June 13, 2024
Medical Engineered Materials Market

Medical Engineered Materials Market is Expected to be Flourished by Increasing Adoption of Biomaterials in Medical Devices

The medical engineered materials market has been thriving over the past few decades owing to the increasing adoption of biomaterials in medical devices. Biomaterials are artificially derived or natural materials used to replace part of living systems or to function in intimate contact with living tissues. Some key applications of biomaterials include implants, prosthetics, medical instruments, tissue engineering, drug delivery carriers, and diagnostic tools among others. Advancements in material science, polymer science, and nanotechnology have led to the development of novel biomaterials such as degradable implants, osteoconductive scaffolds, biocompatible sensors, and materials for regenerative medicine.

The global medical engineered materials market is estimated to be valued at US$ 22.65 billion 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 Dynamics

Increasing Adoption of Biomaterials in Medical Devices

The expanding medical devices industry has been a major driver boosting the demand for medical engineered materials. Biomaterials have become an integral part of several medical devices such as orthopedic implants, contact/intraocular lenses, cardiovascular stents, wound healing products, and drug-eluting stents among others. Advancements in biomaterial scaffolds, hydrogels, composites, and materials for tissue engineering are opening new avenues for medical applications. New materials with enhanced biocompatibility and biodegradability are allowing development of implants that can degrade and get replaced by natural tissues over time.

Use of Nanotechnology for Advanced Materials

Nanotechnology applications in the medical field are creating opportunities for engineered nanomaterials in diagnosis and treatment. Nanoparticles, nanotubes, nanofilms, and nanocoatings are being widely researched for their potential in drug delivery, cancer treatment, tissue engineering, implants, biosensors, medical devices, and contrast agents. Continuous innovations are helping develop multifunctional nanomaterials with improved biocompatibility and unique physical and chemical properties essential for several medical applications.

Segment Analysis

The medical engineered materials market is dominated by metallic biomaterials sub-segment. Metallic biomaterials like stainless steel, cobalt-chrome alloys, and titanium alloys are widely used in implants and surgical instruments due to their superior mechanical properties like high strength and corrosion resistance. These properties enable metallic biomaterials to withstand high forces within the body for long durations without degradation.

PEST Analysis

Political: Governments across major countries are supporting R&D in medical materials through funding and incentives to develop advanced materials for better treatment outcomes. Economic: Rising healthcare expenditure globally is driving research into high performance engineered materials to reduce treatment costs through longer product lifespan. Social: Growing chronic disease prevalence and ageing population is fueling demand for sophisticated implants and durable biomaterials. Technological: Advent of 3D printing and nanotechnology is enabling customization of medical materials as per patient anatomy and facilitating development of smart biomaterials.

Key Takeaways

The Global Medical Engineered Materials Market Size is expected to witness high growth.

Regional analysis: North America dominates the market currently due to presence of advanced research infrastructure and major players in the region.

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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it