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.
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Medical Engineered Materials (MEM) can be defined as materials which that are used in the manufacturing of medical products and equipmentsequipment such as devices, disposables, and others. These materials are specifically produced and certified for use in manufacturing, protection, and assembly of medical products.Evonik (Germany), Covestro (Germany), BASF (Germany), Solvay (Belgium), SABIC (Saudi Arabia), Trelleborg AB (Sweden), DSM (Netherlands), Celanese (US), and DuPont (US) are the major players in the market.
Based on type, medical engineered materials have been segmented into medical plastics, medical foams, medical films, medical elastomers, and medical adhesives. 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, and diagnostic equipments which is responsible for the large market size.
Based on application, medical engineered materials have been segmented into medical devices, medical disposables, medical wearables, and advanced wound care.Medical disposables is expected to be the largest segment. The growing demand for medical engineered materials due to properties such as cost effectiveness, high performance, autoclavability, chemical and temperature resistance, and flexibility in manufacturing of devices, disposables, and equipments are expected to drive the market.
APAC consists of major developing nations, such as China and India, and therefore, the scope for improvement and development of medical sector is high. The region accounted for the largest market share for medical engineered materials. The growth of the market in the region is attributed to the presence of emerging countries, and their high economic growth rate, the rise in healthcare projects, increased lifestyle related diseases, and growing elderly population. These developing countries are the driving engines for the medical engineered materials market in the region. The region has become an attractive location for pharmaceutical drug production, and medical equipment manufacturing companies. The other major drivers for the medical devices sector in APAC are the change in reforms regarding value-based care in existing systems, ecosystem partnership across the value-chain, increasing R&D, and digitalization of the healthcare system.