Medical Engineered Materials Market Share

APAC Market Statistics

The medical engineered materials market in Asia Pacific held the largest share in 2024, owing to rising demand for efficient healthcare systems to meet the growing needs of the population. The demand for superior-quality healthcare and rising investments have significantly boosted the need for innovative materials used in medical devices and equipment. This is attracting several companies in the region. For instance, in January 2024, Optimal Industrial Technologies announced its expansion in the Asia Pacific by initiating brand new appointments, strengthening strategic partnerships, and reinforcing local support.

The government in China is launching policies that promote domestic production of medical devices and the localization of supply chains is supporting the sector. Collaborations between multinational companies and local manufacturers are further enhancing China’s position in the medical engineered materials market. For instance, in February 2023, Germany’s Covestro and China’s Zhuhai Feiyang Novel Materials announced a collaboration for setting up a new site with an annual production capacity of 120,000 tons of TPU after the completion of the final phase expansion. The joint effort aims to create high-performance biocompatible solutions for advanced medical devices needed in China.

Japan medical engineered materials market is showcasing steady growth, driven by the country’s advanced healthcare system, and increasing demand for high-quality medical equipment. The country’s focus on precision medicine and innovation is fueling the development of biocompatible materials, critical for implants, tools, and other medical instruments. For instance, in September 2021, Sumitomo Chemical launched Meguri, a new brand of recycled plastics, covering a variety of products such as PMMA, and poly-methyl-methacrylate, which are used in several medical devices.

North America Market Analysis

By the end of 2037, North America medical engineered materials market is set to capture around 37.2% revenue share. This growth can be attributed to the availability of well-developed healthcare infrastructure in the region, economically developed countries, and growing medical and pharmaceutical industries. In addition, the rising prevalence of chronic diseases and growing adoption of biomaterials in further propelling the medical engineered materials market growth. The region is witnessing several expansions in terms of facilities and investments. For instance, in October 2023, Texas Health and the HHCS announced an investment of USD 120 million to transform a treatment center in Harlingen, Texas, into a state-of-art inpatient psychiatric facility. 

The changing lifestyle has led to a high prevalence of diseases among the population, demanding precise and accurate diagnosis of suitable and suitable medical devices in the region, mainly in the US. The U.S. is home to a wide number of patients suffering from chronic diseases. As per the Centers for Disease Control and Prevention (CDC) 2024, nearly 129 million people in the US have been tested with at least one major chronic disease. Whereas, five out of the top ten causes of death in the country are associated with treatable and preventable chronic diseases. Factors as such are promoting the medical engineered materials market in the U.S. 

Strict regulations regarding the use of materials in medical applications have significantly driven the medical engineered materials market in Canada. Additionally, Canada is importing medical devices in bigger quantities to meet the growing needs. In 2022, medical devices valued CAD USD 5.2 billion were imported from the U.S., which represents as much as 38% of Canada’s overall medical devices imports. Furthermore, growing demand of AI and robotics, 3D printing, and other innovative technologies are boosting the Canada market growth.