The global Medical Engineered Materials Market is estimated to be valued at US$ 19.66 Bn in 2023 and is expected to exhibit a CAGR of 14.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical engineered materials find wide applications in medical devices and equipment due to their biocompatibility, durability, and mechanical strength. Reinforced polymer materials, metals, and ceramics are commonly used engineered materials for medical applications ranging from implants and prosthetics to surgical tools and diagnostic equipment.
Market key trends:
One of the key trends in the medical engineered materials market is the increasing demand for bioabsorbable and biodegradable materials. Bioabsorbable polymers gradually break down and are absorbed by the body after being implanted. This eliminates the need for follow-up surgeries to remove implants. Polylactic acid (PLA) and polyglycolic acid (PGA) are some commonly used bioabsorbable polymers. Another important trend is the development of composite materials with enhanced mechanical and physical properties. For instance, fiber reinforced polymer composites provide high strength to weight ratio making them suitable for load bearing implants. 3D printing technologies also allow manufacturers to develop customized implants with complex geometries using a variety of materials.
SWOT Analysis
Strength: Medical engineered materials have high biocompatibility which helps in providing improved treatment to patients. These materials are corrosion resistant so they can withstand sterilization processes.
Weakness: High costs are associated with R&D and manufacturing of medical engineered materials. Stringent regulatory approvals also increase time to market for new materials.
Opportunity: Rising geriatric population globally increases demand for implants, prosthetics and medical devices requiring engineered materials. Development of customized 3D printed implants and devices opens new opportunities.
Threats: Presence of alternative treatment options poses challenge. Stringent regulations can delay products.
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 implants and prosthetics driven by rising cases of accidents and age-related diseases.
Regional analysis: North America dominates the global market owing to presence of major players and advanced healthcare infrastructure. Asia Pacific exhibits fastest growth due to rising medical tourism coupled with increasing healthcare spending in countries like China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
