Medical sales professionals should always be concerned with their products as well as the materials that go into making them. And since plastics make up a vast majority of medical device products, it’s always good idea to take a look at what’s going on with them. The future of plastics within the medical device industry is a hot topic and manufacturers and sales reps alike are more than interested in learning about the trends and forecasts of the material. So, what does the future look like anyway?
PlasticsToday is a leading authority on pretty much all things plastic, and they have numerous articles about the way medical plastics currently are and also the way they’re heading. In a recent article Medical Plastics Prognosis: Growth, author Doug Smock states, “The medical market will be the strongest segment for plastics growth over the next four years, with demand growing at rates above gross domestic product in Europe and the Americas and in the 9-16% range in Asia and other developing regions.”
Major factors include the implementation of new national healthcare programs in China and the United States, aging populations in developed countries, and development of new technologies, such as bioresorbable implants. “At the same time, pressures to reduce costs will escalate and there will be increasing use of olefin elastomers in place of flexible PVC bags and tubing plasticized with phthalates,” said Smock.
Based on interviews with processors and market researchers, PlasticsToday predicts that plastic medical device manufacturing in the Americas will rise to 6% as early as 2017 as the footprint of the Affordable Care Act expands in the United States, making healthcare services available to more people. By that same year, the initial impact of severe cost restraints will also have less of an effect in the United States.
PlasticsToday also predicts that plastics medical device manufacturing in the European Union will grow at a strong and steady 7% annual growth rate through 2017. Europe will continue to lead in implementation of new technology despite enforcement of tougher regulations that will make the Euro Zone a little more like the United States in clinical trial requirements.
The biggest action is expected to take place in China where growth rates will rise from 9% to about 14% in 2017 as healthcare insurance and availability of sophisticated care expands. According to BCC Research (Wellesley, MA), the Chinese medical polymer market will exceed $4 billion by 2017. Likewise, the Chinese pharmaceuticals market will grow at a double-digit level between now and 2020, according to the Chinese Academy of Sciences (CAS).
While not a forgone conclusion, it appears that worldwide, the future of the medical device industry is bright and heading in a positive direction, especially in the plastics sector. Medical device sales reps should take note that their industry is expanding while taking on an increased global identity. As a result, medical device sales jobs should be on the rise and will continue to play an important role in this newer identity.
