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What Is the Forecast for the Medical Engineered Materials Market from 2024 to 2025?
In recent years, there has been a swift expansion in the size of the medical engineered materials market. Projected growth indicates an increase from $22.12 billion in 2024 to $25.43 billion in 2025, showcasing a compound annual growth rate (CAGR) of 15.0%. Factors contributing to the growth during the historical period include the aging population, regulatory compliance, infection control, materials used for implants and tissue engineering.
What Is the Projected Market Size of the Medical Engineered Materials Market?
The market size for medically engineered materials is anticipated to experience significant growth in the upcoming years, eventually reaching a value of $43.79 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 14.6%. The predicted growth during the forecast period may be due to a variety of factors such as global health readiness, the rise of 3D printing and additive manufacturing, development in coatings, nanomedicine, and personalized healthcare. Notable trends expected throughout the forecast include innovations in nanotechnology, biodegradable and resorbable materials, bioactive and intelligent materials, sustainable and earth-friendly materials, alongside advancements in medical technology.
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Who are the Major Competitors in the Medical Engineered Materials Market Outlook?
Major companies operating in the medical engineered materials market include Evonik Industries AG, Covestro AG, BASF SE, Solvay SA, Saudi Basic Industries Corporation, Trelleborg AB, Koninklijke DSM N.V, Celanese Corporation, DuPont de Nemours Inc., Ethicon Inc., Henkel AG & Co. KGaA, Huntsman Corporation, Momentive Performance Materials Inc., Nitto Denko Corporation, Recticel Ltd., Victrex plc, Ensinger GmbH, RTP Company, Foster Corporation, Zeus Industrial Products Inc., Saint-Gobain SA, Arkema SA, Eastman Chemical Company, Lubrizol Corporation, PolyOne Corporation, Quadrant AG, Rochling Group, DSM Biomedical, Invibio Ltd., Carpenter Technology Corporation, Heraeus Medical Components GmbH, CeramTec GmbH, Morgan Advanced Materials plc, Freudenberg Medical LLC, Synectic Engineering Inc., Medtronic plc, Abbott Laboratories, Johnson & Johnson, Siemens Healthineers AG
What Is Fueling Growth in the Medical Engineered Materials Market?
The escalation of chronic disease cases is projected to propel the expansion of the medical engineered materials market. Chronic diseases are conditions that persist for at least a year, necessitating continuous medical intervention, or inhibiting routine activities, or both. The components engineered at the nanoscale level can be utilized to create a miniature model of the human heart chamber to treat cardiac problems. For example, the US-based National Center for Biotechnology Information (NCBI), which is a part of the National Library of Medicine, reported in January 2023 that by 2050, the global population suffering from chronic diseases would reach 142.66 million, a significant leap from 71.522 million in 2020. Consequently, the escalating number of chronic disease cases is acting as a catalyst for the growth of the medical engineered materials market.
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Which Medical Engineered Materials Market Segments Are Growing the Fastest?
The medical engineered materials market covered in this report is segmented –
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
Subsegments:
1) By Medical Plastics: Polyethylene (PE), Polyvinyl Chloride (PVC), Polycarbonate (PC), Polypropylene (PP)
2) By Medical Foams: Polyurethane Foams, Polyethylene Foams, Silicone Foams
3) By Medical Films: Thermoplastic Films, Biodegradable Films, Adhesive Films
4) By Medical Adhesives: Epoxy Adhesives, Cyanoacrylate Adhesives, Silicone Adhesives
5) By Medical Elastomers: Silicone Elastomers, Thermoplastic Elastomers (TPE), Polyurethane Elastomers
Which Industry Trends Are Shaping the Future of the Medical Engineered Materials Market?
Leading players in the medical engineered materials sector are unveiling new offerings to establish a competitive advantage. For example, the US-based specialty materials firm, Celanese Corporation, debuted its Celanex MT PBT 2406MT GF20 in May 2022. This high-performance material, ideal for medical devices and various other uses, offers impressive strength, rigidity, and silent sliding capabilities. This makes it appropriate for Class I, Class II, and Class III medical device applications, along with automotive, electrical, electronics, industrial machinery, and consumer goods. It is a tribologically altered PBT+PET grade, fortified with 20% glass fiber, which brings versatile remedies across numerous sectors.
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Which Countries Are Leading the Medical Engineered Materials Market?
Asia-Pacific was the largest region in the medical engineered materials market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical engineered materials market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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This Report Delivers Insight On:
1. How big is the medical engineered materials market, and how is it changing globally?
2. Who are the major companies in the medical engineered materials market, and how are they performing?
3. What are the key opportunities and risks in the medical engineered materials market right now?
4. Which products or customer segments are growing the most in the medical engineered materials market?
5. What factors are helping or slowing down the growth of the medical engineered materials market?
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