transformative mega trends power the global medical

The Growth Pipeline™ Company Powering clients toward a future shaped by growth

Future Growth Potential Enhanced by Increas ing Healthcare Expenditure in Developing Economies

Transformative Mega Trends Power the Global Medical Plastics Market

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April 2021

Global Chemicals Materials and Nutrition Research Team at Frost & Sullivan

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Section Slide Number

Strategic Imperatives 7

Why is it Increasingly Difficult to Grow? 8

The Strategic Imperative 8™ 9

The Impact of the Top Three Strategic Imperatives on the Medical Plastics Industry 10

Growth Opportunities Fuel the Growth Pipeline Engine™ 11

Growth Opportunity Analysis, Medical Plastics Market 12

Medical Plastics Market Overview and Scope of Analysis 13

Medical Plastics Market Segmentation 14

Key Growth Metrics for Medical Plastics Market 17

Growth Drivers for the Medical Plastics Market 18

Growth Driver Analysis for Medical Plastics Market 19

Growth Restraints for the Medical Plastics Market 26

Growth Restraint Analysis for the Medical Plastics Market 27

Graphical Summary of Drivers and Restraints for Medical Plastics Market 29

Forecast Assumptions, Medical Plastics Market 30

Contents

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Revenue and Volume Shipment Forecast, Medical Plastics Market 31

Revenue and Volume Shipment Forecast Analysis, Medical Plastics Market 32

Revenue Forecast by Plastic Types, Medical Plastics Market 33

Volume Shipment Forecast by Plastic Types, Medical Plastics Market 34

Revenue and Volume Shipment Forecast Analysis by Plastic Types, Medical Plastics Market 35

Pricing Trends and Forecast, Medical Plastics Market 36

Pricing Trends and Forecast by Plastic Types, Medical Plastics Market 37

Pricing Trends and Forecast Analysis, Medical Plastics Market 38

Value Chain, Medical Plastics Market 39

Value Chain Analysis, Medical Plastics Market 40

Competitive Environment, Medical Plastics Market 41

Revenue Share, Medical Plastics Market 42

Revenue Share, Medical Plastics Market by Plastic Types 43

Revenue Share Analysis, Medical Plastics Market 45

Growth Opportunity Analysis, Commodity Thermoplastics 46

Contents (continued)

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Commodity Thermoplastics—Segment Characteristics and Overview 47

Key Growth Metrics for Commodity Thermoplastics 48

Revenue and Volume Shipment Forecast, Commodity Thermoplastics 49

Revenue and Volume Shipment Forecast Analysis, Commodity Thermoplastics 50

Revenue Forecast by End-Products, Commodity Thermoplastics 51

Volume Shipment Forecast by End-products, Commodity Thermoplastics 52

Revenue and Volume Shipment Forecast Analysis by End-products, Commodity Thermoplastics 53

Revenue Forecast by Region, Commodity Thermoplastics 56

Volume Shipment Forecast by Region, Commodity Thermoplastics 57

Revenue and Volume Shipment Forecast Analysis by Region, Commodity Thermoplastics 58

Growth Opportunity Analysis, Engineering Thermoplastics 59

Engineering Thermoplastics—Segment Characteristics and Overview 60

Key Growth Metrics for Engineering Thermoplastics 61

Revenue and Volume Shipment Forecast, Engineering Thermoplastics 62

Revenue and Volume Shipment Forecast Analysis, Engineering Thermoplastics 63


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Revenue Forecast by End-products, Engineering Thermoplastics 64

Volume Shipment Forecast by End-products, Engineering Thermoplastics 65

Revenue and Volume Shipment Forecast Analysis by End-products, Engineering Thermoplastics 66

Revenue Forecast by Region, Engineering Thermoplastics 68

Volume Shipment Forecast by Region, Engineering Thermoplastics 69

Revenue and Volume Shipment Forecast Analysis by Region, Engineering Thermoplastics 70

Growth Opportunity Analysis, Other Plastics 71

Other Plastics—Segment Characteristics and Overview 72

Key Growth Metrics for Other Plastics 73

Revenue and Volume Shipment Forecast, Other Plastics 74

Revenue and Volume Shipment Forecast Analysis, Other Plastics 75

Revenue Forecast by End-Products, Other Plastics 76

Volume Shipment Forecast by End-products, Other Plastics 77

Revenue and Volume Shipment Forecast Analysis by End-products, Other Plastics 78

Revenue Forecast by Region, Other Plastics 82


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Volume Shipment Forecast by Region, Medical Plastics Market for Other Plastics 83

Revenue and Volume Shipment Forecast Analysis by Region, Other Plastics 84

Growth Opportunity Universe, Medical Plastics Market 85

Growth Opportunity 1—Continuous Demand for Cost-effective Medical Plastics in Developing Economies, 2020

86

Growth Opportunity 2—Investment in High-quality Medical Plastics for the Developed World, 2020

88

Growth Opportunity 3—Inorganic Growth Strategies and Value-driven Pricing Approach for Both Developed and Developing Economies, 2020

