MEDICAL ENGINEERED MATERIALS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Medical Engineered Materials Market size is expected to reach US$ 50.11 billion by 2030, from US$ 19.66 billion in 2023, at a CAGR of 14.3% during the forecast period.

Medical engineered materials refer to biomaterials that are synthesized or modified to interact with biological systems for medical purposes such as prosthetics, implants, diagnostics, and drug delivery systems. These materials provide specific physical and chemical properties like biocompatibility, durability, and biodegradability. The key drivers of the market include rising prevalence of chronic diseases, growth in aging population, advancements in 3D printing technology, and increasing investments in R&D activities.

The Medical Engineered Materials Market is segmented by product type, application, end-user, and region. By product type, the market is segmented into metallic biomaterials, ceramics biomaterials, polymeric biomaterials, natural biomaterials, and composites biomaterials. Polymeric biomaterials accounted for the largest share in 2023. The large share of this segment can be attributed to the various advantages offered by polymeric biomaterials such as biocompatibility, flexibility, and easy manufacturability.

Medical Engineered Materials Market Regional Insights:

• North America is expected to be the largest market for Medical Engineered Materials Market during the forecast period, accounting for over 35.2% of the market share in 2023. The growth of the market in North America is attributed to the rising prevalence of chronic diseases, growing geriatric population, and increasing adoption of advanced biomaterials.
• The Asia Pacific market is expected to be the second-largest market for Medical Engineered Materials Market, accounting for over 25.5% of the market share in 2023. The growth of the market in is attributed to the expanding healthcare sector, large patient pool, and increasing healthcare expenditure in the region.
• The Europe market is expected to be the fastest-growing market for Medical Engineered Materials Market, with a CAGR of over 27.1% during the forecast period. The growth of the market in Europe is attributed to the presence of leading medical device manufacturers, favorable government policies, and growing R&D activities related to engineered biomaterials in the region.

Figure 1. Global Medical Engineered Materials Market Share (%), by Region, 2023

Medical Engineered Materials Market Drivers:

• Growing prevalence of chronic diseases: The rising prevalence of chronic diseases such as cardiovascular diseases, neurological disorders, orthopedic conditions, and cancers is a major factor driving the Medical Engineered Materials Market. Chronic diseases are on the rise globally due to sedentary lifestyles, unhealthy diets, pollution, and higher life expectancy. Engineered biomaterials are increasingly used for treatment and management of various chronic disorders. For instance, cardiovascular stents made of metallic alloys help improve blood circulation in blocked arteries. Polymeric materials are used to develop drug delivery systems for targeted therapy of cancer. The demand for such engineered biomaterials is expected to grow as the burden of chronic diseases increases globally.
• Technological advancements in engineered biomaterials: Significant advances made in material science and engineering technologies are facilitating development of novel engineered biomaterials with enhanced properties and performance. Technologies like 3D printing/additive manufacturing allow fabrication of intricate designs and customized engineered biomaterials suitable for patient-specific needs. Nanotechnology is enabling engineering of nano-scale biomaterials with superior mechanical, electrical and biological properties. Tissue engineering has led to development of scaffolds using biomaterials that can regenerate damaged tissues and organs. Such technological innovations are creating new growth avenues for engineered biomaterials in treatments like regenerative medicine, biosensors, bioprinting of organs and implants.
• Growth in aging population: The growing geriatric population worldwide susceptible to various age-related disorders is expected to drive the demand for medical engineered materials. Older people are more likely to develop chronic illnesses like arthritis, cardiovascular diseases, neurodegenerative diseases, vision/hearing loss, osteoporosis, etc. These conditions require engineered biomaterials like strong lightweight prosthetics, artificial joints, dental implants, cochlear implants and intraocular lenses for treatment. Moreover, engineered scaffolds and matrices help stimulate tissue regeneration in the elderly. The rising geriatric population is therefore likely to propel the growth of the market over the coming years.
• Investments and research in engineered biomaterials: Increasing investments by public and private players in research activities for development of novel engineered biomaterials for medical use is poised to fuel the market growth. Various academic and research institutes are undertaking studies to engineer advanced biomaterials with desired mechanical properties, biocompatibility and functionality. Moreover, leading medical device and pharmaceutical companies are channelizing funds to establish R&D centers focused on biomaterials research. Partnerships between academia and industry players are also on the rise to translate innovative research into commercially viable engineered biomaterials, thereby offering growth opportunities for the market.

