Medical Engineered Materials Market Size, Share, and Trends 2024 to 2033

Medical Engineered Materials Market Size to Reach USD 60.67 Bn by 2033

The global medical engineered materials market size was valued at USD 17.10 billion in 2023 and is anticipated to reach around USD 60.67 billion by 2033, growing at a CAGR of 13% from 2024 to 2033.

Medical Engineered Materials Market Key Takeaways

• By region, Asia Pacific led the medical engineered materials market with the largest market size in 2023.
• By region, North America is expected to witness the fastest growth in the market during the forecast period.
• By type, the medical plastics segment dominated the market with the largest share in 2023.
• By type, the medical adhesives segment is observed to experience a notable rate of growth during the forecast period.
• By application, the medical disposable segment held the largest share of the market in 2023.

Medical Engineered Materials Market Overview

The medical engineered materials market offers solutions that are used for designing the concepts the medical devices and equipment for the healthcare industry. By using engineering knowledge, healthcare, and biology, biomedical engineers design the medical equipment and devices that are used in the treatment of the patient’s condition. Blood glucose monitor, pacemaker, and artificial limbs are some of the examples of medical engineered materials. The increasing population specially the rise in the geriatric population that suffers from the age-related disorders are driving the demand for the customized medical equipment as per their requirements and the increasing technological advancements are further propelling the growth of the medical engineered materials market.

Medical Engineered Materials Market Growth Factors

• The rising demand for healthcare facilities due to the rising population all around the world and increasing number of diseases that drives the growth of the market.
• The increasing prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, neurological diseases boosts the growth of the medical engineered materials.
• The changing lifestyle preferences and the adoption of the sedentary lifestyle like increased consumption of alcohol, smoking, eating junk food, etc. and the rising environmental pollution causing the severe health problems in the people that drives the demand for the effective treatment and medical devices thar accelerate the growth of the market.
• The rising technological advancement in the medical equipment and devices for the better precision and accuracy in the diagnosis of the disease that boosts the growth of the market.
• The rising competition and the government favorable policies associated with the enhancement in the healthcare industry is contributing to the expansion of the medical engineered materials market.

Medical Engineered Materials Market Scope

Medical Engineered Materials Market Dynamics

Driver: The rise in geriatric population

The increasing global population, especially geriatric population, is one of the major driving factors in the growth of the market. The Geriatric populations are more likely to prone with age-related disease like chronic diseases like cardiovascular diseases, arthritis, vision/hearing loss, neurodegenerative diseases, osteoporosis, and others. That results in the increasing demand for the treatment. Medical engineered material helps in the manufacturing of medical equipment and devices that help in the treatment of such types of diseases. Additionally, the increasing demand for comfortable designs for the elderly population, the higher adoption of the soft-touch TPE’s and technologies are further propelling the growth of the medical engineered materials market.

Restraint: Higher cost of production

The high cost of production may contribute to market fragmentation, with only a few large manufacturers dominating the market while smaller companies struggle to compete. Smaller manufacturers may lack the financial resources and economies of scale to invest in advanced production technologies or negotiate favorable pricing with suppliers, further exacerbating cost challenges and limiting market access. Additionally, the various regulations imposed by the several regional governments are time-consuming and collectively restrain the growth of the medical engineered materials market. 

Opportunity: Technological advancements

The technological advancement in medical materials for enhancement in the diagnosis process that drives the growth of the market. The increasing investment in the development of biomedical materials by the major market players for increasing the precision of the treatment boosts the growth of the market. The integration of technologies such as 3D printing/additive manufacturing, nanotechnology, artificial intelligence, robotic surgeries, etc. are enhancing the procedures of the healthcare industry. The advancements in the technologies are driving the opportunities in the growth of the biomedical engineered materials and enhances the treatment like surgeries, bioprinting of organs, implants, etc. Thus, the increasing research and development activities are driving the adoption and innovations in technologies in the medical engineered material that further contributed to the growth of the market.

Type Insights

The medical plastics segment dominated the medical engineered materials market with the largest market share in 2023. The wider acceptance of medical plastics in the healthcare industry is driving the demand for the medical plastics segment. Medical plastics are widely used in single and double use products in the healthcare industry. Medical plastics are a highly demanded material in the healthcare industry due to their durability and recyclability. Medical plastics are used in the manufacturing of single-use syringes, tubes, and other applications like prosthetics. Plastic will remain staple in the medical field due to its sustainability, versatility, and affordable materials.

There are wide range of medical grade plastics are used in healthcare in which some are polycarbonate, these materials provide an excellent UV protection and temperature resistance property. Polypropylene, these are highly durable in nature, and used in the making of prosthetics, and orthodontics. Acrylonitrile butadiene styrene (ABS), it has a clean and aesthetic appearance that makes it perfect for the medical environment. Polyethylene, this material is ideal for implants due to its lower degradable properties. Polymethyl methacrylate is an ideal material for endoscopic implants due to its clear and transparent properties. Polyethylene terephthalate glycol (PETG), and Polyvinyl chloride (or PVC). Thus, the growing healthcare facilities and the rising expenditure on the sustainable medium is driving the demand for the medical plastics segment.

