Medical Composite Market

The global medical composites market was valued at $0.9 billion in 2020, and is projected to reach $2.1 billion by 2030, growing at a CAGR of 9.0% from 2021 to 2030.

The global medical composites market has been moderately affected due to COVID-19 pandemic. Several consultancy firms are offering advisory services for key players that are planning to expand their business and are offering financial support for startup medical composite manufacturing companies during COVID-19 pandemic.

Composite material is a blend of two or more materials that have distinctive chemical or physical properties. Glass fiber or fiberglass composite finds diverse applications in the medical industry, owing to its ability to be molded into complex aesthetic shapes and enhanced structural strength.            

Carbon fiber medical composites are used in surgical applications, owing to their chemical inertness and lightweight. In addition, medical composite made up of carbon fiber is utilized as a conjugation material in medical application as an alternative over metallic or polymeric materials. Medical cartilage is another device that is widely used in the medical sector. Carbon fiber medical composites help to promote biological resurfacing of damaged areas, making them suitable for use in medical cartilages. Open weave structure of carbon fiber medical composites promote cell growth between individual fiber material that in turn results in suitable repair. In addition, carbon fiber medical composites offer enhanced load-bearing capability, thus making them suitable to be used in artificial limbs. All these factors collectively surge the demand for medical composites, thereby augmenting the global market growth.

However, production of medical composites involves complex process which in turn increase the cost of the product. In addition, shape of medical composites cannot be easily altered is the major factor that is anticipated to restrain the growth of the global market. 

On the contrary, minimally invasive surgery (MIS) is that surgical procedure, which is performed with the use of incision surgical instruments and minimizes patient recovery time. Surge in demand for MIS has further created need for precision surgical instruments, which, in turn, has escalated the demand for medical composites. In addition, these precision surgical instruments help surgeons to perform critical surgical procedures with aid of other imaging systems such as real-time imaging and micro-televisions. Insertion of cannula into body is an example of MIS that is performed with the use of micro-sized surgical instruments and cauterization devices. This factor is anticipated to offer new opportunities for the growth of the global medical composites market. 

The global composites market analysis is done on the basis of fiber type, application, and region. Depending on fiber type, the market is divided into carbon fiber, glass fiber, and others. The applications covered in the study include diagnostic imaging, composite body implants, surgical instruments, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Medical Composites Market, by Region

The Asia-Pacific medical composites market accounted for 29.5% of medical composites market share in 2020, and is projected to grow at the highest CAGR of 9.0% during the forecast period. Use of carbon fiber-reinforced composites in dental implants is the key market trend. Moreover, surge in demand for medical composites in osseous screws and bearing surfaces in the orthopedic sector. Hydroxyapatite composite is another development that is used in soothing fractures and cancellous screw fixation in elder population and people suffering from osteoporotic. Dental care is independent and distinct healthcare segment in mainland China.

Medical Composites Market, by Fiber Type

In 2020, the carbon fiber segment was the largest revenue generator, and is anticipated to grow at a CAGR of 9.1% during the forecast period. Carbon fiber medical composites offer enhanced load-bearing capability, thus making them suitable to be used in artificial limbs is the key market trend. Load-carrying links are utmost important in joint mechanism and carbon fiber medical composites are used for this application, owing to their stiffness and biocompatibility.

Medical Composites Market, by Application

In 2020, the diagnostic imaging application was the largest revenue generator, and is anticipated to grow at a CAGR of 9.4% during the forecast period. Carbon fiber composites are widely used in diagnostic imaging tables and other imaging accessories such as CT scan tables, MRI tables, and positron emission tomography (PET) tables. Carbon fiber composites are radiolucent, absorb minimal level of radiant energy, and minimize signal attenuation. Minimal signal attenuation further helps to capture clear images of the patient body or targeted body part.

Key benefits for stakeholders

• The report outlines the current market trends and future estimations of global medical composites market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Medical Composite Market

• The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. 
• The global medical composites market has been moderately affected due to COVID-19 pandemic. The major end-users of medical composites include dental, diagnostic, and surgical sectors. Medical composites are used in medical diagnostic devices and treatment owing to the ability of composites to promote the healing process and patient recovery process. 
• Epoxy medical composites are used in medical imaging tables owing to high strength and low signal diminution for nuclear imaging property. In addition, medical composites can also be used in PET/CT diagnostic imaging devices. 
• In addition, several consultancy firms are offering advisory services for those key players that are planning to expand their business and are offering financial support for startup medical composite manufacturing companies. For instance, Alpha Executive Advisory a German based consultancy firmed its agreement with AMAC that will offer financial support to startup companies. 

 Medical Composite Market Report Highlights