The plastics industry is positioned to play a significant role in the healthcare and medical device space as the demand for services and single-use products grows in conjunction with the graying population, a study released today by SPI: The Plastics Industry Trade Association said. In its report, “Plastics Market Watch: Healthcare & Medical Devices,” SPI discusses advances in plastics that have enabled the material to gradually displace traditional medical devices made of metal, ceramics and other substances. And, this trend is showing no signs of slowing.
Using healthcare’s dependency on plastics as a backdrop, the report draws on the work of Ken Gronbach, a multi-generational marketing expert and author of “The Age Curve: How to Profit from the Coming Demographic Storm,” to explain the future market and the population that’s driving it.
Gronbach said the world’s population is setting up healthcare’s perfect storm. “There will be a collision of the largest generations ever to become elderly with the age sector that demands the most healthcare services. In many cases, worldwide the number of 70-plus year old people will double. When a market doubles in demographic size, the demand for products and services related to that market more than doubles – a phenomenon called ‘the multiplier effect,’” he said.
Globally, the demands for healthcare goods and services will be great, maybe even overwhelming. The change now underway is exciting and foretells longer and healthier lives for humanity – and new applications for plastics.
Future reports issued later this year will focus on Plastics in Packaging, and Plastics in Building & Construction. “Plastics Market Watch: Automotive & Transportation” may be accessed by clicking here.
SPI: The Plastics Industry Trade Association