The medical adhesives segment is observed to experience a notable rate of growth during the forecast period. Medical adhesives are versatile materials used in a wide range of medical applications, including wound closure, medical device assembly, drug delivery systems, and wearable medical devices. Their ability to bond different materials together, adhere to various surfaces, and provide secure and flexible bonding makes them indispensable in medical manufacturing and healthcare settings.

Medical adhesives play a critical role in wound care management, offering alternatives to traditional sutures, staples, and bandages. Advanced adhesive formulations, such as cyanoacrylate-based tissue adhesives and hydrogel-based skin adhesives, provide strong and reliable wound closure, reduce tissue trauma, and promote faster healing. The growing demand for minimally invasive and aesthetically pleasing wound closure methods drives the adoption of medical adhesives in wound care applications.

Applications Insights

The medical disposable segment held the largest share of the medical engineered materials market in 2023. The segment is observed to grow at a notable rate during the forecast period. The increasing awareness about medical hygiene and prevention from infectious diseases contributes in the higher demand for medical disposables. Medical disposable are the instruments that are designed or manufactured for single or temporary use. Medical disposable is easy disposable in nature, having lower manufacturing costs, and biocompatible are the leading properties of the medical disposables. Hypodermic needles, bandages, exam gowns, catheters, gloves, tongue depressors, surgical sponges, syringes, drug tests, face masks, and pregnancy test kits are some of the medical disposables. The rising prevalence of chronic illness or diseases and the rising invasive treatment procedures are driving the demand for medical disposables in the healthcare industry. 

Regional Insights

Asia Pacific led the medical engineered materials market with the largest market share in 2023. The growth of the market is owing to the continuously rising population and the increasing demand for an efficient healthcare system that drives the growth of the market. The rising geriatric population and chronic disease increases the demand for better healthcare systems. The rising investments by the government and the major market players for the development of medical facilities and treatment procedure are enhancing the demand for the medical engineered materials for designing and manufacturing of the medical instruments and devices with the advanced technologies. The evolving healthcare industry in the economically developing countries is driving the growth of the medical engineered materials market in the region.

North America is expected to witness the fastest growth in the medical engineered materials market during the forecast period. The growth of the market attributed due to the well-developed healthcare facilities and the rising development of the healthcare and pharmaceutical industries in the economically developed countries are boosting the demand for the medical engineered materials. The changing lifestyle causing the higher prevalence of the diseases in the population that drives the demand for the precise and accurate diagnostic procedure and devices and the higher availability of the major healthcare technologies companies are propelling the growth of the medical engineered materials market into the region. 

Medical Engineered Materials Market Recent Development

• In April 2024, engineered silicon swelling fluid provided a solution to the complex challenge of integrating multi-lumen tubing in modern medical devices. The devices can temporarily enlarge the tubing diameters that offers the easy slide over to the connectors.
• In April 2024, AES Clean Technology launched the CleanLock Module at INTERPHEX 2024. The cleanrooms are the engineering solution that offering the reduced risk of contamination by integrating AES’ proprietary cleanroom finishes, predictable airflow patterns, patented lighting, and advanced door controls. The product will serve the industries like pharmaceutical, medical devices manufacturing, and biotechnology for maintaining the ultra-clean environment. 
• In April 2024, Dominic O'Rourke and Mark Dorris, are the two researchers who introduced seaweed waste for producing bio-degradable alternative to chemical plastics. They started the replacement of synthetic plastics in the practical usage of delivery system for medical ingredients, waterproof coating, and others. 
• In April 2024, STEMart, the comprehensive service provider for all the stages of the medical devices development in the Unites States announced the launch of its latest Pilot Production Services for the medical device industry. 
• In April 2024, Rice lab of Jacob Robinson comes in the partnership with the Motif Neurotech and clinicians Dr. Sunil Sheth, and Dr. Sameer Sheth and launched a pie sized device ‘implantable brain stimulator’ that wirelessly powered with the external transmitter, and the protective layer of the stimulator is attached to the skull. 

Medical Engineered Materials Market Companies

• Evonik Industries AG
• Covestro AG
• BASF SE
• Solvay
• SABIC
• Trelleborg AB
• DSM
• Celanese Corporation
• DuPont de Nemours Inc

Segments Covered in the Report

By Type

• Medical Plastics
• Medical Foams
• Medical Films
• Medical Adhesives
• Medical Elastomer

By Application

• Medical Devices
  • Diagnostic Equipment
  • Surgical Equipment
  • Dental Tools
  • Others
• Medical Disposables
  • Surgical Instrument & Supplies
  • Diagnostic & Laboratory Disposables
  • Medical & Laboratory Gloves
  • Others
• Medical Wearables
  • Smart Watch
  • Activity Monitor
  • Patches
  • Others
• Advanced Woundcare
  • Dressings
  • Devices & Accessories
  • Graft & Matrices
  • Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa