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Medical Engineered Materials Market: Segmented by Type (Plastic, Foam, Film, Adhesive and Others), By Application (Medical Disposables, Medical Devices, Medical Wearables and Medical Wound care), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
Medical Engineered Materials Market to surpass USD 57.2 billion by 2030 from USD 19.1 billion in 2020 at a CAGR of 15.4% in the coming years, i.e., 2021-30.
Medical Engineered Materials (MEM) are materials that are used to make medical devices and equipment like implants and disposables. These materials have been designed and authorized for use in medical device manufacturing, safety, and assembly. These are high-value-added materials that consistently outperform typical materials, resulting in goods that are thinner, have a broader operating temperature range, are multifunctional, or have better life-cycle performance.
The medical engineered materials market is being driven by an ageing population, an increase in global healthcare spending, a growing desire for minimally invasive medical procedures, and developments in medical electronics design. Emerging market participants such as APAC, South America, and the Middle East, and Africa are heavily investing in healthcare spending and improving medical facilities.
Global Medical Engineered Materials market is segmented by type into Plastic, Foam, Film, Adhesive and Others. Medical plastic segment held the largest market share in the year 2020 because they are used in a wide range of applications in the healthcare business, including the manufacture of medical instruments, materials, disposables, and diagnostic equipment, which drives market growth.
Global Medical Engineered Materials market is divided by Application into Medical Disposables, Medical Devices, Medical Wearables and Medical Wound care. In 2020, medical disposables held the largest share of the market. This is owing to an increase in the frequency of chronic diseases, changing middle-class lifestyles, increased demand for superior healthcare services, and an ageing population, all of which are driving market expansion.
Changing demographics and increased investment in various applications
Medical equipment and devices are used in a variety of diagnostic, procedural, and surgical procedures. These gadgets and equipment are made with medically designed materials. The demand for engineered materials is being driven by changing demographics such as the ageing population and emerging disease strains. Globally, the ageing population has a considerable impact on product design and manufacturing. Furthermore, demand for pleasant design is increasing among the elderly. Some of the innovative materials, such as soft-touch TPEs, and processes, such as over-molding, are expected to increase demand for medical engineered materials during the projected period.
Rising demand for customized products and utilization in medical business
Engineered materials are crucial in the development of medical devices and equipment. Medical designed materials are tailored to meet the requirements of a certain equipment. The demand for customized products with qualities such as biodegradability, radio-opacity, and antibacterial capabilities is driving the industry forward. In the recent decade, the utilization of engineered materials in the medical business has skyrocketed. Metals, ceramics, and glass are being phased out in favor of these engineered materials.
Stringent government regulations and waste concerns
Stringent regulatory standards and a lengthy clearance process are the market's biggest roadblocks. Medical waste management concerns are a significant barrier for the medical engineered materials business.
BASF
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Medical Engineered Materials market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The market in APAC is expected to hold highest CAGR over the forecasted period. The APAC medical engineered materials market is being driven by a growing population, higher need for better healthcare facilities, and a growth in lifestyle-related disorders. China is the region's largest market for medical engineered materials. Due to its large manufacturing base, China is also a key producer and consumer of medical engineered materials in the region. Apart from China, India, Japan, and South Korea are expected to grow rapidly over the next few years. Furthermore, the significant growth of the market in this sector is due to the increasing use of digitization and other modern technologies such as 3D printing in the manufacturing of medical equipment.
| Report Attribute | Details |
| Market size value in 2020 | USD 19.1 billion |
| Revenue forecast in 2030 | USD 57.2 billion |
| Growth Rate | CAGR of 15.4% from 2021 to 2030 |
| Base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | BASF, Evonik, Covestro, Solvay, SABIC, Trelleborg AB, DSM, Celanese, DuPont, and Other Prominent Players. |
The Medical Engineered Materials Market size was estimated at USD 19.1 billion in 2020 and is expected to reach 57.2 billion by 2030.
Key players: BASF, Evonik, Covestro, Solvay, SABIC, Trelleborg AB, DSM, Celanese, DuPont, and Other Prominent Players.
Medical plastic segment and Medical disposable segment are anticipated to hold the largest Medical Engineered Materials Market.
Drivers: Changing demographics and increased investment in various applications and Rising demand for customized products and utilization in medical business
Medical Engineered Materials (MEM) are materials that are used to make medical devices and equipment like implants and disposables. These materials have been designed and authorized for use in medical device manufacturing, safety, and assembly.
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