Medical Engineered Materials Market Forecasts to 2030 – Global Analysis By Type (Medical Adhesives, Medical Foams, Medical Plastics, Medical Elastomer, Medical Films and Other Types), Application and By Geography

Medical Engineered Materials Market Forecasts to 2030 – Global Analysis By Type (Medical Adhesives, Medical Foams, Medical Plastics, Medical Elastomer, Medical Films and Other Types), Application and By GeographyAccording to Stratistics MRC, the Global Medical Engineered Materials Market is accounted for $23.02 billion in 2023 and is expected to reach $59.77 billion by 2030 growing at a CAGR of 14.6% during the forecast period. Medical products and services such as disposables, equipment, and other items are made with the help of materials known as medical engineered materials (MEM). These components are designed to be used in the manufacture, construction, and safety of medical equipment. These are high-value materials that always perform better than standard materials, resulting in lighter goods, greater service temperature ranges, multipurpose use, or improved performance over the course of their whole life.

According to the World Health Organization, a Switzerland-based government agency, chronic disease prevalence is expected to rise by 57% by the year 2020.

Market Dynamics:

Driver:

Increase in the prevalence of chronic diseases

The nano engineered components can be utilized to create a tiny model of a heart chamber and treat heart-related conditions. The demand for engineered materials in medical devices is driven by shifting demographics, including the aging population and emerging disease strains. Globally, the aging population growth is significantly influencing product design and production. Significant expenditures are being made worldwide in the healthcare sector to upgrade the facilities and create cutting-edge equipment. Therefore, the rise in chronic disease cases is fueling the market's expansion.

Restraint:

Issues with medical waste management

Medical wastes fall under the category of waste with infectious elements. It comprises the trash produced by healthcare facilities such veterinary clinics, hospitals, labs, and facilities for doing medical research. A sizable portion of the trash produced in the medical industry is plastic. After reprocessing, several single-use gadgets can also be used again. However, these products are disposed of because of concern that they won't be sufficiently decontaminated and cause an infection. Although producers have begun recovering plastic, the market still faces significant challenges from plastic waste.

Opportunity:

R&D to develop cutting-edge materials

The production of medical equipment and devices heavily relies on engineered materials. Medically designed materials are created specifically to meet the requirements of a given equipment. Opportunities for the market to grow rapidly are being created by the demand for products that can be modified to meet specifications for providing qualities including biodegradability, radio-opacity, and antibacterial characteristics. In the past ten years, the medical industry has used synthetic materials far more frequently. In place of conventional materials like metals, ceramics, and glass are these designed materials.

Threat:

Time consuming regulatory processes

Governments regulate healthcare facility costs to guarantee universal access to the facilities. As a result, producers of medical devices and suppliers of raw materials must keep costs under control. Along with cost reduction, this lowers these players' profit margins. The world's healthcare sector is heavily regulated. Medical device approval agencies use a variety of techniques to evaluate the performance and safety of their products and grant product clearance throughout a range of time frames. Some market restraints include government control over medical device costs, a variety of regulations, and drawn-out approval procedures.

Covid-19 Impact

Personal protective equipment (PPE) kits, masks, drapes, and gloves are in higher demand as a result of the COVID-19. Healthcare facilities have been forced to expand and modernize their infrastructure due to capacity limitations in order to accommodate the growing patient intake. All areas of the medical sector as well as the general public have a strong demand for PPE kits and masks. Patient care systems, thermal scanners, and related equipment will all increase more quickly than other medical devices during the pandemic. Ventilators are essential weapons in the fight against the corona virus, which necessitates a quicker supply of raw materials like plastics, adhesives, and elastomers as well as appropriate and prompt logistical support and regulatory approvals.

The medical plastics segment is expected to be the largest during the forecast period

The medical plastics segment is estimated to have a lucrative growth. The most common type of other medically designed materials used in the production of disposable medical items and devices is medical plastics. Medical disposables, instruments, and tools, as well as medication delivery systems, can all be made of plastics. Growing chronic disease rates and expanding healthcare infrastructure in developing nations are anticipated to fuel the market for medical devices, which will likely fuel demand for medical plastics.

The medical disposables segment is expected to have the highest CAGR during the forecast period

The medical disposables segment is anticipated to witness the fastest CAGR growth during the forecast period. The most common type of other medically designed materials used in the production of disposable medical items and devices is medical plastics. Medical disposables, instruments, and tools, as well as medication delivery systems, can all be made of plastics. Growing chronic disease rates and expanding healthcare infrastructure in developing nations are anticipated to fuel the market for medical devices, which will likely fuel demand for the market.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rapid expansion. Pharmaceutical enterprises that make drugs and manufacturers of medical equipment have found the area to be appealing. The value-based care changes in current systems, ecosystem partnerships along the value chain, increased R&D, and digitalization of the healthcare system are the primary drivers for the medical devices business.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. The desire for better healthcare facilities and the increase in disorders linked to lifestyle are what are driving the European market. Additionally, the rapid expansion of the market in this sector is due to the rising use of new technologies like 3D printing and digitization in the manufacturing of medical equipment.

Key players in the market

Some of the key players profiled in the Medical Engineered Materials Market include Evonik, SABIC, BASF, 3M Company, Eastman Chemical Company, Huntsman Corporation, Koninklijke DSM N.V., Celanese Corporation, Teknor Apex Company, Ethicon Inc., DuPont, Solvay, DSM, Nitto Denko, Sekisui Chemical, Trelleborg AB and Covestro AG.

Key Developments:

In February 2023, Covestro launches new ultra-durable material solution for healthcare and life sciences. Covestro, a leading producer of advanced polymers and high-performance plastics in the United States and around the world, developed Makrolon® 3638 polycarbonate.

In October 2022, Covestro has developed a proof-of-concept heat-resistant coating for use on mono-PE stand-up pouches made with SABIC® BOPE polymer. The coating facilitates the industrial-scale production of BOPE-based mono-material stand-up pouches on horizontal form-fill-seal (HFFS) lines.

Types Covered:
• Medical Adhesives
• Medical Foams
• Medical Plastics
• Medical Elastomer
• Medical Films
• Other Types

Applications Covered:
• Medical Devices
• Medical Disposables
• Medical Wearables
• Advanced Woundcare
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements