Global Medical composites Market to surpass USD 1841.2 million by 2030 from USD 992.6 million in 2020 at a CAGR of 6.1% in the coming years, i.e., 2021-30.
A composite material is made up of two or more components that have significant physical and chemical differences. When these materials are mixed, they form a unique product with distinct physical and chemical properties. There are many different forms of composite materials that can be obtained naturally or via the use of particles. Due to their lightweight and great stiffness, composite materials are commonly employed in the design of medical devices. They’re commonly used in orthopedic applications including bone fixation and hip joint replacement. Because fiber-reinforced composites are substantially lighter than metals, they are frequently employed in medical applications.
Global Medical composites market is expected to project a notable CAGR of 10.1% in 2030.
Increasing need for medical composite form microsphere, dental, and tissue engineering, as well as high adoption rates inpatient imaging tables and accessories and growing demand from the healthcare sector, are some of the reasons that are expected to propel the market forward. On the other hand, the development of novel materials and the introduction of biodegradable composites for medical implants will open up a slew of new prospects for the market throughout the projection period.
Global Medical composites: Segments
Carbon fiber segment to grow with the highest CAGR during 2020-30
Global Medical composites market is segmented by type into Carbon fiber, Ceramic fiber, and Others. Carbon fiber segment held the largest market share in the year 2020. Carbon fiber composites are made up of carbon fibers and a variety of resin matrixes. Carbon fiber composites provide strength, stiffness, and fatigue resistance in medical applications. The market for carbon fiber composites-based medical equipment has grown dramatically in recent years, owing to rising demand for imaging components, prosthetic applications, wheels-chairs, surgery tables, and oncology treatment, among other things. Technological advancements and growing use of innovative medical devices such as X-ray machine tabletops and patient positioning tables are also driving market expansion.
Diagnostic Imaging segment to grow with the highest CAGR during 2020-30
Global Medical composites market is divided by application into Diagnostic Imaging, Composite Body Implants, Surgical Instruments, Dental, and Others. Over the forecast period, the Diagnostic imaging segment is projected to expand at the fastest pace. They absorb extremely little radiant energy, reducing signal attenuation and allowing good images of specific body areas to be captured. Composites are perfect for increasing positioning precision and achieving the best imaging results. Carbon fibers are a good alternative for supporting limbs that are being x-rayed or treated with radiation because of its high strength-to-weight ratio, stiffness, and radiolucent qualities.
Usage for various applications and high demand for X-ray technologies
Medical composites are used for a variety of purposes in the medical field. Wound repair systems, implants, medical diagnostics, prostheses, and surgical equipment all use composites. They’re also employed to create innovative medical diagnostic and therapeutic gadgets, which help patients heal faster and return to their regular healthy, and active lives. Medical composites devices also have the advantage of being lighter and stronger than traditional medical equipment. Due to its ability to generate low levels of radiation, medical composites are utilized in a variety of X-ray devices. Over the last half-decade, this has increased their demand for X-ray technologies. As a result of these improvements in medical diagnostic instruments, composite producers have decided to invest in developing viable goods.
Increasing usage in NFRCs and recycling at low cost
The growing use of plant-based NFRCs in the medical composites market is generating revenue for manufacturers. In the healthcare industry, waste carbon fiber and glass fiber reinforced composites are being recycled at an increasing rate. Manufacturers are becoming more adept at recycling valuable glass and carbon fibers at a low cost.
Disruptions in the industries due to COVID-19
Pandemic sickness over the world COVID-19 has caused disruptions in the aerospace, automotive, and transportation industries, all of which are predicted to reduce demand for medical composites in 2020.
Global Medical composites: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Toray Advanced Composites
ACP COMPOSITES, INC
Mitsubishi Chemical Corporation
Other Prominent Players
Global Medical composites: Regions
Global Medical composites market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The existence of a number of medical composite and medical device manufacturers contributes to the North American region’s strong market share. The worldwide medical composites market is likely to be driven by the use of medical composites in diagnostic imaging and surgical material applications in Europe. Because of the growing number of manufacturing businesses in the region, North America consumes a substantial amount of medical composite materials. Due to the increasing use of these materials for dentistry and diagnostic imaging applications, the medical composites market in this area is likely to rise fast during the forecast period.
Global Medical composites is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Medical composites report also contains analysis on:
Medical composites Segments:
Composite Body Implants
Medical composites Dynamics
Medical composites Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Medical Composites Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 992.6 million
Revenue forecast in 2030 USD 1841.2 million
Growth Rate CAGR of 10.1% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, end-user and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled 3M, Toray Advanced Composites, DSM, Polygon Company, PolyOne, Composiflex, ACP COMPOSITES, INC, Mitsubishi Chemical Corporation, Icotec Ag and Other Prominent Players.