by The 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 primarily used in a variety of medical devices and applications such as medical implants, wound management products, tissue engineering and regenerative medicine, etc. These materials offer properties like biocompatibility, sterilizability, and mechanical strength that are crucial for medical applications. Some common medical engineered materials include plastics, biopolymers, ceramics, and metallic alloys.
Market Dynamics:
The medical engineered materials market is driven by the increasing demand from the medical devices industry and growing healthcare spending worldwide. The rising geriatric population suffering from chronic diseases and injuries has fueled the demand for medical devices, implants and tissue regeneration therapies that majorly utilize engineered materials. According to the WHO, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. Additionally, advancements in material engineering have led to development of innovative biomaterials with unique combinations of properties making them ideal for various medical applications. For instance, the growth in 3D printing technology has enabled creation of customized implants and prosthetics using materials like titanium alloys and polyetheretherketone (PEEK).
SWOT Analysis:
- Strength: The Medical Engineered Materials market has strong R&D capabilities that help develop innovative materials for medical applications. Many key players operating in the sector have a global presence with wide distribution networks. Materials used in medical applications require strict compliance with regulations which gives established players an advantage.
- Weakness: Developing new medical-grade materials requires heavy investments and a long gestation period for returns. Raw material prices fluctuations can impact profitability. Strict regulations also mean that getting new materials approved is a long and expensive process.
- Opportunity: Growth in the elderly population is driving demand for improved healthcare solutions. There is a need for developing advanced materials to manufacture medical devices for conditions like cardiovascular diseases and arthritis. The Asia Pacific region offers high growth opportunities owing to increasing healthcare expenditures.
- Threats: Stringent regulatory framework can delay market entry of new materials. Also, established materials may not get replaced easily even if better alternatives are developed. Economic slowdowns can impact discretionary healthcare spending.
Key Takeaways:
The Global Medical Engineered Materials Market Demand is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing prevalence of chronic diseases and improvements in the healthcare infrastructure in developing nations.
Regional analysis:
North America is currently the largest market for Medical Engineered Materials owing to developed healthcare systems and higher healthcare spending in the US and Canada. Asia Pacific region is expected to grow at the fastest pace during the forecast period due rising medical tourism, healthcare investments by governments and expansion of private healthcare facilities in countries like China, India and South Korea.
Key players:
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. The major players are focusing on developing innovative offerings and expanding their business through mergers and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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