CHICAGO, April 2, 2021 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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. Increase in aging population, rise in global healthcare expenditure, growing demand for minimally invasive medical procedures, and advancements in designing of medical electronics are the major drivers for the medical engineered materials market.
Based on type, medical plastics is estimated to be the largest market in the overall medical engineered materials market in 2020.
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, disposables, and diagnostic equipments which is responsible for the large market size. 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.
Based on application, medical disposables is expected to be the largest medical engineered materials consuming sector in 2020.
The medical disposables segment is projected to account for the largest share in 2020, amongst other application segments. Medical disposables are medical instruments which are designed and developed for one time use or temporary use. Heightened incidences of chronic diseases, varying lifestyle of the middle-income group, demand for superior healthcare facilities, and an increase in the aging population are the major drivers for the market.
Based on region, APAC is projected to grow the fastest in the medical engineered materials market during the forecast period.
APAC is projected to be the fastest-growing market for medical engineered materials. The rising population, increased demand for better healthcare establishments, and increased lifestyle based diseases are driving the APAC medical engineered materials market. China is the largest market for medical engineered materials in the region. China is also a major producer and consumer of medical engineered materials in the region as it has a huge manufacturing base. Apart from China, India, Japan, and South Korea are projected to grow at a fast pace during the forecast period. In addition, increasing incorporation of digitization and other advanced technologies such as 3D printing for manufacturing of medical devices are responsible for the high growth of the market in this segment.
The key players in the medical engineered materials market include Evonik (Germany), Covestro (Germany), BASF (Germany), Solvay (Belgium), SABIC (Saudi Arabia), Trelleborg AB (Sweden), DSM (Netherlands), Celanese (US), and DuPont (US). These players have established a strong foothold in the market by adopting strategies, such as investment & expansion, merger & acquisition, agreement & collaboration, partnership, new product launch.
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