Allied Market Research

2024

Medical Engineered Material Market

Medical Engineered Material Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Advanced Materials

Select an option
Author's: | Eswara Prasad
Publish Date:

Get Sample to Email

Medical engineered materials (MEM) are materials used in the manufacture of medical products and services such as devices, disposables, and so on. These materials are intended for use in the production, safety, and construction of medical equipment. These are high-value-added materials that always exceed typical materials, resulting in lighter goods, have broader service temperature ranges, with multipurpose use, or have better life-cycle performance.

Medical engineered materials are applicable in medical disposables, medical devices, advanced wound care, and medical wearable.

COVID-19 Impact Analysis

  • Due to the COVID-19, there has been an increase in demand for personal protective equipment (PPE) kits, masks, drapes, and gloves. Capacity shortages have compelled healthcare facilities to upgrade and extend their infrastructure to fulfill the needs of rising patient intake. PPE kits and masks are in high demand from all sectors of the medical industry, as well as from the general public.
  • Due to a scarcity of medical masks, goggles, gowns, aprons, gloves, respirators, doctors, nurses, and other frontline personnel were critically under-equipped to care for COVID-19 patients. Companies have been working hard to supply the necessary number of masks and other supplies for healthcare professionals. For example, in March 2020, Apple (US) gave 2 million masks to the US. Similarly, Microsoft has distributed 15,000 pairs of safety goggles, as well as medical hats, infrared thermometers, and protective suits to countries throughout the world.
  • During the pandemic, medical gadgets such as patient care systems, thermal scanners, and related equipment will increase at a greater rate than others. Ventilators are crucial tools in the fight against the coronavirus, which demands a faster supply of raw materials including plastics, adhesives, and elastomers, as well as proper and timely logistical support and regulatory permissions. Diagnostic instruments and gadgets, such as thermal scanners, which are used to detect and monitor medical disorders, are also in high demand due to their importance in determining disease beginnings.

Top Impacting Factors

Medical equipment and devices are utilized in a variety of procedures, surgical purposes, and diagnostic. These gadgets and equipment are made with medical-designed materials. Demographic trends, such as an aging population and novel disease strains, are boosting demand for engineered materials in medical equipment. Globally, the aging population has a considerable impact on product design and manufacturing. New materials, such as soft-touch thermoplastic elastomers (TPE), and methods, such as over-molding, are among the new advancements that are expected to boost demand for medical engineered materials. Some of the restraints on the medical engineered materials market include government control over medical device prices, varying regulations, and moment approval processes.

Governments control the costs of healthcare facilities to ensure that they are accessible to everybody. This price pressure exists at all points along the value chain. As a result, medical device manufacturers and raw material suppliers must keep costs under control. 

This diminishes these players profit margins while also reforming their costs. The international healthcare industry is highly regulated. Medical device approval authorities assess device safety and performance in a variety of ways and issue product clearance in a variety of time frames. Medical waste is defined as garbage containing infectious materials. Waste generated by healthcare facilities such as medical research centers, veterinary clinics, hospitals, and labs is included. Plastics account for a sizable portion of the medical waste generated. On mostly yet another side, the transition to disposables has expanded the usage of plastics, but it is also generating more plastic garbage. Some single-use devices can be reused after being reprocessed. Consequently, the fear of infected products caused by improperly disinfected products leads to their destruction. Although manufacturers have begun to recycle plastics, the waste remains a significant challenge for the medical engineered materials business.


Market Trends

  • The Asia-Pacific region is expected to be the fastest-growing market for medical engineered materials. The Asia-Pacific medical engineered materials market is being driven by a growing population, a higher need for improved healthcare establishments, and a growth in lifestyle-related disorders.
  • China is the region's largest market for medical engineered materials. Because of its large manufacturing base, China is also a key producer and consumer of medical engineered materials in the region. Aside from India, South Korea, China, and Japan are expected to rise rapidly.
  • Further, the rising inclusion of digitalization and other sophisticated technologies such as 3D printing for the manufacturing of medical equipment is responsible for the market's rapid expansion in this category.
  • Market players are adopting many strategies such as R&D activities, acquisitions, mergers, contracts, new product launches, agreements, and partnerships to expand their business.
  • Evonik introduced a new RESOMER composites product line in April 2018. These bioresorbable polymers improve application development and enhance speedier patient recovery.
  • SABIC debuted its Polycarbonate (PC) based on certified renewable feedstock in October 2019, offering SABIC and its clients a solution that has the potential to minimize CO2 emissions as well as the usage of fossil feedstock during production. The certified PC resin can be used in a variety of market categories, including automotive, consumer, electronics and electrical, building and construction, and healthcare.
  • BASF's fiscal year ends in June 2020. The business spent USD 10 billion to build a verbund facility in Zhanjiang, Guangdong. The factories will manufacture tailored plastics and thermoplastic polyurethane (TPU) to meet the growing demands of various development industries in southern China and beyond Asia.
  • Covestro plans to invest in a new construction line in Thailand to create polycarbonate films in October 2020. The company's position in Asia-Pacific is likely to improve as a result of this investment.

Key Benefits of the Report

  • This study presents the analytical depiction of the medical engineered material industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the medical engineered material market share.
  • The current market is quantitatively analyzed to highlight the medical engineered material market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed medical engineered material market analysis based on competitive intensity and how the competition will take shape in coming years

Questions Answered in the Medical Engineered Material Market Report

  • Who are the leading market players active in the medical engineered material market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?

Medical Engineered Material Market Report Highlights

Aspects Details
icon_5
By Type
  • Medical Plastics
  • Medical Foams
  • Medical Films
  • Medical Adhesives
  • Medical Elastomer
icon_6
By Application
  • Medical Devices
  • Medical Disposable
  • Medical Wearable
  • Advanced Woundcare
icon_7
By Region
  • Asia-Pacific  (China, India, Japan, South Korea, Rest of Asia-Pacific)
  • North America  (United States, Canada, Mexico)
  • Europe  (Germany, United Kingdom, France, Italy, Rest of Europe)
  • LAMEA  (Saudi Arabia, South Africa, Brazil, Rest of LAMEA)
icon_8
Key Market Players

Axiom Materials, Inc., Covestro AG, Principality Medical Supplies, W. L. Gore & Associates, Inc., PolyOne Corporation, Celanese Corporation, SABIC, Arkema SA, Solvay SA, Eastman Chemical Company

Loading Table Of Content...

Individual sections of the reports are available for purchase.
Would you like to see a breakdown of prices by section?

Medical Engineered Material Market

Global Opportunity Analysis and Industry Forecast, 2023-2032