Medical Composites Market Size to Hit USD 1452 million by 2028, Exhibit a CAGR of 10.3%: Exactitude Consultancy

Medical Composites Market growth drive by increasing use of medical composites in diagnostic imaging application and surge in demand from composite body implants.

Luton, Bedfordshire, United Kingdom, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Medical Composites Market.

The global medical composites market is expected to grow at a CAGR of 10.3% from 2022 to 2028. It is expected to exceed USD 1452 million by 2028, up from USD 789.5 million in 2021.

Market Overview

Medical composites are made up of two or more materials that have distinct physical or chemical properties that improve structural rigidity and lifespan. Medical composite materials are intended to be both strong and light. As a result, they are more efficient than other traditional medical materials used in surgeries, medical implants, and diagnostic procedures.

Carbon is commonly used in medical applications as a conjugation material to replace metallic or polymeric materials in the production of medical composites. Medical cartilage is a well-known and widely used device in the medical industry.

The continued use of diagnostic imaging technologies such as CT-scan and X-ray in the medical sector has accelerated the development of lightweight, radiolucent, and bio-compatible composite materials. These composites aid in reducing instrument weight and improving patient positioning during treatment. Composite demand is expected to be boosted further by technological advancements in dental materials, where composites are increasingly being used.

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Other key factors that are expected to drive the growth of the medical composite’s material market include technological advancement and an increase in the use of composite materials in medical applications such as diagnostics, implants, medical equipment, and accessories.

Drivers

Increasing reliance on X-ray machines: 

Medical composites are widely used in various X-ray machines because of their ability to produce low levels of radiation, as a result, over the last half-decade, the demand for medical composites in X-ray technologies has increased. As a result of such technological advancements, medical diagnostic device manufacturers have been forced to invest in promising medical composites-based products.

Medical Composites Market: Competitive Landscape

Major players in the global medical composites market include 3M, ACP Composites INC., Composiflex, DSM, Jiangsu Aosheng Composite Material Hi-Tech CO. LTD, Mitsubishi Chemical Corporation, Plastic Reinforcement Fabrics LTD, Polygon Company, PolyOne, Shanghai Cedar Composites Technology CO. LTD., Toray Advanced Composites, ACP COMPOSITES, INC, Mitsubishi Chemical Corporation, Dentsply Sirona, Royal DSM NV, IDI Composites International, SGL Carbon, Vermont Composites Inc., CeramTec GmbH, Kyocera Corporation, and CoorsTek Inc and Other Prominent Players

Industry News 

  • October 21, 2022: 3M Oral Care, a 3M division, has launched the new 3M Filtek Matrix, a restorative product that makes the placement of composites more predictable and less stressful for dentists, and more inexpensive for patients.

  • July 1, 2020: PolyOne Corporation has completed its purchase of the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd.  PolyOne also announced that it has changed its name and will now be called Avient.

  • Nov. 30, 2021: DenMat Holdings, LLC (“DenMat”), receives a patent for caries-resistant composite material

Increase your use of dental services.

Dental problems are spreading rapidly around the world as the demand for dental composite materials rises, the growing number of dental patients raises demand for dental composite materials, which will drive the composite medical market's growth rate.

Demand for carbon fiber medical composites is increasing.

carbon fiber medical composites are widely used in surgical applications because of their lightweight and chemically inert properties

Opportunities 

Strategic projects for the organization and cutting-edge technology

Development and production projects in medical technology are being launched to reduce the manufacturing costs of carbon fiber-reinforced products. Several organizations are working hard to develop various medical composites in order to improve manufacturing processes and achieve greater product stability.

The world has a large geriatric population.

Restraints and Challenges

  • Price fluctuations in raw materials

  • Consumer preferences are changing.

  • Existing medical composite manufacturers face fierce competition.

  • High manufacturing costs

  • Strict guidelines and regulations

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Future Applications of Composites in Medicine

Composites are already being used to make exciting prosthetic limbs, and this trend will only continue as more interesting and powerful materials become available. The prosthetics market is worth $2.8 billion, and with 3D printing, more and more composites will be introduced into the medical field at lower cost, allowing for complex devices or products to be produced faster than through more traditional means of production.

The new technique is being tested for use in adoptive immunotherapy, a new treatment in which cells from a patient are extracted, enhanced in the lab, and then reintroduced into the patient's bloodstream to boost the patient's ability to fight cancer.

Because the nanotubes have a large surface area with many surface defects, it works. Because of these flaws, protein absorption is facilitated, resulting in a structural environment similar to that of the body's lymph nodes, where T-cells are normally produced.

Over the next decade, composites will be present in all of the most significant changes and technological revolutions, and they have already had a significant impact on everyday items. Composites will play a significant role in improving our overall quality of life as our healthcare demands rise in the coming decades.

Medical Composites Market: Segmentation 

By Fiber 

  • Carbon fiber

    • Carbon fiber is one of the most versatile composites used in surgical procedures because of its chemical inertness. When exposed to other substances, it does not degrade and is strong enough to withstand lengthy procedures. During the forecast period, the segment will grow at an 8.4% CAGR.

  • Glass fiber

    • Glass fiber medical composites are created by weaving together a large number of extremely fine glass threads. Because these composites are not as strong as carbon fiber composites, their applications in medicine are limited. Because biomedical applications account for the majority of medical composites demand, demand for glass fiber composites is expected to grow at a slower CAGR of 6.6% over the forecast period.

  • Ceramic Fiber

By Applications

  • Diagnostic Imaging

  • Composite Body Implants

  • Surgical Instruments

  • Dental

  • Tissue Engineering

  • Microsphere

  • Orthopedics

  • Needles and Syringes

  • Surgical & Diagnostic Tables

  • Surgical Seals

  • Bone Implants

  • Prosthetic & Orthotics

  • Others

Diagnostic imaging accounts for 40% of the medical composites market and is expected to grow even more by 2022. By the same year, orthopedics is expected to account for slightly more than a quarter of the market. Composite body implants are more malleable and can share load with surrounding bone, resulting in less bone loss. It's also the most common application for medical composites.

Based On Process

  • Wet Lamination

  • Prepreg

  • Others

Based on End-User

  • Hospitals

  • Ambulatory Surgical Centers

  • Diagnostic Imaging Centers

  • Medical Device Companies

  • Pharmaceutical Companies

  • Research Centers

  • Others

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Medical Composites Market: Regional Insights 

More than 25% of global medical composite sales are made in North America. This is due to increased demand in the region for prosthetics, composite implants, and a variety of other related medical devices, all of which contain one or more medical composites.

Europe and East Asia have taken a sizable chunk of the market. By 2020, both regions would control more than 45% of the global market.

The United States accounts for more than 90% of the North American medical composites market. Germany has long been a technological pioneer in the medical equipment market. Over the next ten years, it is expected to grow at a CAGR of 8.4%.

Because of increased research and development activities aimed at instruments and devices that use composite materials to diagnose and treat various diseases, the Asia Pacific region, particularly India and China, is expected to see significant growth in the medical composite material market.

FAQ

  1. What is the Medical Composites Market Size?

  2. What are the key factors driving the growth of the Medical Composites Market?

  3. Who are the key players in the Medical Composites Market?

  4. Which region will make notable contributions toward the overall medical composites market?

  5. What are the segments covered in the report?

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