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Medical Engineered Materials Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Medical Engineered Materials Market
How Large Will the Medical Engineered Materials Market Size By 2025?
In recent years, the size of the medical engineered materials market has seen a swift expansion. Projections show that it is set to increase from $22.12 billion in 2024 to $25.24 billion in 2025, marking a compound annual growth rate (CAGR) of 14.1%. Factors such as an aging population, regulatory compliance, infection control, materials for implants, and tissue engineering have all contributed to the substantial growth experienced in the past period.
How Big Is the Medical Engineered Materials Market Size Expected to Grow by 2029?
The market size of medical engineered materials is forecasted to experience significant expansion in the coming years. The market value is estimated to reach $43.18 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 14.4%. This growth during the forecast period is likely due to the influence of global health readiness, advancements in 3D printing and additive production, sophisticated coatings, nanomedicine, and tailormade medicine. The forecast period will be marked by trends such as nanotechnology, degradable and resorbable materials, bioactive and intelligent materials, sustainability and environmentally-friendly materials, along with progress in medical technology.
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Which Key Market Drivers Powering Medical Engineered Materials Market Expansion and Growth?
The escalation in chronic disease cases is anticipated to fuel the expansion of the medical engineered materials market. Chronic diseases are defined as conditions that persist for a year or longer, necessitate continuous medical care, or restrict daily life activities, or both. Nanoengineered components can be utilized to construct a mini model of a heart chamber and address heart-related issues. For example, the National Centre for Biotechnology Information (NCBI), a United States-based National Library of Medicine, projected in January 2023 that the global population with chronic diseases would reach 142.66 million by 2050, a significant rise from the 71.522 million in 2020. Consequently, the rising prevalence of chronic diseases is propelling the medical engineered materials market's growth.
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What Long-Term Trends Will Define the Future of the Medical Engineered Materials Market?
Leading businesses in the medical engineered materials market are launching new products in order to enhance their competitive position. For example, in May 2022, Celanese Corporation, a renowned specialty materials firm from the US, unveiled Celanex MT PBT 2406MT GF20. This top-notch product is tailored for medical devices and a variety of other sectors, providing tremendous strength, rigidity, and silent and smooth sliding abilities. These attributes make it ideal for Class I, II, and III medical device applications, alongside its use in the automotive, electrical, electronics, industrial machinery, and consumer goods sectors. This innovative grade of PBT+PET, fortified with 20% glass fiber, delivers flexible solutions to a range of industries.
What Are the Emerging Segments in the Medical Engineered Materials Market?
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
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Who Are the Global Leaders in the Medical Engineered Materials Market?
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
Which are the Top Profitable Regional Markets for the Medical Engineered Materials Industry?
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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