Medical Engineered Materials Global Market Report 2022: Ukraine-Russia War Impact

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Dec 12, 2022, 11:20 ET

NEW YORK, Dec. 12, 2022 /PRNewswire/ -- Major players in the medical engineered materials market are Evonik Industries AG, Covestro AG, BASF SE, Solvay S.A, SABIC, Trelleborg AB, Koninklijke DSM N.V, Celanese Corporation, DuPont de Nemours Inc, Ethicon Inc, Henkel AG & Co. KGaA, , Momentive Performance Materials Inc., Nitto Denko Corporation, and Recticel.

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The global medical engineered materials market is expected to grow from $14.71 billion in 2021 to $16.74 billion in 2022 at a compound annual growth rate (CAGR) of 13.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The market is expected to grow to $27.90 billion in 2026 at a CAGR of 13.6%.

The medical engineered materials market consists of sales of medical engineered products by entities (organizations, sole traders, and partnerships) that are used to integrate key materials science modules with an understanding of medical design.Medical engineered materials refer to a material that is engineered to specific or custom requirements to engage with biological systems in a therapeutic or diagnostic manner for medical purposes.

It is generally a link between science, technology, and medicine and is also known as biomaterials.

The main types of medical engineered materials are medical plastics, medical foams, medical films, medical adhesives, and medical elastomers.Medical-grade plastic materials refer to plastics designed to make medical products.

It is used for manufacturing products for in vitro diagnostics and primary packaging for pharmaceuticals, which preserves and contains medicines to avoid contamination. The various applications involved medical devices, medical disposables, medical wearables, and advanced wound care.

Asia-Pacific was the largest region in the medical engineered materials market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this medical engineered materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Increasing instances of chronic diseases are expected to drive the growth of the medical engineered materials market going forward.Chronic diseases refer to conditions that last a year or more and require ongoing medical attention or limit activities of daily living or both.

The nanoengineered parts can be used to build a miniature replica of a heart chamber and cure heart-related problems.For instance, in June 2020, according to the World Health Organization, a Switzerland-based government agency, chronic disease prevalence is expected to rise by 57% by the year 2020.

Further, in June 2021, according to the World Health Organization (WHO), a Switzerland-based government agency, CVDs took the lives of 17.9 million individuals worldwide in 2019, accounting for 32% of all deaths. Heart attacks and strokes were responsible for 85% of these deaths. CVDs were responsible for 38% of the 17 million premature deaths (before the age of 70) caused by noncommunicable diseases in 2019. Therefore, the increasing instances of chronic diseases are driving the growth of the medical engineered materials market.

Â Productinnovationss are a key trend gaining popularity in the medical engineered materials market. Major companies operating in the market are introducing new innovative products such as polycarbonateresin,n which is based on certified renewablefeedstock,k to sustain their position in the market. For instance, in October 2019, SABIC, a Saudi-based chemical manufacturing company involved in medical engineered materialy, launched the first polycarbonate based on certified renewable feedstock that includes the companyâ€™sTRUCIRCLETMâ„¢ project of circular solutions and is suitable for usage in the healthcare industry. According to SABICâ€™s PC cradle-to-gate LCA study, the manufacture of polycarbonate resin may result in considerable reductions in carbon footprint (up to 50%) and impacts on fossil fuel depletion (up to 35%)Â

In February 2022, Celanese Corporation, a US-based global chemical leader, acquired Dupontâ€™s resins and Advanced Solutions business lines for an amount of $11 billion.This acquisition is expected to help Celanese build a market-leading portfolio with unrivalled scale, production power, and technological experience to serve the automotive, consumer, and industrial markets.

DuPont is a US-based company operating in medical engineered materials.

The countries covered in the medical engineered materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The medical engineered materials market research report is one of a series of new reports that provides medical engineered materials market statistics, including medical engineered materials industry global market size, regional shares, competitors with a medical engineered materials market share, detailed medical engineered materials market segments, market trends and opportunities, and any further data you may need to thrive in the medical engineered materials industry. This medical engineered materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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