Medical Engineered Materials Market by Type, Application and Region - Global Forecast to 2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Medical Engineered Materials Market by Type (Medical Plastics, Medical Foams, Medical Films, Medical Elastomers, Medical Adhesives), Application (Medical Device, Disposables, Medical Wearables, Advanced Wound Care), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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%.
This growth is attributed to the increasing healthcare expenses in emerging economies, and rising geriatric population increasing need of advanced medical technologies and devices. Also, innovations for minimally invasive surgical procedures is increasing demand for medical engineered materials globally. Advancements in the designing of medical electronic components is also among the major drivers of the medical engineered materials consumption.
Medical Plastics accounted for the largest share in total medical engineered materials market
Medical plastics is the largest type among other medical engineered materials used in the manufacture of medical devices and disposables. Medical plastics can be classified as plastics used to manufacture medical disposables, medical instruments & tools, and drug delivery devices. Growing healthcare infrastructure in emerging economies and increasing instances of chronic diseases are expected to drive the medical devices market, which, in turn, is likely to propel the demand for medical plastics.
Medical disposables accounted for the largest market share
The medical disposables segment accounted for the largest share in the overall market in 2019. Medical disposables can be defined as products, which are designed for single-use applications. Increased incidences of chronic diseases, changing lifestyle of the middle-income group, demand for better healthcare facilities, and an increase in the ageing population are the major drivers for the market
APAC is the largest and fastest growing medical engineered materials market globally
APAC was the largest market for medical engineered materials in 2019. Growth in APAC is primarily attributed to the fast-paced expansion of the economies, such as China, India, Indonesia, Thailand, Australia, and Malaysia. The region has become an attractive location for pharmaceutical drug production and medical equipment manufacturing companies. The 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.
- Rising Geriatric Population Demands Advanced Medical Technologies and Devices
- Growing Healthcare Investments in Emerging Economies
- Shift Toward Minimally Invasive Surgical Procedures
- Time Consuming Regulatory Procedures
- R&D to Create Advanced Materials
- Development of Patient-Specific Equipment Using 3D Printing
- Medical Waste Management Concerns
- Baxter International
- Celanese Corporation
- Eastman Chemical Company
- Huntsman Corporation
- Momentive Performance Materials Inc.
- Nitto Denko
- RTP Company
- Sekisui Chemical
- Strategic Choices Made
- Teknor Apex
- Trelleborg Ab
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