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 are innovative materials engineered for medical applications to possess specific material and mechanical properties that make them suitable for various medical devices and implants. They provide high performance, biocompatibility and durability. Materials such as metals, polymers, ceramics and composites are commonly used in medical devices for orthopedic, cardiovascular, dental and other applications.
Market key trends:
Advancements in nanotechnology have opened up new opportunities for engineering innovative biomaterials at nano-scale. Nanomaterials exhibit unique properties suitable for medical applications like drug delivery, tissue engineering and implants. For example, nanocomposites made of polymers incorporated with ceramics or metals at nano-scale demonstrate improved mechanical properties, biocompatibility and ability to stimulate cell growth. Another key trend is development of bioabsorbable and biodegradable materials that can degrade and be absorbed by the body gradually after implant integration, reducing need for repeated surgeries. Materials engineered from natural polymers offer adjustable degradation properties.
Segment Analysis
The global medical engineered materials market is segmented into polymers, metals, and ceramics. Among these, the polymers segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. Polymers find wide applications in medical devices and implants owing to their properties like lightweight, flexibility, and durability. They can be tailored as per specific medical applications. Within polymers, silicone dominated as the most preferred material for medical applications due to its biocompatibility and durability.
Key Takeaways
The Global Medical Engineered Materials Market Size is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing demand for advanced medical devices and implants.
Regional analysis
North America dominated the global market in 2023 and is expected to maintain its leading position over the forecast period. This can be attributed to presence of major medical device manufacturers, rising healthcare expenditure, and increasing geriatric population in the region. Asia Pacific is projected to exhibit the fastest growth during the analysis period owing to growing medical tourism, improving healthcare infrastructure, and expanding base of medical device companies in 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. The market is fragmented in nature with the presence of numerous global and regional players. Companies are focusing on new product development and partnerships to gain a competitive edge in the market.
For More Insights, Read: https://www.newsstatix.com/medical-engineered-materials-market-size-share-and-growth-forecast-2023-2030/
Comments
0 comment