Westford,USA, Nov. 04, 2022 (GLOBE NEWSWIRE) -- As the world becomes more technologically advanced, there is an increasing demand for smart materials. Smart materials have been designed to exhibit one or more specific properties that can be changed in a controlled manner by external stimuli, such as light, heat, electricity, magnetic fields, or pressure. These materials have the potential to revolutionize a wide range of industries, from construction and transportation to healthcare and consumer electronics. The growing demand for smart materials market can be attributed to the increasing use of these materials in various applications such as automotive, aerospace & defense, electrical & electronics, and construction sectors.
Some common examples of smart materials include shape-memory alloys, electroactive polymers, and liquid crystals. These materials have a wide range of applications, from medical implants to aircraft wings. The growing demand for smart materials is being driven by the need for more efficient and effective products and devices.
Shape-memory alloys are one type of smart material that is seeing increased demand. These alloys can remember their original shape and return to it after being deformed. This property makes them ideal for a variety of applications, such as medical implants and prosthetics in the smart materials market. Electroactive polymers are another type of smart material that is in high demand. These polymers can change shape in response to electric fields. They are often used in sensors and actuators.
Liquid crystals are yet another type of smart material that is seeing growing demand. Liquid crystals are molecules that align themselves in response to an electric field. They find use in LCDs and other electronic displays.
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Consumer Electronics and Automotive to Remain the Largest contributors to the Global Smart Materials Market Growth
One reason for the growing demand for smart materials market is the increasing awareness of their capabilities. Smart materials can be used in a wide range of applications, from automobiles and aerospace to healthcare and consumer electronics.
In the automotive industry, for example, smart materials are being used to create active aerodynamic systems, light weighting solutions, and fuel-efficient tires. For example, Continental AG has developed an active shutter grille system that uses electrochromic glass to adjust the amount of airflow into the engine bay. This helps to improve fuel efficiency by reducing drag when the engine is not needs cooling airflow.
In the aerospace industry, they are being used to develop new types of aircraft and spacecraft. In the healthcare sector, smart materials are being used to create artificial muscles and joints, as well as implants and prosthetics that are more compatible with the human body.
Another reason for the growing demand for smart materials market is the continuous advancement of technology, which has led to the development of new and improved versions of these materials. For instance, nanotechnology is providing researchers with new ways to create stronger and more versatile smart materials. Additionally, 3D printing is enabling manufacturers to produce these materials in custom shapes and sizes, which makes them even more versatile.
In the last few years, the global smart materials market has witnessed a significant surge in the applications across consumer electronics in a variety of devices, including smartphones, wearables, and laptops. They are used in traditional applications such as displays and batteries, as well as newer applications such as flexible printed circuits and 3D printing. For example, Samsung has used foldable in its flagship smartphone series namely Samsung Fold and Flip.
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Healthcare is Offering Most Lucrative Opportunity for Smart Materials Market
Smart materials are already being used in a number of healthcare applications, such as implants and prosthetics, drug delivery systems, regenerative medicine and medical devices. The use of smart materials will continue to expand into new areas, such as diagnostics and therapeutics. Smart materials offer a number of advantages over traditional materials, including the ability to sense and respond to their environment, enhanced durability, and improved biocompatibility.
As the global smart materials market in healthcare grows, so too will the need for companies that can provide these materials. BCG believes that there are a number of opportunities for companies involved in the production of smart materials. These include developing new applications for existing materials, expanding into new markets, and forming strategic partnerships with other companies involved in the healthcare sector. There are plenty of opportunities for smart materials in healthcare.
The global market for smart materials in healthcare will reach $19.3 billion by 2028. But as with any new technology, there are challenges that need to be addressed before smart materials can truly take off in healthcare.
Cost is one obstacle—many of these materials are still quite expensive to produce. There's also the challenge of regulation: because they're often used in biomedical applications, smart materials must meet stringent safety and efficacy standards set by agencies like the FDA.
North America held the largest share of the global smart materials market in healthcare in 2021 due to the presence of large number of companies and well-developed healthcare infrastructure in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to factors such as growing demand for smart wound dressings and disposable medical devices, and increasing investments by key players in R&D activities.
SkyQuest has been closely following the development of smart materials market in healthcare, and we believe there's great potential for these technologies to transform the way care is delivered. In our new report, "Smart Materials in Healthcare: The Promise of a New Era," we explore the opportunities and challenges posed by this rapidly evolving field. We also offer recommendations for how companies can position themselves to succeed in this burgeoning market.
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Application is Healthcare is Expanding but not Without Challenges
Today, the healthcare industry is under immense pressure to improve patient outcomes while simultaneously reducing costs. There are already a number of examples of smart materials being used in healthcare, from self-healing bandages to intelligent prosthetic limbs in the smart materials market. However, there is still considerable untapped potential for smart materials to transform the healthcare industry. For instance, they could be used to create more effective and personalized medicines, or to develop new diagnostic tools that can detect diseases earlier.
Despite the clear potential benefits, there are also some challenges that need to be addressed before smart materials market can truly revolutionize healthcare. For instance, more research is needed to understand how these materials interact with the human body. Additionally, regulatory hurdles need to be overcome in order for these products to be adopted by the mainstream healthcare industry.
Key Players in the Global Smart Materials Market
- TDK Corporation (Japan)
- CTS Corporation (US)
- Optotune AG (Switzerland)
- AMM Technologies (Italy)
- Lord Corporation (US)
- Fort Wayne Metals (US)
- AI Technology Inc. (US)
- AVX Corporation (US)
- Advanced Cerametrics,Inc., (US)
- Wright Medical Group (US)
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