Medical Engineered Materials Market To Reach US$19.66 Billion
Market Overview:
Medical Engineered Materials are designed to meet the specific requirements of medical devices and equipment, providing enhanced performance, durability, and biocompatibility. These materials play a crucial role in improving the functionality and longevity of medical devices, such as implants, diagnostics, drug delivery systems, and surgical instruments. The growing demand for advanced healthcare solutions, along with the increasing prevalence of chronic diseases and the rising geriatric population, is driving the adoption of medical engineered materials in the healthcare industry.
Market Key Trends:
One key trend in the Medical Engineered Materials market is the increasing focus on biodegradable materials. With growing environmental concerns and the need for sustainable healthcare solutions, there is a rising demand for biodegradable medical engineered materials. These materials are designed to degrade over time, eliminating the need for surgical removal or causing harm to the environment. Biodegradable materials are widely used in the development of sutures, implants, and drug delivery systems, as they offer numerous advantages such as reduced risk of post-surgical complications, improved patient outcomes, and minimal impact on the environment. The development and adoption of biodegradable medical engineered materials are expected to drive market growth in the coming years.
The global Medical Engineered Materials Market Share is estimated to be valued at US$ 19.66 billion in 2023 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.
Segment Analysis:
The medical engineered materials market can be segmented based on product type, application, and region. In terms of product type, polymers dominate the market due to their wide range of applications in medical devices and equipment. Polymers are preferred over other materials due to their lightweight, flexibility, and biocompatibility. They are extensively used in catheters, sutures, surgical instruments, and implants. The polymer segment is expected to continue dominating the market during the forecast period.
In terms of application, medical engineered materials find applications in surgical instruments, implants, prosthetics, drug delivery systems, and diagnostic equipment. Among these, the implants segment holds the largest market share. The increasing prevalence of chronic diseases and the rising geriatric population are driving the demand for implants. Furthermore, technological advancements in implant materials, such as bioresorbable materials, are also contributing to the growth of this segment.
Key Takeaways:
The global medical engineered materials market is expected to witness high growth, exhibiting a CAGR of 14.3% over the forecast period of 2023-2030. The market is driven by several factors, including increasing demand for advanced medical devices, the growing geriatric population, and the rising prevalence of chronic diseases. For example, the rising number of surgical procedures and the need for advanced surgical instruments and implants are fueling the demand for medical engineered materials.
In terms of regional analysis, North America is the fastest-growing and dominating region in the medical engineered materials market. The region has a well-established healthcare sector, favorable reimbursement policies, and a high adoption rate of advanced medical technologies. Additionally, the presence of key market players and ongoing research and development activities further contribute to the growth of this region.
Key players operating in the medical engineered materials market include 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, and Medtronic PLC. These key players focus on strategic collaborations, product launches, and mergers and acquisitions to enhance their market presence and expand their product portfolios.