Medical Engineered Materials Market Size Worth $44.62 Billion By 2028 | CAGR: 12.9%: PMR

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Dec 08, 2021, 07:30 ET

NEW YORK, Dec. 8, 2021 /PRNewswire/ -- The global medical engineered materials market size is expected to reach USD 44.62 Billion by 2028 according to a new study conducted by Polaris Market Research. The market is expected to expand at a CAGR of 12.9% from 2021-2028. Changing demographics, such as an aging population and novel disease strains, are boosting demand for engineered materials in medical equipment, thereby driving market growth. The increasing preference for minimally invasive procedures and rising investments in the healthcare sector are further complementing the overall market progress. Continuous lifestyle changes, growing awareness about diseases, and the introduction of strict healthcare regulations further propel the growth of the market.

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Key Highlights of Medical Engineered Materials Market

Based on type, the plastics segment dominated the medical engineered materials market. Medical plastics are used to create diagnostic equipment, surgical instruments, catheters, and implants. The demand for plastics in the global market is expected to rise in the coming years.
In terms of application, the disposables segment accounted for the majority of the market share, on account of increased market need for surgical tools, diagnostic disposables, and accessories, to name a few. These are designed for single-use only because of worries about disease transfer.
Boyd Corporation acquires GMN, increasing engineered material technologies and innovation globally. Boyd targeting to broaden their engineered innovation solutions and materials technology to include capacitive touch, graphic overlays, backlighting, optical encoders, and elastomer devices.
Nexa3D, a maker of high-speed resin 3D printers, has announced the release of the XiP, its first desktop-based machine. The XiP intends to combine a small footprint with high throughput for production-grade applications in automotive, medical, engineering machinery, and even aerospace, based on the company's unique lubricant sublayer photo-curing (LSPc) technology.

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Regional Developments

The regional market of Asia Pacific is predicted to grow at a rapid rate in the coming years. The Asia Pacific medical engineered materials market is being driven by a growing population, the growing necessity for better healthcare facilities, and an increase in lifestyle-related illnesses. China is expected to emerge as one of the fastest-growing markets for medical engineered materials in the region. China is a major manufacturer and user of medical engineered materials owing to its enormous industrial base. South Korea, Japan, and India, in addition to China, are likely to expand rapidly in the next years.

Competitive Outlook

Key players have employed a variety of approaches to expand their product portfolios, expand their market presence, and increase their growth chances in the worldwide medical engineered materials market.

Some of the leading players present in the market are 3M Company, Arkema, BASF SE, Celanese Corporation, Covestro AG, DSM, DuPont, Eastman Chemical Company, Ethicon Inc., Evonik Industries AG,Henkel AG & Co. KGaA, Huntsman Corporation, Koninklijke DSM N.V., Nitto Denko, SABIC, Sekisui Chemical, Solvay S.A., Teknor Apex Company, Trelleborg AB, Trinse

Target Audience

Supply Side: Chemicals Company
Demand Side: Healthcare Settings
Regulatory Side: World Health Organization

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Polaris Market Research has segmented the medical engineered materials market report on the basis of type, application, and region:

Medical Engineered Materials, Type Outlook (Revenue, USD Billion, 2016 – 2028)

Elastomers
Plastics
Foams
Others

Medical Engineered Materials, Application Outlook (Revenue, USD Billion, 2016 – 2028)

Disposables
Adhesives
Devices
Wearable
Others

Medical Engineered Materials, Regional Outlook (Revenue, USD Billion, 2016 – 2028)

North America

U.S.
Canada

Europe

Germany
UK
France
Italy
Spain
Netherlands
Austria

Asia Pacific

China
India
Japan
South Korea
Indonesia
Malaysia

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

Saudi Arabia
South Africa
Israel
UAE

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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 our clientele spread across different enterprises. We at Polaris are obliged to serve our 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 our 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 our customers.

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