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.
Medical engineered materials refer to advanced materials specially designed and engineered for various medical applications including implants, prosthetics, wound healing, and tissue engineering. These materials not only enhance therapeutic outcomes but also ensure biocompatibility. Medical engineered materials provide mechanical support, biocompatibility, corrosion resistance, wear resistance and other functional properties required to manufactured medical devices and implants
Market key trends:
One of the key trends fueling the growth of the medical engineered materials market is the growing healthcare infrastructure and demand for advanced treatment options. The demand for medical engineered materials is witnessing high growth owing to the rising healthcare expenditure and growing aging population globally. According to the UN estimates, the global population aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050. Additionally, WHO estimates that by 2050, the world’s population aged 60 years and older will total 2 billion. This rapid increase in aging population worldwide is expected to boost the demand for various medical devices and implants, thereby driving the growth of the medical engineered materials market during the forecast period.
- Threat of new entrants: The Medical Engineered Materials market has relatively high entry barriers as significant investments are needed to establish manufacturing facilities.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of product substitutes and presence of many established players.
- Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and dependence of suppliers on few dominant players.
- Threat of new substitutes: Threat of substitutes is low as there are limited product alternatives.
- Competitive rivalry: Intense competition
- Strength: Growing biomedical applications and increasing healthcare expenditure boost demand.
- Weakness: High R&D costs and stringent regulatory frameworks.
- Opportunity: Emerging economies offer lucrative growth opportunities. Rapid technological advancements pave way for innovation.
- Threats: Price pressures from generics and economies of scale of major players. Social challenges like pandemic outbreaks impact industry.
The Global Medical Engineered Materials Market Growth is expected to witness high, exhibiting CAGR of 14.3% over the forecast period, due to increasing healthcare expenditure and rising geriatric population. North America holds the major share of the global market currently owing to presence of developed healthcare infrastructure and availability of state-of-the-art technologies.
Regionally, Asia Pacific is anticipated to lucrative growth opportunities owing to high economic growth, increasing disposable incomes, and growing medical tourism in the region.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it