Medical Engineered Materials Market Opportunities:

• Applications in personalized medicine: The emerging field of personalized medicine presents significant growth opportunities for engineered biomaterials. Customized biomaterials that match the specific genetic makeup of patients can lead to improved therapeutic outcomes. 3D bioprinting technology enables fabrication of patient-specific organs, tissues and devices using tailored biomaterials and cells sourced from the patients themselves. Companies are also developing drug delivery systems containing engineered biomaterials that can release medicines at a rate aligned to the patient's physiological conditions. Such innovations in precision medicine are creating prospects for engineered biomaterials.
• Rising demand in developing regions: Developing regions worldwide exhibit huge demand potential for medical engineered materials due to improving healthcare infrastructure and increasing healthcare spending. Emerging economies like China, India, Brazil, Mexico, Indonesia, etc. have a high patient pool and rising incidence of chronic and lifestyle diseases that require interventions using engineered biomaterials. Local players as well as leading medical device companies are expanding their manufacturing facilities in these regions. Moreover, growing middle class populations, adoption of advanced technologies, favorable government initiatives and policies are key factors likely to serve the market growth in developing regions.
• Shifting focus towards bio-based materials: Increasing environmental concerns associated with traditional engineered biomaterials derived from non-renewable sources is steering research efforts towards development of sustainable bio-based materials. Naturally derived biomaterials from marine organisms, microbial sources, agricultural waste, food waste, etc. are gaining interest. Biopolymers like collagen, chitosan, silk fibroin, cellulose, starch, etc. are being explored for tissue engineering and drug delivery. Bio-based composites mimicking the structure and function of native extracellular matrix are also being developed. The shift towards such renewable and eco-friendly biomaterials is paving new avenues in the market.
• Widening applications in diagnostics: Engineered biomaterials exhibit tremendous scope for use in diagnostic platforms like biosensors, lab-on-chip devices, microfluidic chips, etc. due to their biocompatibility, versatility in modifications and tuneable physical/chemical properties. For instance, quantum dots, hydrogels, nanocomposites and conductive polymers are being engineered into platforms for rapid diagnostics, home testing kits, wearable sensors etc. Companies are also developing injectable nanosensors made from biomaterials for real-time monitoring of biomarkers. Thus, potential use of engineered biomaterials in point-of-care and molecular diagnostics is creating lucrative prospects.

Medical Engineered Materials Market Trends:

• Rising adoption of 3D printing: The market is significantly benefitting from the rapid adoption of 3D printing or additive manufacturing technologies for fabrication of intricate and tailor-made engineered biomaterials, implants, prosthetics and organ models. 3D bioprinting in particular facilitates precise deposition of biomaterials and living cells layer by layer to create complex tissues and organs. Companies are leveraging 3D printing to develop patient-specific implants and devices based on their body’s structure. Customization and on-demand manufacturing abilities are key factors driving integration of 3D printing in engineered biomaterials and expanding its applications.
• Increasing demand for nanomaterials: Nanotechnology-enabled engineering of biomaterials at molecular level is gaining importance owing to the unique functionalities achieved at nanoscale. Nanostructured materials help mimic the natural nanofeatures of tissues down to cellular and molecular hierarchy. Nanoscale modification of biomaterials enhances their mechanical, electrical and biological properties. For instance, nanocomposites with reinforced polymer matrices exhibit superior strength for bone implants. Nanoporous materials allow controlled and sustained drug delivery. The rising demand for nanocellulose, carbon nanotubes, nanoclays, nanocrystals etc. for their enhanced physico-chemical, anti-microbial and wound healing properties is driving expansion of the nano-biomaterials market.
• Advances in tissue engineering scaffolds: Significant progress in fabrication of porous tissue engineering scaffolds using advanced biomaterials is a major trend fostering the market growth. Design of scaffolds with controlled biodegradability, porosity, interconnectivity and optimized surface chemistry is enabling regeneration of tissues. Advances like electrospinning facilitate production of nanofiber and microfiber scaffolds mimicking the extracellular matrix. Companies are incorporating cells, growth factors, peptides etc. into scaffolds to create functional living tissues and organs through tissue engineering. Continuous expansion in scaffold design and biofabrication technologies is projecting a positive growth outlook.
• Growing coatings applications: The market is benefitting significantly from the rising adoption of engineered biomaterial-based coatings in medical devices to enhance biocompatibility and therapeutic efficacy. For example, anti-microbial coatings containing silver nanoparticles are being used to reduce risk of post-surgical infections associated with implants and indwelling devices. Lubricious hydrogel coatings minimize friction between devices and tissues in procedures like endoscopy. Companies are also developing smart polymer coatings that release drugs in a controlled and targeted manner. Further, bioactive ceramic coatings applied on implants facilitate bone integration. The growing trend of surface modification and functionalization of devices with engineered coatings is fueling the market growth.

