The medical engineered materials are high-performance plastics, ceramics and metals that exhibit biocompatibility, chemical resistance, and sterilization capabilities. These materials are widely used to manufacture medical implants, surgical instruments, medical devices and components. The demand for medical engineered materials is increasing owing to rising healthcare expenditure, increasing demand for medical devices and implants, and growing aging population.
The Global Medical Engineered Materials Market is estimated to be valued at US$ 24.6 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
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. These players account for a substantial share of the global market.
Some of the key opportunities in the global medical engineered materials market include growing demand from emerging economies, increasing demand for biomaterials and bioabsorbable polymers, and development of new advanced materials.
The demand for medical engineered materials is increasing globally owing to rising healthcare expenditure, growing aging population, increasing complexities in medical treatments and surgical procedures. The Asia Pacific medical engineered materials market is expected to witness fastest growth during the forecast period driven by increasing healthcare investments, rising disposable income, and growing medical device industry in China and India.
Market Drivers
The growing geriatric population globally is one of the key drivers for the medical engineered materials market. As per WHO, the percentage of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. The aged population is more susceptible to chronic diseases and orthopedic issues requiring medical implants, devices and materials. This is expected to significantly drive the demand for medical engineered materials over the forecast period.
PEST Analysis
Political: Government policies related to healthcare infrastructure, medical device industry regulations, and healthcare spending can impact demand for engineered medical materials. Strict regulations are in place to ensure safety and effectiveness of medical devices and materials used in implants and equipment.
Economic: Growth in the healthcare industry and rising per capita healthcare spending is driving demand for advanced medical technologies and innovative engineered materials. The increasing cost of medical procedures also motivates development of cost-effective materials.
Social: An aging population and rising lifestyle diseases are increasing the need for medical interventions and implantable devices. Patients also expect improved quality of care and comfort, generating demand for biocompatible engineered materials. Advancements allow for minimally invasive techniques with better recovery.
Technological: Developments in material science, nanotechnology, 3D printing are allowing the design of materials tailored for specific medical applications with improved strength, biocompatibility and tissue compatibility. New engineered materials with antimicrobial properties help reduce risks of infection.
The market in terms of value is highly concentrated in developed regions including North America, Western Europe and Japan due to well-established healthcare infrastructure and higher healthcare spending. However, developing regions in Asia Pacific and Latin America are emerging as fastest growing markets due to expanding medical tourism industries, greater accessibility of care and rising affluence of patients in these regions.
China represents one of the biggest opportunities given its large population and government initiatives to strengthen domestic healthcare systems. India is another fast growing market benefiting from economic growth, policy reforms increasing healthcare investments and rising medical tourism. Both countries also have highly skilled workforces supporting domestic production of medical technologies and materials.
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