Medical Composites Market Report 2022-2030, Industry Share, Size, Trend, Future Demand and Forecast
Increasing demand for composites in body implants and prosthetics is a significant factor driving global medical composites market revenue growth
VANCOUVER, BRITISH COLUMBIA, CANADA, January 24, 2023 /EINPresswire.com/ -- Medical Composites Market Forecast to 2030
According to the most recent report by Emergen Research, the worldwide medical composites market size is anticipated to reach USD 996.8 Million in 2021, with a revenue CAGR of 9.9%. The rising demand for composites in prostheses can be linked to the steady market revenue growth of medical composites. A large part of the medical business uses fiber-reinforced polymer plastic (FRP) composites because of its high rigidity, biocompatibility, and light weight. Due to its great fatigue resistance and benefits for manufacturing flexibility, medical composites are used to create external human body parts like prosthetic limbs. Additionally, the chemical inertness of materials like carbon-fiber composites and the lack of need for surgery to remove a resorbable composite prosthesis, as with metals, are contributing to the rise in demand for medical composites.
Increasing advancements in technology in the medical sector and growing investment in novel methods, including Rapid Manufacturing (RM) and Rapid Prototyping (RP) are significantly fueling market revenue growth. Fast production of functional parts used in prototype reconstruction substantially impacts innovation speed in the medical sector. Using rapid prototyping, prostheses component sample is created through Computer-Aided Design (CAD) and then these parts are produced using rapid manufacturing in a short interval without deploying any tools from an extensive range of materials, including composites. Growing use of such advanced technologies is expected to increase demand for medical composites.
According to the National Health Service, between September 2020 and August 2021, 40.3 million imaging diagnostic operations were reported in England. 3.22 million image diagnostic operations were claimed to have occurred in August 2021. Plain radiography was the most frequent in August 2021, with 1.6 million procedures performed, followed by Diagnostic Ultrasonography (0.72 million), Computerized Axial Tomography (0.49 million), and Magnetic Resonance Imaging (0.29 million). Increase in demand for diagnostic operations is driving revenue growth of the medical composites market.
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The global Medical Composites market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Medical Composites industry is witnessing an expansion and change of dynamics owing to the entry of several new players.
The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
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.
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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 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; 20192030)
Carbon Fiber Composites
Ceramic Fiber Composites
Application Outlook (Revenue, USD Million; 20192030)
End-use Outlook (Revenue, USD Million; 20192030)
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
Regional Analysis Covers:
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)
Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porters Five Forces Analysis.
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