Medical Engineered Materials Market
Global 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.
Global Medical Engineered Materials market is expected to project a notable CAGR of 15.4% in 2030.
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: Segments
Medical plastic segment to grow with the highest CAGR during 2020-30
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 the market growth.
Medical disposable segment to grow with the highest CAGR during 2020-30
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 aging 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.
Global Medical Engineered Materials: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Other Prominent Players
Global Medical Engineered Materials: Regions
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.
Global Medical Engineered Materials is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Medical Engineered Materials report also contains analysis on:
Medical Engineered Materials Segments:
Medical Engineered Materials Dynamics
Medical Engineered Materials Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Medical Engineered Materials Market
Report Scope and Segmentation
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.