Medical Engineered Materials Market Restraints:

• Stringent clinical & regulatory requirements: Lengthy and stringent approval processes mandated by regulatory agencies like FDA for newly developed engineered biomaterials poses key challenges for manufacturers in terms of time and costs. Biomaterials must undergo rigorous preclinical and clinical evaluation to establish safety and efficacy before approval for commercialization. Moreover, the regulatory landscape is continuously evolving with changing validation requirements, calling for expensive modifications. The complex and ambiguous regulatory scenario across different geographies acts as a major barrier for uptake of latest engineered biomaterials.
• High development and production costs: High capital requirements for R&D and manufacturing of engineered biomaterials along with long timelines from concept to realization is a major restraint faced by developers and suppliers. Significant investments are required for establishing advanced material engineering facilities, acquiring latest fabrication and characterization technologies, and recruiting skilled researchers. Moreover, scale-up from lab to commercial batches involves substantial expenses. Lack of proper funding resources thus hampers innovation and adoption of novel engineered biomaterials, thereby hindering the market growth.
• Reimbursement challenges: Limited reimbursement coverage provided by healthcare payers like Medicare, Medicaid and private insurers for treatments involving newer engineered biomaterials poses challenges for market growth. Due to lack of medical evidences from long-term clinical studies, insurers hesitate to provide payment approval for newly introduced biomaterials. Patients are therefore reluctant to adopt treatments using latest biomaterials owing to high out-of-pocket costs, unless reimbursement policies are improved. Lack of reimbursement infrastructure especially in developing regions negatively impacts the product adoption.

Recent Developments:

New product launches:

• In 2023, Evonik Industries AG launched a new biocompatible thermoplastic polyurethane (TPU) for medical applications. The material is called "Celstran Bio" and is designed to be used in implants, medical devices, and other applications where biocompatibility is critical.
• In 2023, CoorsTek launched a new line of medical-grade ceramics. The materials are called "Ceramics for Life" and are designed to be used in a variety of medical applications, including implants, drug delivery devices, and surgical tools.
• In 2023, DSM Biomedical launched a new bioresorbable polymer called "Resomer." The material is designed to be used in implants that are designed to dissolve over time.

Acquisition and partnerships:

• In January 2023, Evonik Industries AG acquired PolyMedix, Inc., a developer of bioresorbable polymers. The acquisition is expected to strengthen Evonik's portfolio of bioresorbable materials for medical applications.
• In February 2023, Covestro AG acquired Heraeus Medical Components, a manufacturer of medical implants. The acquisition is expected to expand Covestro's presence in the medical implants market.
• In March 2023, DSM Biomedical partnered with 3D Systems to develop and commercialize 3D-printed medical devices. The partnership is expected to accelerate the development and adoption of 3D-printed medical devices.

Figure 2. Global Medical Engineered Materials Market Share (%), by Applications, 2023

Top companies in Medical Engineered Materials Market:

• Evonik Industries AG
• Covestro AG
• BASF SE
• Solvay
• SABIC
• Trelleborg AB
• DSM
• Celanese Corporation
• DuPont de Nemours Inc.
• Braun Melsungen AG
• Huntsman Corporation
• Eastman Chemical Company
• Nitto Denko Corporation
• Sekisui Chemical Co., Ltd.
• Teknor Apex Company
• WL Gore & Associates Inc.
• Zimmer Biomet Holdings Inc.
• Smith & Nephew PLC
• Johnson & Johnson
• Medtronic PLC

*Definition: The Medical Engineered Materials Market refers to the industry and commercialization of biomaterials synthesized or modified through engineering to interact with biological systems. These biomaterials are used in a variety of medical applications such as implants, prosthetics, drug delivery systems, regenerative medicine, and medical devices to augment or replace biological functions. The engineered materials provide specific chemical, biological, mechanical, and physical properties to match the biological environment. Key types of medical engineered materials include ceramics, metals, polymers, natural materials, and composites.

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