Medical Engineered Materials Market Profile
The report estimates the medical engineered material market is worth $15.8 billion. This market consists of different engineered materials that are necessary for creating medical equipment — for example, medical plastics, foams, films, elastomers, and adhesives.
The market is populated by a number of companies, including Celanese and DuPont, US-based companies; Evonik, Covestro, and BASF, German-based companies; Solvay, a Belgium-based company; SABIC, a Saudi Arabian company; Trelleborg AB, a Swedish company; and DSM, a biomedical business based in the Netherlands.
Impact of COVID-19
The report highlights that the critical nature of this market has earned national recognition through the COVID-19 pandemic. “The outbreak of COVID-19 has led to rising concerns over hygiene, leading to an increased demand for [Personal Protective Equipment] kits, gloves, masks, and drapes,” the report reads. Many healthcare facilities struggled with capacity shortfalls through the pandemic, which has resulted in a boost in demand for the industry.
Though COVID-19 is expected to drive growth in the near future, it caused a tough year for many of the companies that engineer medical materials due to production disruptions. This is evident in the earnings of these companies in 2020. For example, Celanese, a Texas-based Fortune 500 global technology and specialty materials company, reported $5.7 billion net sales in 2020, versus $6.2 billion the year prior. The company saw its pricing and volume decline by 6% and 5%, respectively. Despite struggles, DuPont reported growth in its Q4, with net sales ($5.3 billion) up 1% year-over-year.
In addition to the COVID-19 pandemic and a rise in healthcare expenditure across the globe, this market is expected to be driven by cultural factors like a rising geriatric population, the report says. Changing demographics have resulted in a growing population of older adults globally. As a result, there is more need for advanced medical technologies and devices — and subsequently, medical engineered materials.
This more prevalent population is also sparking innovation, which is also leading to growth in the industry. For example, the elderly population favors technologies that produce more comfortable medical equipment. Thus, companies experimenting with soft-touch medical engineered materials or materials that facilitate minimally-invasive medical procedures are seeing rising interest.
All of these factors will drive significant growth in the medical engineered materials market. In fact, the market is expected to see a compound annual growth rate (CAGR) of 13% between 2020 and 2025. This will elevate the market from $15.8 billion in 2020 to $29.1 billion in 2025. That’s an 84.2% increase in value in just five years.
This growth offers opportunities for both the big players already dominating the market and entrepreneurs looking for a way in.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.