Health Assurance Article

Ongoing developments in medical plastics are speeding innovations that could extend the reach, effectiveness, and safety of medical devices

Many trends that shape the demand for medical devices are having a major effect on resin formulations and applications. The result is a steepening trajectory of innovation that’s revolutionizing the ways in which plastics are considered, designed, and used in this surging, vibrant market. 

The stakes are enormous in winning the materials competition that requirements for medical products mandate. The specification of resins in high-volume applications can generate a sizeable payback for all companies in a supply chain—resin producers, processors, and OEMs. This is because medical and related applications (packaging, diagnostic systems, and other components) continue to generate steady growth around the world and have the potential for broad penetration of developing regions. Trends fuelling product use include:

• ageing populations in North America, Western Europe, and Japan that require growing levels of healthcare, as well as access to the latest medical technologies;
• the increasing compatibility with Western standards of requirements for devices in China and India is opening vast new markets to OEMs and resin suppliers (both countries together account for 35% of the world population, and India is projected to become the world’s most populous country by 2022); and
• ongoing efforts to upgrade medical care in underdeveloped countries. Also important is reducing the cost of healthcare and, for people with chronic conditions such as diabetes, maintaining quality-of-life activities. 

The evolution of “smart” devices—in this case, plastics-rich products that record and transmit diagnostic and monitoring data, or release medicine into the body—is vital in meeting individual and societal needs in this regard. The positive outlook for medical applications is confirmed by market studies. Consider these robust findings from one report compiled by Transparency Market Research of Pune, India, whose U.S. office is in Albany, New York:

• The global medical polymers market (including packaging, diagnostic systems, and components) is projected to reach $15.8 billion by 2020. This equates to a compound annual growth rate in demand of 8.3% from 2014 to 2020.
• The global sales revenue for the market will account for $505 billion by 2020.
• North America remains the top market for medical device sales, with, in 2013, a little more than 40% of the global share, closely followed by Europe. Other studies forecast somewhat lower global growth and sales revenue.



Nevertheless, all of them confirm continuing gains in the market, along with the potential for sizable new business opportunities. This is good news, but it also presents major challenges for the supply chain, one of the biggest of which is how best to guarantee the quality and integrity of materials and devices.

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