Medical engineered materials are advanced materials that are engineered for healthcare, medical device and biomedical applications. These materials exhibit properties like biocompatibility, non-toxicity, mechanical durability, radiopacity and sterilization compatibility which enables their use in applications like implants, prosthetics, surgical tools, medical devices and tissue engineering applications. The growing demand for implantable devices, orthopedic devices and tissue engineering has boosted the need for medical engineered materials.
The global Medical Engineered Materials Market is estimated to be valued at US$ 22.65 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Tissue engineering applications offer lucrative growth opportunities for medical engineered materials. Tissue engineering aims to develop biological substitutes that restore, maintain or improve tissue function. It involves use of scaffolds made from medical engineered materials that provide structural support and biochemical signals to regenerate damaged tissues. The growing cases of injuries and organ failures have boosted research in tissue engineering. Medical engineered materials play a critical role as scaffolds in tissue engineering applications. The ability of these materials to promote cell adhesion, proliferation and regeneration of tissues will drive their increasing demand from the tissue engineering sector during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate in the medical engineered materials market as companies would require significant capital investments to build manufacturing facilities and establish brand value. However, there is scope for small players to enter the market by collaborating with major material manufacturers.
Bargaining power of buyers: The bargaining power of buyers is high as the medical engineered materials market has many global players operating in the market. Buyers can negotiate on price and procurement.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there is a supply demand gap for certain critical materials. However, medical material manufacturers have established long term relationships with suppliers to ensure steady supply.
Threat of new substitutes: The threat of substitutes is low as medical engineered materials are specially designed for applications based on biocompatibility and meet strict regulatory guidelines.
Competitive rivalry: Competition is high amongst tier 1 players focusing on R&D and new product launches.
SWOT Analysis
Strength: The medical engineered materials market is driven by increasing prevalence of chronic diseases and demand for medical implants and devices. Materials meet stringent biocompatibility standards.
Weakness: High R&D and manufacturing costs involved. Supply chain disruptions can impact critical material availability.
Opportunity: Emerging markets like Asia Pacific and Latin America to drive future growth. Nanotechnology and 3D printing to enable custom design of materials.
Threats: Stringent regulatory environment. Reimbursement policies affect material pricing.
Key Takeaways
The Global Medical Engineered Materials Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 22.65 Bn.
Regional analysis - North America dominates the global market currently owing to presence of major players and widespread healthcare infrastructure. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by improvements in healthcare access and rising medical tourism in countries like China, India and Singapore.
Key players - Key players operating in the medical engineered materials market are Pfizer Inc., Novartis AG, AstraZeneca PLC, Gilead Sciences Inc., Amgen Inc., Sanofi AG, Hoffmann-La Roche AG, Merck & Co., Bristol-Myers Squibb Company, and Regeneron Pharmaceuticals Inc. Major players are focused on developing advanced materials through R&D and strategic collaborations to expand their product portfolios.
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