Global Medical Engineered Materials Market Size Projected to be Worth USD 62.50 Billion By 2032, With 13.9% CAGR Increase: Polaris Market Research

NEW YORK, Dec. 21, 2023 /PRNewswire/ -- A latest research report [110+] pages with 360-Degree visibility, titled "Medical Engineered Materials Market Share, Size, Trends, Industry Analysis Report, By Type (Medical Foams, Medical Plastics, Medical Adhesives, Medical Elastomer, Medical Films); By Application; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

The global medical engineered materials market size and share is predicted to grow from USD 17.05 billion in 2022 to USD 62.50 billion in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 13.9% from 2023 to 2032, according to the latest report by Polaris Market Research.

What is Medical Engineered Materials? How Big is Medical Engineered Materials Market Size and Share?

• Overview

Medical engineered materials indicate to a substance that is engineered to particular or tailored needs to arrest with biological systems in a remedial or diagnostic means for medical purposes. It is usually a connection between science, technology, and medicine and is also referred to as biomaterials. The medical engineered materials are utilized to combine significant materials science modules with a comprehension of medical device. The key kinds of medical engineered materials are medical plastics, medical foams, medical films, medical adhesives, and medical elastomers. The rapidly rising demand for the medical engineered materials market can be attributed to medical plastic materials utilized for making products for in vitro diagnostics and principal coverings for pharmaceuticals that conserve and entail medicines to circumvent contamination.

Medical engineered materials market growth can be attributed to the fact that these are materials engaged in the making of medical commodities involving implants, disposables, and more. These substances face design and compliance procedures, particularly for their usage in the production, security, and congregation of medical devices. MEM constitutes excessive value-added substances known for the invariably outshining the presentation of traditional materials. This causes the generation of products that are slimmer, dominate wider service temperature radius, provide cross-functionality, or illustrate improvised life cycle performance.

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Which is the Largest Medical Engineered Materials in the World?

• B. Braun Melsungen AG
• BASF SE
• Celanese Corporation
• Covestro AG
• DSM
• DuPont de Nemours Inc.
• Eastman Chemical Company
• Evonik Industries AG
• Huntsman Corporation
• Johnson & Johnson
• Medtronic PLC
• Nitto Denko Corporation
• SABIC
• Sekisui Chemical Co., Ltd.
• Smith & Nephew PLC
• Solvay
• Teknor Apex Company
• Trelleborg AB
• WL Gore & Associates Inc.
• Zimmer Biomet Holdings Inc.

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Important Highlights from the Report

• Medical plastic materials utilized for making products for in vitro diagnostics and principal coverings for pharmaceuticals that conserve and entail medicines to circumvent contamination are driving the market expansion.
• MEM constitutes excessive value added substances known for invariably outshining presentation of traditional materials pushing the market growth.
• The market is primarily segmented based on type, application, and region.
• Asia Pacific has dominated the market with the largest share in 2022.

Market's Prime Determinants of Growth, Trends, and Opportunities

Growth in aging population: Medical devices and instruments are utilized covering manifold distinctive, established, and surgical applications often imbibing the usage of medical engineered materials in their production. The demand for these materials in medical gadgets is pushed by moving demographics pronounced by the geriatric population and the surfacing of contemporary hassles of diseases. Medical engineered materials market size is expanding as the worldwide escalation in geriatric population is endeavouring a notable impact on both product design and assembling method. Additionally, there is an increasing inclination for agreeable designs within the geriatric demographics. Expected progressions such as the initiation of contemporary substances such as soft touch TPEs and technologies such as over-molding are anticipated to devote to escalating demand for these materials.

Growing prevalence of chronic diseases: The growing pervasiveness of detrimental illnesses such as cardiovascular diseases, neurological complaints, orthopedic conditions, and cancer are prominent factors pushing the market. Medical engineered materials market sales are soaring as detrimental illnesses are escalating worldwide because of stationary situations, detrimental diets, pollution, and escalated life expectancy. Engineered biomaterials are growingly utilized for the cure and handling of several detrimental disorders. For instance, cardiovascular stents composed of metallic alloys assist enhance blood circulation in choked arteries. Polymeric substances are utilized to advance drug delivery systems for earmarked cancer therapy.

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Trends and Opportunities

Advancements in the design of medical electronic elements: The market is pushed by increasing healthcare disbursements in advancing nations and the growing aging population, causing an increasing demand for progressive medical technology and commodities. Progressions in minimally invasive surgical processes additionally pushes the growing worldwide demand for medical engineered materials. Further notable propellers of the market include advancements in the design of medical electronic elements. The development of healthcare framework in surfacing nations and a surge of cases of detrimental illnesses are expected to be the prominent drivers for the market thus escalating the demand for such materials.

Medical Engineered Materials Market: Report Scope

Segmental Analysis

• Medical Plastics Segment Witnessed a Sharp Rise in Revenue Share

Based on type, the medical plastics segment witnessed a sharp rise in revenue share. Medical engineered materials market demand is on the rise as it can be attributed to it playing an important part in manifold healthcare applications. Their usage stretches the fabricating of medical devices, instruments, and diagnostic instruments, subscribing notably to holistic market size. The augmenting healthcare framework in surfacing nations and the growing pervasiveness of detrimental illnesses are expected to push the market, hence propelling the demand for medical plastics.

Medical Disposables Segment Dominated the Market

Based on application, the medical disposables segment dominated the market. Medical engineered materials market trends include the production of medical devices, instruments, and diagnostics tools, subscribing notably to the market's sizeable proportions. The augmenting healthcare framework in surfacing nations and the growing pervasiveness of detrimental illnesses are expected to revive the market accordingly, pushing the demand for medical plastics.

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Regional Insights

Asia Pacific: This region held the largest medical engineered materials market share due to the escalating population, growing cases of lifestyle connected illnesses and improvisation in healthcare framework have surged the demand for engineered materials in the region healthcare zone. Elements bringing about the development involve dilating R&D efforts and technological progressions in 3D printing and medical manufacturing. China is situated as the leading market for medically engineered materials in the region, carrying out not only as the biggest consumer but also as a vital producer because of its sweeping manufacturing base.

Browse the Detail Report "Medical Engineered Materials Market Share, Size, Trends, Industry Analysis Report, By Type (Medical Foams, Medical Plastics, Medical Adhesives, Medical Elastomer, Medical Films); By Application; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/medical-engineered-materials-market                   

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 Key Questions Answered in the Report

• What is the current and expected medical engineered materials market value?
  Ans: The current market value of medical engineered materials is USD 17.05 billion, and the anticipated market value is USD 62.50 billion.
• At what CAGR is the market expected to grow during the forecast period?
  Ans: The market is expected to grow at a CAGR of 13.9% during the forecast period.
•  Which factors are driving the market growth?
  Ans: Factors such as technological advancements and the rising geriatric population are driving the market.
• Which segment accounts for the largest medical engineered materials market share?
  Ans: The medical plastics segment accounts for the largest market share.

Polaris Market Research has segmented the Medical Engineered Materials market report based on type, application, and region:

Medical Engineered Materials, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Medical Foams
• Medical Plastics
• Medical Adhesives
• Medical Elastomer
• Medical Films

Medical Engineered Materials, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Advanced wound care
• Medical disposables
• Medical wearables
• Medical devices

Medical Engineered Materials, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research