90

Next Steps 92

Your Next Steps 93

Why Frost, Why Now? 94

List of Exhibits 95

Legal Disclaimer 98

Appendix 99

Abbreviations and Acronyms Used 100


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Strategic Imperatives

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Why is it Increasingly Difficult to Grow? The Strategic Imperative 8™: Factors Creating Pressure on Growth

Source: Frost & Sullivan

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The Strategic Imperative 8™

Customer Value Chain

Compression

Innovative Business

Models

Transformative Mega

Trends

Customer value chain compression as a result of advanced technologies, internet platforms, and other direct-to-consumer models that enables reduction in friction and the number of steps in customer journeys

A new revenue model that defines how a company creates and capitalizes economic value, typically impacting its value proposition, product offering, operational strategies, and brand positioning

Global forces that define the future world with their far-reaching impact on business, societies, economies, cultures, and personal lives

The internal organizational behaviors that prevent a company from making required changes

Internal Challenges

Geopolitical Chaos Competitive Intensity Disruptive Technologies

Chaos and disorder arising from political discord, natural calamities, pandemics, and social unrest that impact global trade, collaboration, and business security

A new wave of competition from start-ups and digital business models that challenge the standing conventions of the past, compelling established industries to re-think their competitive stance

New, disruptive technologies that are displacing the old, and significantly altering the way consumers, industries, or businesses operate

Collaboration between previously disparate industries to deliver on whitespace cross-industry growth opportunities

Industry Convergence


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Transformative Mega Trends Industry Convergence Geopolitical Chaos

• End-users are increasingly opting for medical plastics over traditional materials, such as steel, ceramic, and glass. The market penetration of medical plastics is expected to grow by 0.8% per annum from 2020 to 2027.

• The demand for price-premium regulated-grades of medical plastics is further expected to increase in the next 3–5 years, with rising stringency of regulations coupled with an increasing focus on infection control in the healthcare industry.

• The plastics market has been increasingly witnessing mergers and acquisitions between polymer companies, compounders, and processors. This has been affecting the medical plastics market too.

o In 2018, LyondellBasell Industries NV, market leader in medical polyolefins, acquired US-based A. Schulman.

o In 2020, Polyone Corporation, a prominent medical plastic compounder, changed its name to Avient Corp., following the acquisition of Masterbatch division of Clariant AG.

• To reduce the dependency on Chinese imports, governments in North America, Europe, and the Middle East, Africa, and South Asia (MEASA) have increased their focus on expanding domestic production capabilities for medical devices, equipment, instruments, and other medical supplies.

• New companies catering to these medical applications are likely to emerge in these regions in the next 2 to 3 years, thereby, driving local demand for medical plastics.

SI8

• Lightweighting, miniaturization, and biocompatibility are taking center stage in the medical industry.

• Market trends are driving the need for products that address functional requirements, such as processing ease, flexibility, toughness, and biological and chemical inertness.

• Industry convergence represents the most essential cross-industry growth opportunity for organizations, redefining the boundaries across the value chain.

• This enables better product diversification and enhances customer interaction and overall purchasing experience.

• The ongoing COVID-19 crisis is posing significant challenges; notable among these are supply chain disruptions and declining demand across several medical applications.

• However, this situation is also presenting opportunities for new medical product suppliers to enter the industry.

Wh

y W

he

n

The Impact of the Top Three Strategic Imperatives on the Medical Plastics Industry


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Growth Opportunities Fuel the Growth Pipeline Engine™

The Growth Pipeline Engine™ The Innovation Generator™

An

alytical P

ersp

ectives


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Growth Opportunity Analysis, Medical Plastics Market

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Medical Plastics Market Overview and Scope of Analysis

• This study analyzes the market for different types of medical plastics that include regulated- and non-regulated-grades of commodity thermoplastics (CTP), engineering thermoplastics (ETP), thermoplastic elastomers (TPE), thermosets, and high performance polymers (HPP).

• These plastics are greatly valued across different healthcare products, such as diagnostic and therapeutic medical devices, equipment, surgical instruments, healthcare packaging products, prosthetics, implants, and other medical supplies.

• This study presents an assessment of the current status and future prospects of the global market for plastics used across different medical applications.

• It takes into account the volume shipment and revenue generated in this market from 2017 to 2027.

• Revenue is recorded at the manufacturer’s level.

• Prices denote the median of the price range for each medical plastic, as price variation is high in the market.

Scope

Geographic coverage Global

Study period 2017–2027

Base year 2020

Forecast period 2021–2027

Monetary unit US Dollars

CAGR Period 2020–2027

Volume Shipment Representation

Kilo Tonnes (KT)

Average Price Representation

$/tonne

Conversion Rate €1.00 = $1.17

Overview


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Engineering Thermoplastics (PC, PMMA, ABS, SAN, POM,

Polyamide, and Polyester)

The global medical plastics market has been primarily segmented on the basis of plastic type as shown below.

