NEW YORK, Nov. 19, 2021 /PRNewswire/ -- According to the latest report "Biodegradable Medical Plastics Market - Forecast and Analysis Report 2021-2025", the market is expected to have a YOY growth rate of 11.34% in 2021 and is expected to grow at a CAGR of 11.79% between 2020 and 2025. The report segments the market by application (medical devices, medical packaging, and others), and geography (North America, Europe, APAC, MEA, and South America).

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Vendor Insights

• The biodegradable medical plastics market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
• The biodegradable medical plastics market forecast report provides insights on complete key vendor profiles and their business strategies to reimage themselves. 
• BASF SE- In June 2021, the company launched VALERAS, a new brand for its plastic additives portfolio that enables customers to achieve their sustainability goals.
• Evonik Industries AG- In August 2021, the company acquired JeNaCell to expand biomaterials portfolio for new medical device markets.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Arkema SA
• Arthrex Inc.
• BASF SE
• Bio-on Spa
• Celanese Corp.
• Corbion nv
• Danimer Scientific
• Eastman Chemical Co.
• Evonik Industries AG
• Koninklijke DSM NV

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Geographical Market Analysis

• North America accounted for the largest biodegradable medical plastics market share in 2020 and will continue to retain its dominant position during the forecast period.
• The primary contributor to the growth of the market in North America is the increasing expenditure on healthcare along with the presence of well-equipped hospitals and healthcare centers in the US.
• The high prevalence of CVD across the US is expected to increase the demand for various cardiac monitoring devices and treatments such as biodegradable stents. This, in turn, is likely to fuel the demand for biodegradable medical plastics in North America.
• Countries in North America have already started implementing new regulations that promote the wide use of bio-based materials. In addition, patients visiting medical facilities for important surgeries and treatments is likely to increase along with COVID patients. This will further favor the growth of the biodegradable medical plastics market in the region during the forecast period.
• In addition, countries such as the US, Germany, France, China, Japan, and Italy are expected to emerge as prominent markets for biodegradable medical plastics market during the forecast period.

Key Segment Analysis

• Medical devices segment led the market share in 2020. This application segment will continue to retain its dominance in the market during the forecast period. The adoption of biodegradable medical plastics for manufacturing medical devices is high.
• Biodegradable implants are widely used in surgical applications, including joint replacements, fracture fixation, and for repairing the defects of bones, tendons, and ligaments.
• In addition, the use of biodegradable polymer implants also eliminates the need for a second surgery for the removal of the implant after bone healing. 
• Furthermore, there is a growing interest in the use of biodegradable medical plastics for site-specific drug delivery such as coatings on medical devices or for manufacturing the devices themselves.

Know more about this market's geographical distribution along with the detailed analysis of the top segments. https://www.technavio.com/report/biodegradable-medical-plastics-market-industry-analysis

Key Market Trends & Challenges:

Key Driver-Growth in geriatric population

• The proportion of the geriatric population has been increasing globally. The elderly population is more prone to balance problems and falls.
• Balance disorders, lower back pains, and orthopedic disorders such as arthritis, osteoarthritis, bursitis, rheumatoid arthritis are quiet common in the elder population,
• These factors are expected to increase the demand for medical products such as medical implants, medical devices, and others, thereby driving the global biodegradable medical plastics market during the forecast period.

Key Trend- Increasing preference for sustainable products

• Hospitals generate a large amount of waste, which mainly includes medical plastics.
• Hospitals usually dispose of dangerous waste, sending the rest to landfills. Most of the produced waste could be better managed if hospitals switched to biodegradable disposable products.
• Environmental awareness and sustainability are becoming a major preference among customers, encouraging manufacturers and end-users to adopt sustainable solutions. Some of the countries across the world are also focusing on eliminating the use of plastic in various industries, including healthcare.
• Biodegradable medical plastics are considered to be sustainable as they are manufactured using renewable biomass sources, such as vegetable fats and oils, straw, corn starch, woodchips, and food waste.
• Unlike conventional medical plastics, biodegradable medical plastics degrade completely and quickly without any hazardous emissions.

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