Global Medical Composite Market is segmented By Application (Bone fixation plates, Hip joint, Bone cement, Bone grafts, Dental implants, Diagnostic imaging, Composite body implants, Surgical instruments, Microsphere, Tissue engineering, Others), By Type (Thermoplastic, Carbon-fiber, Polymeric acrylic, Polysulfone matrices, Glass fiber, Polypropylene, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
180 Pages report analyses the global medical composite market shares, size, recent trends, future market outlook, competitive intelligence. Medical composite usage in orthopedic applications is on the rise. Demand from medical industry in ‘Europe’ is growing. Competitive rivalry intensifies with Exel Composites, SMI Composites LLC and others active in the market.
Medical composite material combines two or more materials to provide the individual product with desired characteristics physically and chemically. The medical composite's increasing applications are due to their lightweight, chemical resistance, design, x-ray transparency, less thermal expansion, resistance to fatigue, and high stiffness characteristics. They are implemented mainly in orthopedic applications such as bone fixation, hip joints, bone cement, bone grafts, dental implants, diagnostic imaging, composite body implants, surgical instruments, microspheres, tissue engineering, and various others.
Market Scope
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Metrics |
Details |
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Market CAGR |
6.9% |
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Segments Covered |
By Application, By Type, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Market Dynamics and Trends
The global medical composite market growth is driven by increasing applications of composites in the dental and surgical industry, growing demand for lightweight materials, and replacement of metal in the medical sector.
Growing demand for lightweight material composites in the medical industry is expected to drive market growth
The growing demand for lightweight composites is expected to boom the demand for composites. In the medical industry, composites is a fairer alternative to metals and alloys as they are lighter and more resistant to corrosion.
As metal implants are subjected to autoimmune diseases, allergies, pain with orthopedic implants, fatigue, rash, joint and muscle pain, and weakness. For these reasons, the medical industry is shifting towards composites in the medical sector. Various global companies are interested in investing in the medical composites market, such as Lamborghini, a luxury sports car manufacturer that formed a partnership with Houston Methodist Research Institute for testing applications of carbon fiber composite material for medical devices. Also, the project focuses on a biocompatibility study for composite materials that could be used in prosthetic inserts and aims to identify new, lighter materials that can be tolerated by the human body, testing campaign is sponsored by the ISS U.S. National Laboratory.
Costly raw materials of composites can affect the medical composites market growth
Medical composites are subjected to high cost because of raw materials and fabrication, weak transverse properties, greater difficulty in repairing them compared to metallic structures, require refrigerated transport and storage, and limited shelf lives are some of the factors responsible for restraining the market growth.
COVID-19 Impact on Medical Composite Market Growth
Due to the pandemic, stakeholders across the medical composites industry have seen a notable impact as all the manufacturing industries were closed. Medical composites production suffered a decline in 2020 due to reduced demand, production halts, and supply chain disruption across the globe. Moreover, the public fear of going to hospitals, restrictions in traveling, and government guidelines for pre-bookings in hospitals are slowing down the demand for the medical composites market. However, the market is expected to recover in the upcoming years with technical advancements in medical composites. The emergence of treatments cannot be delayed for longer, overall creating healthy opportunities in the years to come, resulting in market growth.
Market Segment Analysis
By type, the medical composites market is classified into fiber-reinforced polymer, carbon fiber, polymeric acrylic, glass fiber, thermoplastic, and others.
The carbon fiber type medical composites market is expected to grow at the fastest CAGR during the forecast period (2024-2031)
The carbon fiber polymer holds the largest market for medical composites in terms of revenue due to the following advantages: High stiffness and strength, lightweight, corrosion resistance, x-ray transparency, low coefficient of thermal expansion, chemical resistivity, and thermal and electrical conductivity.
Due to the numerous advantages, carbon fiber is being used for manufacturing tables for X-ray scanning systems, casings for portable scanning systems, external components such as artificial limbs, and surgical applications where the material is used with metallic or polymeric materials in the medical industry. Carbon fiber composites prevent exposure to X-ray radiation, which is of great significance considering the impact on patients' health. It is used by various leading medical equipment companies such as Planmeca uses carbon fiber tubes manufactured in its X-ray equipment distributed in over 120 countries worldwide. Also, demand for X-ray carbon fiber tables and carbon fiber arm boards demand in hospitals and private clinics are expected to boost the carbon fiber composites market in the medical field.
Market Geographical Share
North American region holds the largest market for global medical composites globally
North America holds the largest market for medical composites globally and is forecasted to continue its dominance with technological advancements and applications of composites in dental, implants, and other medical activities. According to the industry analysis, 2021, the dental market is expected to reach a revenue of 37 billion U.S. dollars with increasing and implant treatment is expected to be a major driver for the market growth. Also, according to the American Academy for Implant Dentistry report, approximately 3 million people in the U.S. have implants, growing by 500,000 annually, with increasing dental implants in the countries like Canada and U.S. in the region; it is expected to boost the demand for medical composites.
According to the German insurance association GDV, every fourth injury in this game is a fracture, and metal implants usually take 12 to 24 months, for this reason, various leading market players are also working on research and development to provide more effective composites in the medical field. For instance, Evonik has launched biodegradable composites after doing research for new composite materials for the fixation of fractured bones, which eliminates the need for a subsequent intervention to remove the implant, the burden on the patient, the risk of infection, and, not least, the cost of treatment.
Market Companies and Competitive Landscape
The medical composites market is moderately competitive with the presence of local players, followed by global companies who contribute to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Exel Composites, SMI Composites LLC, Plastic Reinforcement Fabrics Ltd, Polygon Composites, Trelleborg AB, Composiflex Inc., Evonik, Toray group, Quatro Composites, and various others. The major players are adopting various new strategies to dominate the market, such as launching new products with more safety and hygiene and collaborations, which are contributing to the growth of the medical composites market globally.
Exel Composites
Overview: Exel Composites is the leading composite technology company that manufactures and engineers composite products and solutions for an extensive range of demanding industries.
Product Portfolio: The Company manufactures a variety of composites, such as standard fiberglass structural composites (I-beams, channels, angles, and boxes) in telecommunications, wind power applications, Defense, Machinery & Electrical, medical, Equipment & other industries
Key Development: In 2018, the company Exel composites announced acquired the Diversified Structural Composites from Teijin Carbon America, which manufactures carbon- and glass-fiber-reinforced thermoset products. The acquisition will provide Exel composites market in North America America to complement its factories in Europe and China.
Why Purchase the Report?
- Visualize the segmentation of the composite medical market by applications, type, and region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the medical composite by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of medical composite market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global medical composite market report would provide access to an approx: 52 market data tables, 50 figures, and 180 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
