Market Overview
The Global
Medical Engineered Material Market is expected to dominate with
USD 23.9 billion in 2024 and is anticipated to grow to
USD 82.9 billion by 2033 at a
CAGR of 14.8 %.
Medical Engineered Material is a substance that is particularly made for medical purposes as they are engineered to fulfill certain requirements like biocompatibility, mechanical strength, flexibility, durability, & more. These are frequently used in many medical fields such as implants, prosthetics, drug delivery systems, tissue engineering, and diagnostic devices. They are extensively used in the healthcare sector for manufacturing medical devices and equipment. It is also used in the production of disposables, advanced wound care products, and wearable medical devices.
The rising demand for medical-engineered materials is fueled by expanding healthcare investments and an aging population. There are different types of materials often available in this market such as biodegradable polymers, and metal alloys like titanium, and ceramics. Also, technological advancements in medical science led to the innovation of this material, which aims to enhance patient outcomes and quality of life.
Key Takeaways
- Market Size: The Global Medical Engineered Material Market is anticipated to value USD 23.9 billion in 2024 and is anticipated to grow to USD 82.9 billion by 2033 at a CAGR of 14.8 %.
- Market definition: Medical-engineered materials are specialized materials that are designed to be used in various medical applications.
- By Type: Medical plastic segment is expected to lead the market with the largest revenue share of 37.1% in 2024.
- Application Analysis: The medical disposable segment as the application is predicted to dominate the global market with the largest revenue share of 33.2% in 2024.
- Regional Analysis: Asia Pacific is anticipated to dominate the medical engineered material market with 34.1% of revenue share in 2024.
Use Cases
- Orthopedic, Dental, and Reconstructive Surgeries: Materials like titanium alloys, polymers, and ceramics are used for the production of orthopedic, dental, and reconstructive surgeries, which are biocompatible and used to reduce adverse reactions and promote tissue integration.
- Controlled Drug Delivery Systems: Medical engineered materials are used to control the release of therapeutic agents within the body in the drug delivery system, ensuring precise dosage and targeted treatment for improved patient outcomes.
- Development of Diagnostic Tools: Medically engineered materials are important for the development of diagnostic tools such as biosensors, and imaging contrast agents, which enhance accuracy and efficacy in medical diagnostics.
- Enhanced Wound Healing: Engineered materials are employed in wound dressings to expedite healing processes and reduce the risk of infection, contributing to better patient recovery and overall healthcare outcomes.
Market Dynamic
Drivers
Growing investment in healthcare and medical deviceThe medical engineered material market is growing due to rising healthcare investment and an increasing demand for improvement in medical establishments, driving the growth of this market. Medical devices and instruments are used in many diagnostic, procedural, and surgical applications. Also, changing demographics like the aging population and new strains of disease are boosting the demand for these material types in medical devices. In addition, the demand for comfortable devices for elder patients is growing which leads to the production of these devices.
Technological Advancement
Technological progress in medical materials aimed at improving diagnostic processes is a key driver of market growth. Major market players are increasingly investing in the development of biomedical materials to enhance treatment precision, further boosting market expansion. The introduction of advanced technologies like nanotechnology, artificial intelligence, and robotic surgeries is transforming healthcare procedures, driving the demand for medical engineered materials market.
Restraints
Cost Management and Regulatory Compliance in Healthcare Manufacturing
High costs associated with the production of medical equipment led to impeding the growth of the market where a few major manufacturers dominate while smaller companies face difficulties in competing. Smaller firms lack the financial means and economies of scale to invest in cutting-edge production technologies or negotiate advantageous pricing with suppliers, intensifying cost hurdles and restricting their market reach.
Plastics Medical Waste Generation
Plastic waste material generated from the medical engineered industry includes infectious substances, which originate from healthcare settings like hospitals, labs, medical research centers, and veterinary clinics. Managing plastic waste remains challenging for manufacturers which obstructs the growth of the market.
Opportunities
Innovative Materials Development
The medical-engineered material market presents a growth opportunity through the innovation of groundbreaking materials by research and development departments and the utilization of 3D printing for customized equipment for individual patients. Progress in material science and engineering technologies helps in the creation of novel products with enhanced features and functionality, thereby fostering market expansion. Emerging materials like soft-touch TPEs and techniques like over-molding are among the advancements poised to boost demand for medical-engineered materials in the projected timeframe.
Trend
Rising use of engineered material
Engineered materials are important in producing medical devices and equipment, which aim to meet the specific needs of each device. The demand for new materials with specialized properties like biodegradability, radio-opacity, and antimicrobial capabilities is driving significant market growth. The utilization of engineered materials in the medical field is getting popular over the years which has increased dramatically, gradually replacing traditional materials such as metals, ceramics, and glass.
Research Scope and Analysis
By Type
Based on Type, the medical engineered materials market is segmented into Medical Plastics, Medical Foams, Medical adhesives, and others. The plastic segment is expected to lead the market with the largest revenue share of 37.1% in 2024 due to its use in a variety of healthcare applications. Plastics are employed in the production of many medical instruments, diagnostic tools, and medical gadgets, which further extend the growth of the market. Additionally, the market for the healthcare industry is projected to rise, which drives the demand for plastics particularly used in medicine.
