According to the new market research report “Medical Engineered Materials Market by Type (Medical plastics, medical foams, medical films, medical elastomers, medical adhesives), Application (Medical device, disposables, medical wearables, advanced wound care), and Region – Global Forecast to 2025″, size is projected to reach USD 29.1 billion by 2025 from USD 15.8 billion in 2020, at a CAGR of 13.0% during the forecast period. Increase in aging population, rise in global healthcare expenditure, growing demand for minimally invasive medical procedures, and advancements in designing of medical electronics are the major drivers for the medical engineered materials market. The market players in the emerging economies, such as APAC, South America, and the Middle East & Africa, are investing heavily in healthcare expenditure and improving medical facilities. The major restraints for the market are stringent regulatory policies and a time-consuming approval process. Concerns over disposal of medical wastes is a major challenge for the medical engineered materials market.
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Medical plastics is the major largest segment amongst others in the market. Medical plastics are required in various applications in the healthcare field such as manufacturing of medical devices, tools, disposables, and diagnostic equipments which is responsible for the large market size. Growing healthcare infrastructure in emerging economies and increasing instances of chronic diseases are expected to drive the medical devices market, which, in turn, is likely to propel the demand for medical plastics.
The medical disposables segment is projected to account for the largest share in 2020, amongst other application segments. Medical disposables are medical instruments which are designed and developed for one time use or temporary use. Heightened incidences of chronic diseases, varying lifestyle of the middle-income group, demand for superior healthcare facilities, and an increase in the aging population are the major drivers for the market
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The global medical engineered materials market size is projected to reach USD 29.1 billion by 2025 from USD 15.8 billion in 2020, at a CAGR of 13.0% during the forecast period. The increasing demand for advanced medical devices from the aging population and growing healthcare investments in emerging economies are the major drivers for the medical engineered materials market. These factors have increased the demand for advanced healthcare facilities, which is propelling the need for more medical devices, thereby creating growth opportunities for the medical engineered materials market.
The increase in demand for medical engineered materials and the improving healthcare infrastructure in the emerging economies, such as APAC and South America, are driving the market. The key players in the medical engineered materials market include Evonik (Germany), Covestro (Germany), BASF (Germany), Solvay (Belgium), SABIC (Saudi Arabia), Trelleborg AB (Sweden), DSM (Netherlands), Celanese (US), and DuPont (US). The medical engineered materials market report analyzes the key growth strategies, such as investment & expansion, merger & acquisition, agreement & collaboration, partnership, new product launch, adopted by the leading market players between 2018 and 2020.
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Evonik is a leading advanced chemicals manufacturer involved in the production of bioresorbable polymers, high-performance polymers, PEEK, PA, and PMMA for the medical industry. The expertise of the company in the field of high-performance polymers enabled it to have the opportunity to cater to the changing demands in the medical technology market. Evonik has production plants in 26 countries and has sales presence in more than 100 countries. The company operates in Europe, North America, APAC, South America, Africa, and the Middle East. The company is primarily focused on using organic growth strategy with the new product launch as its key strategy. The consistent development of new products by the company helps it meet the end-use requirements and sustain the global competition.
Covestro is a leading manufacturer and supplier of advanced and high-performance polymers. The company is involved in the continuous development of new solutions to meet volatility in the medical technology markets. Its medical engineering engineered material production units are certified with the environmental management system standard ISO 14001 and the safety management system standard OHSAS 18001. The company follows organic growth strategy to sustain the global competition in the medical plastics engineered materials market. Covestro aims to meet this demand with long-lasting, light, environmentally friendly, and cost-effective materials, which in many cases are suitable replacements for conventional materials such as steel and glass. Consolidation of cross-company activities on a corporate level are expected to enhance long-term development, innovation, digitalization, and strategic development. The company has a strong global presence, with 30 manufacturing sites located in the Americas, Europe, and Asia.
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