Global Medical Composites Market Forecast to 2030
The latest market research report from Emergen Research focuses on the global Medical Composites market and provides in-depth analysis of each of its major segments. Global Medical Composites market reports provide a comprehensive overview of the market, including market size, revenue growth rate, industry statistics, revenue shares among regional markets, gross profits, production costs, and product portfolios. The report also highlights the most important factors influencing industry revenue growth, such as drivers, opportunities, trends, restraints, challenges, demand and supply ratios, production and consumption patterns, stringent regulatory frameworks, and a slew of other micro- and macro-economic factors.
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.
Growing investment in revolutionary techniques like Rapid Manufacturing (RM) and Rapid Prototyping (RP) as well as rising medical technology developments are considerably boosting industry revenue growth. The medical industry is significantly impacted by the rapid fabrication of functional parts utilised in prototype rebuilding. Using fast prototyping, a sample prosthetic component is built using computer-aided design (CAD), and these parts are then quickly manufactured utilising rapid manufacturing from a wide variety of materials, including composites, without the use of any tools. The need for medical composites is anticipated to rise as these cutting-edge technologies are increasingly used.
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Competitive Terrain:
The global Medical Composites industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed 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.
Research Report on the Medical Composites Market Addresses the Following Key Questions:
- Who are the dominant players of the Medical Composites market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Medical Composites market?
- What are the key growth drivers and restraining factors of the Medical Composites market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Medical Composites market and its key segments?
Market Overview:
The report bifurcates the Medical Composites market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Product Type Outlook (Revenue, USD Million; 2019–2030)
- Carbon Fiber Composites
- Ceramic Fiber Composites
- Others
- Application Outlook (Revenue, USD Million; 2019–2030)
- Diagnostics Imaging
- Surgical Instruments
- Body Implants
- Tissue engineering
- Dental
- Others
- End-use Outlook (Revenue, USD Million; 2019–2030)
- Hospitals
- Clinics
- Research Institutes
- Others
Regional Landscape section of the Medical Composites report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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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.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Medical Composites market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
- Data and information related to the consumption rate in each region
- Estimated increase in the consumption rate
- Proposed growth of the market share of each region
- Geographical contribution to market revenue
- Expected growth rate of the regional markets
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