial development in numerous European nations, carrying important ramifications for the economy, healthcare, social services, and labor markets. According to the report titled "Future of an Ageing Population," published by the United Kingdom government, by 2040, roughly one in seven people in the United Kingdom will be over 75. Thus, the aging population in European countries is driving the demand for medical plastics across a wide range of healthcare applications.
The Germany market dominated the Europe Medical Plastics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,446 million by 2030. The UK market is exhibiting a CAGR of 5.9% during (2023 - 2030). Additionally, The France market would experience a CAGR of 7.7% during (2023 - 2030).
Free Valuable Insights: The Global Medical Plastics Market will Hit USD 84.4 Billion by 2030, at a CAGR of 7.1%
Based on Application, the market is segmented into Medical Components, Medical Device Packaging, Orthopedic Soft Goods, Wound Care, Cleanroom Supplies, BioPharma Devices, Mobility Aids, Sterilization & Infection Prevention, Tooth Implants, Denture Base Material and Others. Based on Process Technology, the market is segmented into Injection Molding, Extrusion, and Blow Molding & Others. Based on Product, the market is segmented into Polyphenylsulfone (PPSU), Polypropylene (PP), Polycarbonate (PC), Liquid Crystal Polymer (LCP), Polyethersulfone (PES), Polymethyl Methacrylate (PMMA), Polyethylenimine (PEI), Polyethylene (PE), and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Process Technology (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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