Medical Composites Market: Global Industry Analysis And Forecast (2022-2029)

Medical Composites Market is anticipated to reach US$ 1962.19 Mn. by 2029 from US$ 922.06 Mn. in 2021 at a CAGR of 9.9 % during a forecast period.

Medical composite materials are manufactured to provide a stronger material with a lighter weight, and they are widely employed in medical equipment such as prostheses and implants, fueling the growth of the worldwide medical composites market.

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Medical Composites Market Dynamics:
Carbon fiber medical composites are used in surgical applications because of their chemical inertness and low weight. Furthermore, carbon fiber-based medical composites are employed in medical applications as a conjugation material as an alternative to metallic or polymeric materials. Medical cartilage is another item that is often used in the medical industry. Carbon fiber medical composites help in the biological resurfacing of damaged areas, making them suitable for use in medical cartilages. Carbon fiber medical composites' open weave structure promotes cell development between individual fiber materials, resulting in appropriate repair. Carbon fiber medical composites also offer enhanced load-bearing characteristics, making them suitable for use in prosthetic limbs. All of these factors work together to raise demand for medical composites, hence promoting the global market growth.

Advanced technology and the increasing use of composite materials in various medical applications such as implants, diagnostics, medical equipment, and accessories are some of the factors driving the worldwide medical composite market. Among the characteristics are radiolucency, heat resistance, and low-level radiant energy absorption. These qualities decrease signal attenuation, allowing for the capturing of sharp images for use in medical diagnostics. Composites are highly compatible with X-ray, CT, and MRI scans, allowing for better post-operative monitoring of the fractured section. All of the aforementioned factors are expected to enhance the worldwide market.

The FDA's regulatory restrictions, as well as those of other regional governments, hinder the market growth. Medical composite items are created using time-consuming processes and costly clinical tests. Because of their crucial nature, several medical types of equipment are subject to severe regulations.
Medical Composites Market Segment Analysis
By Fiber Type, Carbon fiber composites are extremely strong while still being quite light. Various prosthetics producers such as alchemical composites, regal prostheses, and others have seen a considerable increase in demand for these medical composites over the last half-decade. In the realm of a prosthesis, carbon fiber is being used as a trustworthy material. Over the medium-term forecast period, rapid integration of carbon fiber is envisaged, along with a decrease in the price of carbon fiber. This segment is expected to grow at a CAGR of 8.4% during the forecast period.

Glass fiber medical composites are created by weaving together a large number of extremely fine glass threads. These composites are not as strong as carbon fiber composites, and as a result, their use in the medical field is limited. Because biomedical applications account for the majority of demand for medical composites, demand for glass fiber composites is expected to grow at a slower rate of 6.6 percent until 2029.

By Application, Composites are becoming more used in dentistry for tooth replacement, fillings, and restorations. A polymeric acrylic or methacrylic matrix is reinforced with ceramic particles/fibers in composites used in dental applications. In tiny to mid-size fillings, composite resins combined with tooth-colored fillings give high durability and fracture resistance. The use of composites allows tooth fillings to resist mild pressure from chewing stress.

Composite fillings have mostly replaced amalgam fillings because they are more durable, wear-resistant, offer better aesthetics, are easier to work with, and make dental restorations unnoticeable. Composite-based dental restorations are biocompatible, low-maintenance, and aesthetically pleasing.
Medical Composites Market Regional Insights
More than a quarter of all medical composite sales are made in North America in 2021. This is because the region has a larger need for prostheses, composite implants, and a variety of other medical equipment that all include some kind of medical composite. By 2029, the regional market is expected to grow at a rate of 2.1%. Medical composites' increasing use in biomedical applications will also help the market growth in the future.

The United States controls more than 90% of the North American medical composites market. During the forecast period, the country is expected to grow at an annual rate of 8.3%. The increase in demand for medical composite components, which are utilized in a variety of medical equipment such as diagnostic imaging, operating tables, and other medical devices, leads to high CAGR. Composites for prosthesis applications are in high demand due to the growing need for lightweight and sturdy prostheses. Over the last half-decade, the prosthetics industry has grown in terms of both valuation and technological advancement.

Glass fiber medical composites are created by weaving together a large number of extremely fine glass threads. These composites are not as strong as carbon fiber composites, and as a result, their use in the medical field is limited. Because biomedical applications account for the majority of demand for medical composites, demand for glass fiber composites is expected to grow at a slower rate of 6.6 percent until 2029.

The medical composites market in Germany is expected to grow at an annual rate of 8.4% during the forecast period. Germany has long been a technological leader in the distribution of numerous medical devices. Over the last half-decade, the government has focused on producing medical composites as equipment rather than as a complete product. The government's policies have also helped to boost demand for medicinal composites. As a result, Germany is expected to hold a more than 15% share of the European market in 2022, attracting the attention of market participants.
Report Objectives:
• Landscape analysis of the Medical Composites Market

• competitive benchmarking

• Past and current status of the industry with the forecasted market size and trends

• Evaluation of potential key players that include market leaders, followers, and new entrants

• Technology trends

• Potential impact of micro-economic factors of the market

• External and Internal factors affecting market have been analysed

The report also helps in understanding the Medical Composites Market dynamics, structure by analysing the market segments and project the Medical Composites Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Medical Composites Market make the report investor’s guide.
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Medical Composites Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 922.06 Mn


Forecast Period 2022 to 2029 CAGR:
9.9%
Market Size in 2029:
US $ 1962.19 Mn.


 Segments Covered:
by Fiber Type
• Carbon Fiber
• Ceramic Fiber
• Others


by Application
• Diagnostic Imaging
• Composite Body Implants
• Surgical Instruments
• Dental
• Others



Medical Composites Market, by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Medical Composites Market Key Players
• Quatro Composite LCC
• 3M
• Mitsubishi Rayon Co. Ltd.
• PolyOne Corporation
• Royal Tencate N.V.
• DSM
• Composiflex Inc.
• Toray Industries Inc.
• Polygon Company ACP Composites, Inc.
• Icotec AG
• Vermont Composites, Inc.
• CeramTec GmbH
• Dentsply Sirona
• Royal DSM N.V.
• SGL Carbon
Frequently Asked Questions
1. What is the projected market size & growth rate of Medical Composites Market?
Ans- Medical Composites Market was valued at USD 922.06 million in 2021 and is projected to reach USD 1962.19 million by 2029, growing at a CAGR of 9.9 % during the forecast period.
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2. What are the key driving factor for the growth of Medical Composites Market?
Ans- Carbon fiber medical composites also offer enhanced load-bearing characteristics, making them suitable for use in prosthetic limbs.

3. Which Region accounted for the largest Medical Composites Market share?
Ans- More than a quarter of all medical composite sales are made in North America in 2021.

4. What makes North America a Lucrative Market for Medical Composites Market?
Ans- This is because the region has a larger need for prostheses, composite implants, and a variety of other medical equipment that all include some kind of medical composite.

5. What are the top players operating in Medical Composites Market?
Ans- Quatro Composite LCC, 3M, Mitsubishi Rayon Co. Ltd., PolyOne Corporation, Royal Tencate N.V., and DSM.