Commodity Thermoplastics (PVC, PO, PS, and PET)

Medical Plastics Market Segmentation

Prosthetics and Implants (P&I)

For each of the product types, the medical plastics market is further segmented on the basis of applications and regions.

Global Medical Plastics Market, by End-products

Healthcare Packaging

(Packaging)

Medical Devices, Equipment &

Instruments (DEI)

Global Medical Plastics Market, by Regions

Americas Europe MEASA Asia-Pacific

Other Plastics (TPE, thermosets, and HPP)

Global Medical Plastics Market, by Plastic Type


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Growth Drivers for the Medical Plastics Market

Medical Plastics Market: Growth Drivers, Global, 2021–2027

Drivers 1–2 Years 3–4 Years 5–7 Years

The ability to offer several advantages over traditional materials drives the penetration of plastics across various medical applications.

High High High

Rising aging population worldwide and increasing incidence of lifestyle diseases boost end-market growth.

High High High

Increasing healthcare expenditure in emerging economies is expected to drive the overall market growth.

High High High

Increasing demand for regulated-grade polymers for critical healthcare applications drives revenue growth.

High High High

Declining COVID-19 cases are expected to boost significant volume growth in the short term.

High Low Low

Emerging technologies, such as 3D printing, are expected to create growth opportunities for the medical plastics market.

Low Medium Medium


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Growth Restraints for the Medical Plastics Market

Medical Plastics Market: Growth Restraints, Global, 2021–2027

Restraints 1–2 Years 3–4 Years 5–7 Years

Growth is restrained due to competition from traditional materials.

Medium Medium Medium

Rigorous approval process of new materials coupled with

prolonged product development time deters market growth. Medium Medium Medium

Volume consumption is reduced due to the lightweighting and

miniaturization trends. Low Medium Medium


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0.0

2,000.0

4,000.0

6,000.0

8,000.0

10,000.0

12,000.0

14,000.0

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

24.00

26.00

28.00

30.00

32.00

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Vo

lum

e S

hip

me

nt

(Kilo

To

nn

es)

Re

ven

ue

($

Bill

ion

)

Revenue and Volume Shipment Forecast, Medical Plastics Market

Revenue CAGR, 2020–2027 = 6.0% Volume Shipment CAGR, 2020–2027 = 4.8%

Medical Plastics Market: Revenue and Volume Shipment Forecast, Global, 2017–2027

Year

Note: All figures are rounded. The base year is 2020. Source: Frost & Sullivan

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Growth Opportunity Universe, Medical Plastics Market

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Growth Opportunity 1—Continuous Demand for Cost-effective Medical Plastics in Developing Economies, 2020

Frost & Sullivan has identified 10 Growth Processes that serve as levers for determining and evaluating new Growth Opportunities.

Growth Processes

Relevant Industries for this Growth Opportunity Applicable Regions

Asia-Pacific MEASA

1–7 Years Timeline

for Action

Base Year 2020

Customer and Branding Distribution

Channel Optimization

Geographic Expansion

Competitive Strategy

New Product Development

New Product Launch

Vertical Market Expansion

Strategic Partnering

Mergers & Acquisitions

Technology and IP

Americas Europe

$6–$7 B Opportunity

Size

DEI P&I Packaging


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Growth Opportunity 2—Investment in High-quality Medical Plastics for the Developed World, 2020


Growth Processes






New Product Launch




Technology and IP


DEI P&I Packaging


for Action

Base Year 2020


Size

Asia-Pacific MEASA

Americas Europe


Preview

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Growth Opportunity 3—Inorganic Growth Strategies and Value-driven Pricing Approach for Both Developed and Developing Economies, 2020


Growth Processes






New Product Launch




Technology and IP



for Action

Base Year 2020


Size

Asia-Pacific MEASA

Americas Europe DEI P&I Packaging


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Next Steps

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Why Frost, Why Now?

EXPERIENCE

COVERAGE

ANALYTICS

BEST PRACTICES

• 60 years of proven global experience

• Trusted partner of Investors, corporates, & governments

• Industry convergence through comprehensive coverage

• Global footprint to match clients’ needs

• Innovation Generator™ driving six analytical perspectives

• Proprietary growth tools & frameworks

• Growth Pipeline Engine™ and Companies to Action™

• Ten Growth Processes: best practices foundation

Our Expertise

• FUTURE GROWTH POTENTIAL: Maximized through collaboration

• GROWTH PIPELINETM: Continuous flow of growth opportunities

• GROWTH STRATEGIES: Proven best

practices

• INNOVATION CULTURE: Optimized customer experience

• ROI & MARGIN: Implementation excellence

• TRANSFORMATIONAL GROWTH: Industry leadership

Client Impact


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Legal Disclaimer

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© 2021 Frost & Sullivan. All rights reserved. This document contains highly confidential information and is the sole property of Frost & Sullivan. No part of it may be circulated, quoted, copied, or otherwise reproduced without the written approval of Frost & Sullivan.

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