Medical Engineered Materials Market

Medical Engineered Materials Market Contributing Large Share Segment

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The global Medical Engineered Materials Market is estimated to be valued at US$ 19.66 billion in 2022 and is expected to exhibit a CAGR of 14.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Medical engineered materials are specially engineered or modified materials used for medical applications. These materials possess various advantages such as biocompatibility, corrosion resistance, high strength and durability which make them suitable for medical implants, wound healing fabrics and tissue engineering. The increasing use of these materials in new medical devices and novel applications is driving the market growth.

Market key trends:

One of the key trends in the medical engineered materials market is the rising demand for bioresorbable materials. Bioresorbable materials break down or dissolve harmlessly in the body overtime once implanted and the need for removal surgeries is eliminated. For example, bioresorbable stents made from polymers degrade in the body within 3 years eliminating the need for another surgery. Due to their biocompatible and biodegradable properties, bioresorbable materials are gaining popularity for various medical applications.

Segment Analysis:

The global medical engineered materials market is segmented based on material type, application and region. Based on material type, the market is segmented into metals, polymers, ceramics and other materials. Among these, polymers segment dominates the market and capturedaround 45% share in 2022 due to high usage of plastics in medical devices manufacturing. Polymers impart properties like lightweight, flexibility and durability to medical devices which enhance the patient comfort.

Key Takeaways:

The Global Medical Engineered Materials Market Size is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing demand for advanced medical treatments.

The North America region dominated the medical engineered materials market with around 35% share in 2022 due to presence of advanced healthcare infrastructure and high adoption of latest medical technologies in countries like US and Canada. Asia Pacific is expected to be the fastest growing region at 16% CAGR owing to rising healthcare investments and growing medical tourism in countries like China, India and Japan.

Key players operating in the medical engineered materials market are Evonik Industries AG, Covestro AG, BASF SE, Solvay, SABIC, Trelleborg AB, DSM, Celanese Corporation, DuPont de Nemours Inc., B. Braun Melsungen AG, Huntsman Corporation, Eastman Chemical Company, Nitto Denko Corporation, Sekisui Chemical Co., Ltd., Teknor Apex Company, WL Gore & Associates Inc., Zimmer Biomet Holdings Inc., Smith & Nephew PLC, Johnson & Johnson, Medtronic PLC. These players are focusing on new product launches and expansion strategies to gain higher market share.

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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it