Furthermore, these plastics should fulfill strict regulatory standards set by the government for biocompatibility, and durability to ensure they are safe and effective for medical applications. Medical foam is expected to grow with a high CAGR due to its lightweight characteristics and cellular structure that is used in many healthcare applications. It is often used for cushioning, padding, and insulation purposes in medical devices and equipment. These foam products also help in the production of wound care products, orthopedic supports, and prosthetic components.
By Application
The medical disposable segment as the application is predicted to dominate the market with the largest revenue share of 33.2% in 2024. Disposables are medical tools that are designed and developed to be disposed of one time or temporarily. These are used in medical devices due to their low cost, and biocompatibility which lead to the growth of this market. Growth of this segment is attributed to the increased occurrence of chronic diseases, changing lifestyles of the middle-income community, increased demand for superior healthcare services, and an aging population which in turn is driving the market growth.
The improvement of healthcare infrastructure in developing countries and the increasing case of serious diseases are anticipated to revive the market, leading to a rise in the need for medical plastics. Advanced wound care covers goods such as dressings, bandages, and tissue engineering materials that are used to improve wound healing.
The Global Medical Engineered Material Market Report is segmented based on the following
By Type
- Medical Plastics
- Medical Foams
- Medical Adhesives
- Others
By Application
- Medical Disposables
- Medical Devices
- Medical Wearables
- Medical Woundcare
- Others
Regional Analysis
Asia Pacific is anticipated to dominate the medical engineered material market
with 34.1% of revenue share in 2024 due to increased demand for better healthcare centers and the changing lifestyle of people. Major developing countries like China and India are the largest producers and consumers of medical materials as they have a huge manufacturing base. In addition, the growing adoption of digitization and other high technology such as 3d printing and manufacturing of medical devices are boosting the growth of this market in this region. North America in second position, is projected to be a fast-developing area within the market due to the rising prevalence of chronic diseases, growing old age population, and increasing global adoption of advanced materials.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The Medical Engineered Material Market is characterized by high competition, with established players based on advanced technology, good quality products, and a strong brand image to drive revenue growth. Key market players in the market are engaging in strategic actions like partnerships, launching new products, and acquisitions to enhance their market standing and expand their market positioning. Manufacturer of the medical engineered material market is introducing innovative medical instruments to diversify their product portfolios and extend their market reach. Some of the major companies in this market include B. Braun Melsungen AG, BASF SE, and Celanese Corporation.
Some of the prominent players in the global medical-engineered material market are
- B. Braun Melsungen AG
- BASF SE
- Celanese Corporation
- Covestro AG
- DSM
- DuPont de Nemours Inc.
- Eastman Chemical Company
- Evonik Industries AG
- Huntsman Corporation
- Johnson & Johnson
- Medtronic PLC
- Nitto Denko Corporation
- Others
Recent Development
- In January 2024, Medical Engineering Technologies, a Cormica laboratory, announced an improvement in its stability testing capabilities by revealing its two walk-in real-time aging chambers which elevated the quality and efficiency of its testing processes.
- In December 2023, The Medical Device Manufacturing Centre received an EURO of 3.35 million of additional funding from Scottish Enterprise to continue its work on developing medical device innovation and improving the industry’s sustainability.
- In June 2023, Formlabs announced the launch of two healthcare-focused materials for its form 3B 3D printer series which offers a diverse range of over 40 materials, allowing dental and healthcare professionals to innovate and advance device development.
- In May 2022, Royal DSM announced an agreement to sell its Engineering Materials business to Advent International and LANXESS for a Euro Value of 3.85 billion.
Report Details
| Report Characteristics |
| Market Size (2024) |
USD 23.9 Bn |
| Forecast Value (2033) |
USD 82.9 Bn |
| CAGR (2024-2033) |
14.8% |
| Historical Data |
2018 – 2023 |
| Forecast Data |
2024 – 2033 |
| Base Year |
2023 |
| Estimate Year |
2024 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Type (Medical Plastics, Medical Foams, Medical Adhesives, Others), By Application (Medical Disposables, Medical Devices, Medical Wearables, Medical Woundcare, Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
B. Braun Melsungen AG, BASF SE, Celanese Corporation, Covestro AG. DSM, DuPont de Nemours Inc., Eastman Chemical Company, Evonik Industries AG, Huntsman Corporation, Johnson & Johnson, Medtronic PLC, Nitto Denko Corporation, Others, and Other Key Players |
| Purchase Options |
HVMN Inc., Thync Global Inc., Apple Inc., Fitbit Inc., TrackmyStack, OsteoStrong, The ODIN, Thriveport LLC, Muse, Moodmetric, and Other Key Players |
Frequently Asked Questions
The global medical engineered materials market is projected to have a value of USD 23.9 billion in 2024 and is expected to reach USD 82.9 billion by the end of 2033.
Asia Pacific has the largest market share for the Global Medical Engineered Material Market with a share of about 34.1 % in 2024.
Some of the major key players in the Global Medical Engineered Material Market are B. Braun Melsungen AG, BASF SE, Celanese Corporation, and many others.
The market is growing at a CAGR of 14.8 percent over the forecasted period.