The global medical composites market size is expected to reach USD 996.8 Million at a revenue CAGR of 9.9% in 2021, according to latest analysis by Emergen Research. Steady market revenue growth of medical composites can be attributed to increasing demand for composites in prosthetics. Fiber-reinforced polymer plastic (FRP) composites find widespread use in the medical industry owing to their lightweight, biocompatible, and high-stiffness properties. Medical composites are deployed to manufacture external human body components like prosthetic limbs due to their high fatigue resistance and offering of manufacturing flexibility benefits. Also, the demand for medical composites is increasing due to the chemically inert nature of products like carbon-fiber composites and non-requirement for removing a resorbable composite prosthesis through surgeries, as in the case of metals.
Increasing advancements in technology in the medical sector and growing investment in novel methods, including Rapid Manufacturing (RM) and Rapid Prototyping (RP) are significantly fueling market revenue growth. Fast production of functional parts used in prototype reconstruction substantially impacts innovation speed in the medical sector. Using rapid prototyping, prostheses component sample is created through Computer-Aided Design (CAD) and then these parts are produced using rapid manufacturing in a short interval without deploying any tools from an extensive range of materials, including composites. Growing use of such advanced technologies is expected to increase demand for medical composites.
According to the National Health Service, between September 2020 and August 2021, 40.3 million imaging diagnostic operations were reported in England. 3.22 million image diagnostic operations were claimed to have occurred in August 2021. Plain radiography was the most frequent in August 2021, with 1.6 million procedures performed, followed by Diagnostic Ultrasonography (0.72 million), Computerized Axial Tomography (0.49 million), and Magnetic Resonance Imaging (0.29 million). Increase in demand for diagnostic operations is driving revenue growth of the medical composites market.
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The market intelligence report is a prototype of the 360° overview of the global Medical Composites industry, shedding light on the estimated market value, share, growth trends, gross revenue, competitive overview, prominent manufacturers and buyers, available product types, and end-use applications.
The latest research report is inclusive of a precise summary of the intensely competitive landscape of the global Medical Composites market. It offers a systematic presentation of the company profiles of the leading market players. This section of the report analyzes the effective initiatives undertaken by these players for business expansion in the long run. In addition, this section highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have been assessed using certain effective analytical tools, such as Porter’s Five Forces analysis and SWOT analysis.
The major companies Covered in the report are:
Dentsply Sirona, Toray Industries Inc., Royal DSM NV, IDI Composites International, The 3M Company, SGL Carbon, Vermont Composites Inc., CeramTec GmbH, Icotec AG, Kyocera Corporation, ACP Composites Inc, and CoorsTek Inc.
This report is the latest document discussing the current economic situation gravely impacted by the COVID-19 outbreak in detail. The global health emergency has led to massive changes in the global economy and the Medical Composites business sphere. The current scenario of this ever-evolving business vertical has been clearly depicted in the report, which contains a broad analysis of the pandemic’s present and future effects.
Segments Covered in this report are:
- Product Type Outlook (Revenue, USD Million; 2019–2030)
- Carbon Fiber Composites
- Ceramic Fiber Composites
- Application Outlook (Revenue, USD Million; 2019–2030)
- Diagnostics Imaging
- Surgical Instruments
- Body Implants
- Tissue engineering
- End-use Outlook (Revenue, USD Million; 2019–2030)
- Research Institutes
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Some Key Highlights in the Report
- The ceramic fiber composites segment accounted for a moderate revenue share in 2021. Carbon fiber composites are used as implant materials for bone and cartilage to facilitate the biological restoration of damaged tissues. This sort of substance encourages creation of new cells between individual fibers, hence facilitating proper repair. In addition, these materials are safer as implant materials due to their low tissue adherence and biological inertness. Compared to metals, carbon-fiber-reinforced PEEK implants have a lower elasticity modulus that is comparable to that of bone and superior fatigue strength.
- The diagnostic segment revenue is expected to register a fast revenue growth rate over the forecast period. Medical imaging enables physicians to comprehend the disorders within the human body and make better decisions. With the exception of contrast material, medical imaging procedures are completely painless, non-invasive, and do not require any additional preparation. In some instances, such as breast cancer, medical imaging can save lives with early detection and proper treatment.
- The hospital segment revenue is expected to register a steady revenue growth rate over the forecast period. Carbon fiber is now utilized in medical treatment. It improves the lives of a variety of patients by facilitating their recovery from injuries and return to normal life. The fact that carbon fiber is radiolucent, which is essential for medical imaging, is one of its many benefits. This suggests that the radiation can pass through a carbon-fiber bed to provide crisper images. Hospitals frequently employ carbon fibers for this purpose.
- The medical composites market in North America accounted for the largest revenue share in 2021, attributed to increased adoption of advanced technologies in the medical sector, increasing investments in research & development, and high healthcare expenditure. Additionally, the presence of leading market players such as Dentsply Sirona is causative of market revenue growth in the region.
- On 23 November 2021, the global leader in health technology, Koninklijke Philips N.V., showcased new AI-enabled improvements in MR imaging at the annual conference of the Radiological Society of North America. The new MR portfolio of intelligently integrated solutions from Philips is intended to expedite MR exams, streamline procedures, enhance diagnostic quality, and contribute to the sustainability of radiology operations.
- North America
- Latin America
- Middle East & Africa
- Asia Pacific
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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