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LONDON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the medical engineered materials market, 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 medical engineered materials market growth.
The global medical engineered materials market size 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 many markets across the globe. The medical engineered materials market is expected to grow to $27.90 billion in 2026 at a CAGR of 13.6%.
Product Innovations 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 polycarbonate resin which is based on certified renewable feedstock to sustain their position in the market. For instance, in October 2019, SABIC, a Saudi-based chemical manufacturing company involved in medical engineered materials company, launched the first polycarbonate based on certified renewable feedstock that includes the company's TRUCIRCLE project of circular solutions and is suitable for usage in the healthcare industry. According to SABIC'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%).
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, Huntsman Corporation, Momentive Performance Materials Inc., Nitto Denko Corporation, and Recticel.
The global medical engineered materials market analysis is segmented by type into medical plastics, medical foams, medical films, medical adhesives, medical elastomer; by application type: medical devices, medical disposables, medical wearables, advanced woundcare.
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 medical engineered materials market during 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.
Medical Engineered Materials Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide medical engineered materials market overview, medical engineered materials market forecast size and growth, medical engineered materials market segments, medical engineered materials market trends, medical engineered materials market drivers and restraints, medical engineered materials market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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