Medical Engineered Materials Market, By Product Type, By Application, By End User, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
Medical Engineered Materials Market size was valued at USD 18,198.21 Million in 2023, expanding at a CAGR of 14.21% from 2024 to 2032.
Medical engineered materials are the substances which are engineered to arrest with biological systems in a remedial or diagnostic means for medical purposes. Medical plastics, medical films, medical foams, medical adhesives, along with medical elastomers are the main categories of medically engineered materials. The rapidly growing demand for the medical engineered materials can be attributed to usage of materials in vitro diagnostics and principal coverings for pharmaceuticals. However, these materials are subject to design and compliance processes, especially when it comes to their use in the assembly, manufacturing, and storage of medical devices. The market is anticipated to be driven primarily by the expansion of healthcare systems in emerging countries and an increase in the incidence of harmful diseases, which would raise the need for these materials. Furthermore, improvements in medical electronic element design increasing the opportunities for market growth in future.
Medical Engineered Materials Market- Market Dynamics
Growing prevalence of chronic diseases
The market is being driven primarily by the increasing prevalence of harmful illnesses like cancer, neurological disorders, orthopaedic issues, and cardiovascular diseases. The market of medically developed materials are surging as the global rate of harmful illnesses is rising due to factors such as pollution, unhealthy diets, immobile lifestyles, and longer life expectancies. Engineered biomaterials are increasingly being used to treat and cure a number of harmful diseases. For example, metallic alloy-based cardiovascular stents help improve blood flow in clogged arteries. Polymeric materials are employed in the development of medication delivery systems intended for specific cancer treatments. Furthermore, Regulatory bodies including U.S. Food and Drug Administration (FDA) as well as the European Medicines Agency (EMA) play a critical role in shaping the competitive landscape by establishing standards for the safety and efficacy of medical devices and materials. Compliance with regulatory requirements is essential for market entry and success.
Medical Engineered Materials Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.21% over the forecast period (2024-2032)
Based on Type segmentation, Metallic Biomaterials was predicted to show maximum market share in the year 2023
Based on Application segmentation, Cardiovascular was the leading type in 2023
Based on End-User segmentation, OEMs was the leading type in 2023
On the basis of region, Asia pacific was the leading revenue generator in 2023
Medical Engineered Materials Market- Segmentation Analysis:
The Worldwide Medical Engineered Materials Market is divided on the basis of Product Type, Application, End User, and Region.
The market is divided into three categories based on product type: Metallic Biomaterials, Ceramics Biomaterials, Polymeric Biomaterials, Natural Biomaterials, Composites Biomaterials. Metallic Biomaterials are widely used in the domains of orthopaedics, dentistry, and cardiovascular treatments because of their exceptional mechanical strength, plasticity, and biocompatibility.These sectors include the application of stainless steel, cobalt-based alloys, titanium and titanium alloys, and zirconium and alloys. Ceramic Biomaterials have been used in many biological uses, including as medication administration and bone replacement or repair. In addition, they are used in medical devices as rigid materials in surgical implants.
The market is divided into two categories based on application: Cardiovascular, Plastic Surgery, Wound Healing, Orthopedic, Dental, Neuro-logical. The cardiovascular application dominates the market and is likely to maintain its dominance during the forecast period. Biomaterial devices used for cardiovascular purpose is cardiopulmonary bypass system, heart valves, vascular grafts, stents, pacemakers, and complete artificial heart.
In general, orthopedic biomaterials are composed of materials that are strong enough to support heavy loads. For the treatment of bone-damaging conditions, such rheumatoid arthritis, fracture fixation, spinal instrumentation, joint replacement, and bone-fracture surgery, orthopedics relies heavily on bone implants.
Medical Engineered Materials Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Asia Pacific accounted for the highest proportion of the global market for medically engineered materials. Rising rates of lifestyle-related disorders, increased population, and innovative healthcare systems have increased demand for these materials in the region's healthcare zone. The development is the result of dilating R&D efforts and technological advancements in medical manufacturing and 3D printing. Because of its extensive industrial base, China is positioned to be the region's leading market for medically engineered materials, acting as both the largest consumer and a crucial manufacturer.
Medical Engineered Materials Market- Competitive Landscape:
The market is dominated by several key players, including pharmaceutical firms, biotech companies, and emerging startups, each vying for market share and differentiation. Leading key players in the Medical Engineered Materials market are Evonik, Covestro, BASF, SABIC, Solvay, Trelleborg AB and DuPont are continually innovating to maintain their competitive edge, offering advanced technologies, and comprehensive solutions tailored to the evolving needs of customers. Additionally new entrats are offering advancements in additive manufacturing (3D printing), nanotechnology, and biomaterials which are driving innovation in medical engineered materials. These technologies enable the fabrication of complex structures and personalized implants, expanding the possibilities for medical device design and functionality.
Recent Developments:
In September 2023, India aims to boost medical device industry with new initiative as the increasing disease load of chronic and lifestyle diseases worldwide will boost the demand from India as a production hub.
In July 6, 2023, Genesis MedTech, a leading medical device company in Singapore, announced its ArtiSential, a revolutionary series of articulating laparoscopic instruments, which has successfully obtained approval from the China's National Medical Products Administration (NMPA) for further market release. ArtiSential was developed by LivsMed, a distinguished medical device company in Korea.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL MEDICAL ENGINEERED MATERIALS MARKET KEY PLAYERS
Covestro AG
BASF SE
Solvay
SABIC
Trelleborg AB
DSM
Evonik Industries AG
Celanese Corporation
DuPont de Nemours Inc.
Others
GLOBAL MEDICAL ENGINEERED MATERIALS MARKET, BY PRODUCT TYPE
Metallic Biomaterials
Ceramics Biomaterials
Polymeric Biomaterials
Natural Biomaterials
Composites Biomaterials
GLOBAL MEDICAL ENGINEERED MATERIALS MARKET, BY APPLICATION
Cardiovascular
Orthopedic
Dental
Plastic Surgery
Wound Healing
Neuro-logical
GLOBAL MEDICAL ENGINEERED MATERIALS MARKET, BY END USER
Hospitals
Clinics
Research Institutions
GLOBAL MEDICAL ENGINEERED MATERIALS MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1.Medical Engineered Materials Market Overview
1.1.Study Scope
1.2.Market Estimation Years
2.Executive Summary
2.1.Market Snippet
2.1.1.Medical Engineered Materials Market Snippet by Product Type
2.1.2.Medical Engineered Materials Market Snippet by Application
2.1.3.Medical Engineered Materials Market Snippet by End User
2.1.4.Medical Engineered Materials Market Snippet by Country
2.1.5.Medical Engineered Materials Market Snippet by Region