Before joining PlasticsToday, I was editor of several business-to-business publications covering the medical manufacturing supply chain in the United States, Europe, and Asia/Pacific, and one of our team’s mantras was that the medical technology industry was recession-proof. There was an element of self-interest in that credo — positive reinforcement works in the business world as it does in most aspects of life — but the assertion was based on verifiable historical data. And while the medical device industry has its ups and downs like any other sector, it has remained remarkably stable over the decades. That continues to be the case, including among suppliers of medical-grade plastics and plastics processing services.
A pair of business reports on the global medical plastics market forecast a compound annual growth rate between 7.2 and 8% over the next few years. Technavio pegs growth at the higher 8% rate between 2020 and 2024, while Transparency Market Research predicts 7.2% growth across a wider timeframe of 2019 to 2027. The more recent Technavio report also considers the market impact and new opportunities created by the COVID-19 pandemic.