Market Overview:
Medical engineered materials refer to synthetic materials that are used in medical applications to repair, augment or replace body tissues or functions. These materials include metals, polymers, ceramics and composite materials. They are widely used in implantable devices, surgical instruments, diagnostic tools and therapeutic tools. The growing global geriatric population suffering from chronic diseases has increased the demand for implant devices like joint and dental replacements, cardiovascular stents and pacemakers. This growing need for biomaterials in implants and medical devices is expected to drive the growth of the medical engineered materials market over the forecast period.
Market key trends:
One of the key trends in the medical engineered materials market is the rising adoption of 3D printing technologies. 3D printing enables precise design and manufacture of complex implants tailored to individual patient needs. It reduces manufacturing costs and time by eliminating tooling costs. This has increased 3D printing applications in medical devices and tissues engineering. Another major trend is the growing usage of bioresorbable engineered materials. Bioresorbable materials like magnesium, iron and polymers are able to degrade and be reabsorbed by the body after implantation as they are no longer needed structurally. This eliminates the need for follow-up surgeries required to remove permanent implants and also reduces long term inflammatory responses. Such innovative trends are expected to boost the demand for medical engineered materials market over the forecast period.
Porter's Analysis:
· Threat of new entrants: The threat of new entrants is moderate as substantial capital investment is required to manufacture medical engineered materials.
· Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes in the medical engineered materials market.
· Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of raw material substitutes in the market.
· Threat of new substitutes: The threat of new substitutes is high as technology advancement has enabled the development of improved substitute materials.
· Competitive rivalry: High as the key players compete intensely based on product quality, innovation, and pricing.
Key Takeaways:
The Global Medical Engineered Materials Market Demand is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period 2023-2030, due to increasing prevalence of chronic diseases and growth in the medical devices industry.
Regional analysis
North America is expected to dominate the global medical engineered materials market over the forecast period, owing to well-established healthcare infrastructure and significant investments in R&D activities pertaining to material science in the region. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period owing to rising geriatric population, increasing healthcare spending, and growing penetration of healthcare insurance in emerging economies of the region.
Key players:
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.
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