by 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 refer to advanced materials specially designed and developed for medical applications. These materials play a vital role in development of various medical devices, implants, prosthetics, and diagnostic equipment. Some key types of medical engineered materials include medical polymers, medical ceramics & bioceramics, and medical metals & alloys. These materials offer advantages like improved biocompatibility, high durability, corrosion resistance, lightweight, and manufacturability. With advancements in material science, medical engineered materials are revolutionizing treatment and care across various therapeutic areas.
Market key trends:
One of the key trends in the medical engineered materials market is the rising adoption of 3D printing technology. 3D printing allows for customized fabrication of medical devices and implants with intricate geometries matching patients’ anatomy which conventional manufacturing cannot achieve. It reduces production costs and time to market as well. Another notable trend is the increasing use of nano-engineered materials. Downsizing materials to nano-scale improves their properties significantly and opens up possibilities for new medical applications. For instance, silver nanoparticles demonstrate potent antimicrobial effects and are being assessed for various medical coatings. Advancements in biomaterial surface engineering is another major trend enabling better integration of medical devices and tissues in the body.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of economies of scale, high capital requirements, brand loyalty, and government regulations.
Bargaining power of buyers: The bargaining power of buyers is moderate as the engineered materials are required across various end-use industries.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of a number of suppliers and price fluctuations of raw materials.
Threat of new substitutes: The threat of new substitutes is low as engineered materials have few close substitutes.
Competitive rivalry: Competitive rivalry is high amongst established players.
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 from the healthcare sector. Some of the key drivers include growing geriatric population, prevalence of chronic diseases, and advancements in the medical devices industry.
Regional analysis: North America dominated the global market and is expected to maintain its lead during the forecast period. Presence of leading manufacturers and technological advancements are driving the growth of this region. Asia Pacific is anticipated to witness the fastest growth owing to rising healthcare expenditure, increasing incidence of diseases, and growing medical tourism.
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. Key players are focusing on new product launches, partnerships and acquisitions to gain a competitive edge in the market.
*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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