The medical plastics sector is one of the most dynamic and emerging segments in international trade, particularly for export-centric startups. The increasing healthcare requirements, adoption of new advanced materials, and the need for newer medical devices that are safer and efficient is creating a new frontier for entrepreneurs in the domain of medical plastic.
In this article, we will discuss the size of the market, explore opportunities, and growth predictions alongside plans entrepreneurs can use to exploit the multi-billion dollar opportunity.
Market Overview of Medical Plastics
Medical plastics are polymer materials specifically produced for healthcare applications in the form of surgical instruments and implants, diagnostic devices, packaging, and disposables. With the constant innovation in medical technologies, the global medical patient population, and the increasing need for biocompatible materials, the global medical plastic market is witnessing growth.
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The chart below illustrates the projected global market forecast for medical plastic:
India’s Opportunity In Medical Plastics
India is now one of the global leaders in the production of plastics, with the subset of medical plastics gaining strong traction. As reported by the Plastics Export Promotion Council (linked to the Ministry of Commerce and Industry, Government of India), India’s plastics exports have crossed $12 billion, with medical plastics exports constituting a fast-emerging share. India is emerging as a trusted source of medical-grade polymers due to strong manufacturing and growing global trust.
Segment-wise distribution of opportunities in medical plastics:
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Why Startups Will Benefit From This
With the rise in global demand, government support, and lower costs of raw materials, medical plastics is a goldmine for new-age startups. India’s position in global trade networks will be particularly beneficial to export-oriented businesses as they will have access to multiple channels. Consistent growth rates allow entrepreneurs to capitalize by manufacturing of syringes, catheters, surgical diagnostic kits, surgical trays and even sterile packaging materials.
It is noteworthy that Niir Project Consultancy Services (NPCS) prepares Market Survey cum Detailed Techno Economic Feasibility Reports. Their reports detail the manufacturing process, requisite raw materials, plant layout, and financial projections. NPCS assists entrepreneurs in gauging the feasibility of setting up new industries or businesses which makes them invaluable for startups.
Export Development and Worldwide Demand
It is expected that India will soon lead exports in the plastics sector, especially in medical-grade plastics. The North American, European, and Asia-Pacific regions are emerging markets for these goods. Medical-grade plastics is a category in high demand and Indian exporters are strategically located to benefit from this growth opportunity.
The following chart depicts India’s top export destinations for medical plastics:
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Challenges and Solutions for Entrepreneurs
Through the eyes of an entrepreneur, the opportunities within a specific industry, like medical plastics, come where daunting challenges like adhering to international policies, securing certifications, large-scale R&D budgets, and the need for advanced tech loom just overhead. With the right mix of planning, collaboration, and government initiatives, overcoming these challenges is very much possible.
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FAQs
Q1. Why are medical plastics a good business opportunity for startups?
The business opportunity in medical plastics for startups thrives in high demand and the ability to scale. Export opportunities for startup’s surgical disposables, diagnostic devices, or sterile plastic packaging.
Q2. What support is available for entrepreneurs in this field?
Plastics Export Promotion Council supports entrepreneurs with vital information on trade, marketing, and promotional activities.
Q3. How big is the global market for medical plastics?
The medical plastic market is projected to reach $80 billion globally by 2030 growing at a 7-8% CAGR from 2023.
Q4. What role does NPCS play for entrepreneurs?
Entrepreneurs are aided by NPCS through the collection of techno-economic feasibility reports which cover process design to raw material sourcing, plant layout to finances, and in turn, inform investment decisions.
