June 16, 2024
Antimicrobial Plastics Market

Antimicrobial Plastics Market Primed for High Growth Due to Increasing Healthcare Industry Investments

The antimicrobial plastics market has been gaining increasing traction over the years owing to its widespread applications in the healthcare industry. Antimicrobial plastics help inhibit the growth of microorganisms and are widely used in the production of medical devices and equipment where preventing the spread of infections is of utmost importance. These plastics contain antimicrobial additives such as silver, copper, zinc, and others which impart them with antimicrobial properties. The growing concerns regarding hospital-acquired infections and the increasing use of long-term medical devices have promoted the adoption of antimicrobial plastics in various healthcare applications such as catheters, wound care products, medical implants, and others.

The global antimicrobial plastics market is estimated to be valued at US$ 37.35 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the antimicrobial plastics market are F. Hoffmann-La Roche Ltd, Biocryst Pharmaceuticals Inc., Bristol-Myers Squibb Company, Kyowa Kirin Co., Ltd., Genmab A/S, Seagen Inc., GlaxoSmithKline plc., Johnson and Johnson Private Limited, Elorac, Acrotech Biopharma, Merck and Co. Inc., Novartis AG, SHIONOGI & Co., Ltd., Spectrum Pharmaceuticals Inc., and Bausch Health Companies Inc.

The growing awareness regarding hospital-acquired infections and various government initiatives to curb their spread present lucrative growth opportunities for players in the Antimicrobial Plastics Market Growth. Furthermore, the rising healthcare expenditure and growing medical devices industry particularly in emerging nations of Asia Pacific provides a favorable environment for increased adoption of antimicrobial plastics.

Global expansion of the market will be largely influenced by the increasing penetration of players into developing markets and establishing manufacturing facilities near consumption centers. Partnerships with leading OEMs and procurement of regulatory approvals will further aid global expansion efforts of key market players.

Market Drivers

The increasing investments by governments and private players into modern healthcare infrastructure development across major economies is a key factor driving the growth of the antimicrobial plastics market. Rapidly growing geriatric population susceptible to infections and the subsequent demand for long-term medical devices and equipment integrate antimicrobial properties will further propel the market onward. Strong presence of regulations mandating the use of antimicrobial plastics in highly sensitive healthcare settings to minimize infections will continue promoting market growth over the coming years.

PEST Analysis

Political: Antimicrobial plastics are facing regulations regarding the use of antimicrobial agents. Regulatory bodies are monitoring the use of biocides and establishing guidelines to ensure product and environmental safety.

Economic: Rising health expenditure and growth in the healthcare industry is fueling the demand for antimicrobial plastics in medical applications. However, fluctuations in crude oil prices can impact the cost of plastic production.

Social: Increasing awareness about health and hygiene is driving the use of antimicrobial plastics in various applications like food packaging and medical devices to prevent the spread of infections. The COVID-19 pandemic has further increased focus on using antimicrobial materials.

Technological: Advances in material science and polymer chemistry are facilitating the development of new antimicrobial plastic formulations with improved efficacy and stability. Additives are being incorporated using advanced production methods like co-extrusion to achieve uniform distribution.

Geographical regions with high market concentration in terms of value

North America dominates the global antimicrobial plastics market led by the US. This can be attributed to high healthcare spending, stringent regulations regarding food safety and medical-device associated infections, and presence of leading market players. Asia Pacific is emerging as the fastest growing region due to rising healthcare expenditure, growing medical device industry and increasing demand for antimicrobial plastics from packaging and construction industries in countries like China and India.

Fastest growing region for the antimicrobial plastics market

Asia Pacific region is poised to register the highest growth during the forecast period owing to rapidly developing economies, growing population, improving healthcare infrastructure and shifting focus towards use of antimicrobial materials in various industries to prevent infections. Rising awareness about benefits of antimicrobial plastics and increasing foreign investments in countries like India and China are fueling the demand from applications such as food packaging, personal care and construction.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it