Medical Composites Market Expected to Reach $2.1 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, "Medical Composites Market by Fiber Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,"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.

Composite is manufactured through blend of two or more materials with different physical or chemical properties. Carbon fiber medical composites are used surgical applications, owing to their chemical inertness and lightweight. In addition, medical composites made up of carbon fiber are utilized as a conjugation material in medical application as an alternative over metallic or polymeric materials.   

Medical composites are well-known products owing to their application in load-bearing implants such as to support fractured bone or unstable bone. These composite materials are used due to their capability to share the load with the original bone instead of protecting the bone from stress. Other applications of medical composites include composite nailing system, intramedullary system, and lumbar spacer implant.

Utilization of composite body implants is restricted due to regulatory agencies. However, advanced and new composite materials are gaining importance in body implant applications, owing to rise in number of regulatory approvals. Thus, all these factors are predicted to notably contribute toward the global market.

However, the use of composite filling in dentistry application is expensive, which is the major factor restraining the market growth. Composite tooth filling involves several procedures such as the area that need to filled should be free from saliva and composite filling tend to break under the influence of high pressure. 

Accident or disease are the major factors that lead to loss of limbs. Carbon fiber composites are capable of responding dynamically during the striking of heel that occurs due to normal walking. Thus, advanced foot prostheses are designed on the basis of leaf-spring configuration. Medical composites are capable of offering improved leaf-spring configuration making them widely adopted material in prosthetic foot application. Surgical procedures are vital, as they need to be operated carefully, and include the use of medical devices such as bone saws, drills, and other powered hand tools. This factor is anticipated to create remunerative opportunities for the expansion of the medical composites market in the coming future.

The global medical composites market is segmented on the basis of fiber type, application, and region.

Depending on the fiber type, the market is segregated into carbon fiber, glass fiber, and others. The carbon fiber segment dominated the global market in terms of revenue in 2020, with over 80%   of the total share. Artificial joints majorly consist of polyethylene that has high molecular weight and other components that are used for enunciating against a polished steel implanted in the artificial limbs. However, use of carbon fiber medical composites enhances wear characteristics of the polymer, which acts as a key driving factor of the global market.

On the basis of application, the market is fragmented into diagnostic imaging, composite body implant, dental medical composites, surgical instruments, and others. The diagnostic imaging application dominated the global market, with over 35%   of the total share in 2020, as 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. This is attributed to the fact that carbon fiber composites are radiolucent, absorb minimal level of radiant energy, and minimize signal attenuation. Minimal signal attenuation further help to capture clear images of the patient body or targeted body part.

Region wise, the medical composites market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific medical composites market is projected to grow at the highest CAGR during the forecast period. Dental care is independent and distinct healthcare segment in mainland China. Coupled with development of dental schooling has further escalated the demand of stomatology hospitals in China. This is another considerable factor that is augmenting the demand of the medical composites in Asia-Pacific region. The private dental sector as well as government sector in Asia-Pacific region is strongly growing owing to presence of large number of dental hospitals and clinics across this region.

Key players operating in the global medical composites market include CeramTec GmbH, Composiflex Inc., Dentsply Sirona, IDI Composites International, Inc., Kulzer GmbH, ROYAL DSM N.V., SGL Carbon SE, The 3M Company, Toray Industries, Inc., and Zeus Industrial Products, Inc.

COVID-19 analysis

The COVID-19 pandemic has spread to over 180 countries and caused huge losses of lives 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.

Key findings of the study

• The carbon fiber type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 9.1% from 2021 to 2030.
• The diagnostic imaging application is anticipated to register the highest CAGR of 9.4% during the forecast period.
• North America garnered the highest share of 32.5% in 2020, in terms of revenue, growing at a CAGR of 8.2%