The 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. % 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 materials that are used in medical devices and implants owing to their biocompatibility and mechanical strength. Some common medical engineered materials include metals, ceramics, polymers, and natural materials. Metallic materials such as stainless steel and titanium alloys are widely used owing to their high strength, durability and stability. Ceramic materials such as bioinert ceramics are used for bone replacements due to their hardness. Polymers such as polyethylene, polypropylene, silicone, nylon etc. are largely used to manufacture devices and equipment that are in contact with body tissues and fluids due to their flexibility, chemical resistance and biocompatibility.

Market Dynamics:
The growth of the medical engineered materials market is driven by increased usage in medical devices and implants owing to rising prevalence of chronic diseases, lifestyle diseases and trauma injuries that require surgical intervention. Further, technological advancement in material engineering has led to development of degradable materials and materials mimicking tissues which aid quicker recovery and reduce rejection rate of implants. However, costs associated with development of these materials coupled with stringent regulatory norms are some of the factors hindering market growth. Additionally, the outbreak of COVID-19 pandemic has increased awareness about infection control which is promoting the usage of materials having antimicrobial properties. This presents lucrative growth opportunities especially for polymers and ceramics that can be embedded with antimicrobial agents.

SWOT Analysis
Strength: Medical engineered materials have high biocompatibility which makes them suitable for implants. They exhibit strength, durability and fatigue resistance required for medical devices. Some materials such as plastics are easily moldable which reduces production costs. Research and development has led to development of new materials with enhanced properties.

Weakness: Materials such as plastics cannot be used for load bearing implants. They lack strength compared to metal implants. Manufacturing complex shaped implants from plastics and ceramics is difficult. High costs are involved in testing and approval of new medical grade materials.

Opportunity: Growing geriatric population is increasing the demand for implants and prosthetics. New applications in drug delivery and regenerative medicine offer scope for new materials. Regulations support innovation and use of novel biomaterials. Adoption of custom 3D printed implants using polymers and ceramics provides opportunities.

Threats: Stringent regulations delay market approval and increase costs. Supply chain disruptions and trade barriers affect material sourcing. Substitution threat from newer bioabsorbable materials exists. Competition from existing titanium and cobalt-chrome implants is high.

Key Takeaways

The Global Medical Engineered Materials Market Size is expected to witness high growth, exhibiting a CAGR of 14.3% over the forecast period, due to increasing demand for implants, prosthetics, drug delivery devices and growth in healthcare infrastructure.

Regional analysis: North America dominated the market in 2023 with a share of over 35%, due to presence of major players, advanced healthcare facilities and rising chronic diseases. Asia Pacific is expected to grow the fastest exhibiting a CAGR of 16% due to improving access to healthcare, rising medical tourism and increasing healthcare spending in China and India.

Key players analysis: 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 players are focusing on developing innovative biomaterials with enhanced biocompatibility and strength.

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