What’s The Growth Forecast ForMedical Engineered Materials Market Through 2023-2032?
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The global medical engineered materials market has witnessed a remarkable surge, surging from $16.83 billion in 2022 to $19.3 billion in 2023, representing an impressive compound annual growth rate (CAGR) of 14.7%. As we anticipate the future, the market is forecasted to scale new heights, projecting a market size of $31.92 billion in 2027, sustaining a robust CAGR of 13.4%. Let’s delve into the key elements propelling this growth and the intricate dynamics shaping the industry landscape.
Driving Force: Surge in Chronic Diseases
The imminent growth of the medical engineered materials market is strongly propelled by the escalating instances of chronic diseases. Chronic diseases, lasting a year or more and demanding ongoing medical attention, have become pervasive, necessitating innovative solutions. Nanoengineered components, exemplified by the construction of miniature heart chambers, offer groundbreaking possibilities in addressing heart-related issues. According to the World Health Organization, chronic disease prevalence is expected to surge by 57% by 2020, underscoring the urgency for advanced medical engineered materials. The International Diabetes Federation further reveals a concerning trajectory, with approximately 537 million adults living with diabetes in 2021, projected to increase to 643 million by 2030 and 783 million by 2045. This surge in chronic diseases is a driving force behind the growth of the medical engineered materials market.
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Major Players Shaping the Landscape
Key players steering the course of the medical engineered materials market include Evonik Industries AG, Covestro AG, BASF SE, and Solvay S.A., among others. These industry leaders contribute to market growth through strategic initiatives and innovative product offerings.
Trending Innovation: Product Innovations
A prominent trend in the medical engineered materials market is the surge in product innovations. Leading companies are introducing groundbreaking products such as osteoconductive polyether ether ketone (PEEK) to enhance the fusion between bone and implants. This innovation accelerates bone fusion and recovery, marking a significant advancement. In a strategic move, Celanese Corporation acquired Dupont’s resins and Advanced Solutions business lines, solidifying its market position with an unparalleled portfolio to serve diverse industries.
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Regional Dynamics: Powerhouses and Growth Frontiers
Asia-Pacific emerged as the largest region in the medical engineered materials market in 2022, showcasing robust market presence and contributions to industry growth.
Asia-Pacific is poised to be the fastest-growing region in the forecast period, signaling exciting opportunities and dynamic developments in the market.
Market Segmentation: Navigating Diverse Dimensions
1) By Type: Medical Plastics, Medical Foams, Medical Films, Medical Adhesives, Medical Elastomer
2) By Application Type: Medical Devices, Medical Disposables, Medical Wearables, Advanced Woundcare
The Medical Engineered Materials Global Market Report 2023 provides a comprehensive overview on the medical engineered materials market size, medical engineered materials market trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the medical engineered materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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