The 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 refer to advanced materials that are used in various medical applications such as implants, prosthetics, scaffolds, and medical devices. These materials offer advantages such as biocompatibility, durability, and lightweight properties. The increasing demand for medical implants and devices along with technological advancements is driving the need for medical engineered materials.

Market key trends:
One of the major trends in the medical engineered materials market is the increasing adoption of 3D printing technology. 3D printing helps in producing customized and intricate medical devices and implants with precision. It allows the development of patient-specific implants with complex internal architecture matching the body part. This facilitates better healing process and recovery. Various medical engineered materials such as plastics, bio-ceramics, metals, and their composites are being used with 3D printing to manufacture personalized medical solutions. This trend is expected to surge the demand for medical engineered materials with advanced properties over the forecast period.

Porter’s Analysis

Threat of new entrants: The medical engineered materials market requires large capital investments for R&D. Strict regulations also create barriers for new companies.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, manufacturers differentiate products to maintain brand loyalty.

Bargaining power of suppliers: A few large suppliers exist for raw materials increasing their bargaining power. However, availability of alternative materials curtails pricing power.

Threat of new substitutes: New biomaterials are constantly researched but duplication of exact properties is challenging. Existing substitutes also have certain limitations.

Competitive rivalry: Being a specialized industry, competition is strong among established players. Market consolidation through mergers and acquisitions is common.

SWOT Analysis

Strengths: Strong R&D capabilities and patented portfolio gives advantages. Established manufacturing and supply networks ensure quality and reliability.

Weaknesses: High capital intensity and stringent regulations increase costs. Dependency on limited raw material suppliers.

Opportunities: Rising chronic diseases and aging population drive the demand. Biodegradable and customized implants present new areas.

Threats: Price controls and healthcare reimbursement policies impact profits. Supply disruptions and trade policies affect global operations.

Key Takeaways

The Global Medical Engineered Materials Market Size is expected to witness high growth, exhibiting CAGR of 14.3% over the forecast period, due to increasing prevalence of chronic diseases. North America dominates the market currently owing to advanced healthcare infrastructure and rising health expenditure in the region.

Regional analysis- Asia Pacific is estimated to be the fastest growing market for medical engineered materials during the forecast period. This is attributed to growing medical tourism, rising disposable incomes, and increasing investments by key players in the region.

Key players- 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. The players focus on new product launches and expansion strategies to gain market share.

For More Insights, Read: https://www.newswirestats.com/medical-engineered-materials-market-demand-growth-and-regional-outlook-by-2030/