February 25, 2024
Medical Engineered Materials Market

The Global Medical Engineered Materials Market is driven by Increasing Healthcare Expenditure

Medical engineered materials are synthetic materials designed to interact with biological systems for medical purposes, such as tissue engineering and drug delivery. They are used in various medical devices and implants ranging from devices such as stents, hip implants, contact lenses to more complex devices such as heart valves. The global increase in lifestyle diseases, chronic diseases and rise in the aging population has led to a surge in demand for medical devices and implants which is fueling the growth of the medical engineered materials market. Materials like ceramics, metals, polymers are gaining popularity in the medical industry owing to their biocompatibility and durability.

The global Medical Engineered Materials Market is estimated to be valued at US$ 22.65 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Nanotechnology has emerged as one of the most influential trends in medical engineered materials. Advancements in nanotechnology have enabled the development of nano-engineered biomaterials with improved mechanical properties, biocompatibility, and capabilities. For instance, nanoparticles are being incorporated in hydrogels, polymers, and ceramics to develop materials with enhanced strength, toughness and controlled drug release properties. Metal and ceramic nanoparticles are also finding increasing applications in diagnostic imaging, cancer therapy and wound healing. Nanotechnology has huge potential to revolutionize medical engineered materials by facilitating the design of materials that emulate natural tissues at the nano-scale level.

Porter’s Analysis:

Threat of new entrants: The medical engineered materials market requires high R&D investments and regulatory approvals which make it difficult for new players to enter the market.

Bargaining power of buyers: Individual buyers have low bargaining power due to standardized and essential nature of medical materials. However, group purchasing organizations have some bargaining power.

Bargaining power of suppliers: Key raw material suppliers have moderate bargaining power due to availability of substitute materials and potential forward integration by market players.

Threat of new substitutes: Threat of substitutes is moderate as new engineered materials and technologies can replace existing materials to some extent.

Competitive rivalry: The market is dominated by few large players resulting in high competitive rivalry for market share and new innovations.

Key Takeaways

The Global Medical Engineered Materials Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 22.65 Bn in 2024 from US$ 20 Bn in 2023, expanding at a CAGR of 14%.

Regional analysis: North America dominates the global market and is expected to maintain its leading position during the forecast period supported by growing aging population, increased healthcare spending and rapid adoption of new technologies in the region. Asia Pacific is expected to witness fastest growth over the forecast period driven by rising medical tourism, growing medical device industry and increasing focus of top players on tapping opportunities in emerging Asia Pacific countries.

Key players: Key players operating in the medical engineered materials market are Pfizer Inc., Novartis AG, AstraZeneca PLC, Gilead Sciences Inc., Amgen Inc., Sanofi AG, Hoffmann-La Roche AG, Merck & Co., Bristol-Myers Squibb Company, and Regeneron Pharmaceuticals Inc. Amgen Inc. and Novartis AG are the leading players dominating the global market place supported by their international presence and robust product portfolios. However, smaller manufacturers are focusing on niche segments 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