The global medical engineered materials market size is expected to reach USD 44.62 Billion by 2028 according to a new study by Polaris Market Research. The report “Medical Engineered Materials Market Share, Size, Trends, Industry Analysis Report, By Type (Elastomers, Plastics, Foams, Others); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Due to rising healthcare costs, increasing geriatric population, and increased cases of lifestyle diseases, demand for engineered materials is expected to rise during the forecast period. The increasing popularity of minimally invasive procedures and strict healthcare regulations further boost growth. The demand for healthcare engineered materials has significantly increased during the pandemic. There has been increasing demand for masks, PPE kits, and ventilators during the pandemic to care for critically ill patients.
Medical plastics are used in a wide range of applications such as implants, surgery equipment, testing, and orthopaedic devices. Other medical devices manufactured using medical plastics include catheters, pacemakers, heart valves, eye lenses, MRI machines, and surgical instruments. Governments across the globe are investing significantly in the development of advanced healthcare infrastructure, which is boosting growth for engineered materials.
The application segment has been divided into disposables, adhesives, devices, wearable, and others. The medical disposables segment dominated the global industry in 2020. The demand for disposables has increased due to the COVID-19 outbreak owing to the increasing demand for masks, clothing, and others.
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Diagnostic disposables and accessories are increasingly being used to test patients, provide care, and curb the spread of the disease. The increasing population coupled with government initiatives to offer advanced healthcare services to citizens supports the growth of this segment and the engineered materials industry.
Asia Pacific is expected to grow at a significant rate during the forecast period. Increasing population and increasing occurrence of lifestyle-related diseases support growth in this region. Growth in the geriatric population coupled with technological advancements in the healthcare sector fuels growth in this region. Leading global players are expanding their presence in developing nations of India, Japan, China, and South Korea to tap the growth opportunities offered by these countries.
Some major market participants include 3M Company, Arkema, BASF SE, Celanese Corporation, Covestro AG, DSM, DuPont, Eastman Chemical Company, Ethicon Inc., Evonik Industries AG, Henkel AG & Co. KGaA, Huntsman Corporation, Koninklijke DSM N.V., Nitto Denko, SABIC, Sekisui Chemical, Solvay S.A., Teknor Apex Company, Trelleborg AB, Trinseo.
Industry players are collaborating with each other for research & development, strengthening market presence, and technological innovation. Greater need to cater to growing customer requirements has encouraged market participants to leverage new technologies for the development of high-quality products.
Polaris Market Research has segmented the medical engineered materials market report on the basis of type, application, and region:
Medical Engineered Materials, Type Outlook (Revenue, USD Billion, 2016 - 2028)
Medical Engineered Materials, Application Outlook (Revenue, USD Billion, 2016 - 2028)
Medical Engineered Materials, Regional Outlook (Revenue, USD Billion, 2016 - 2028)