“The medical composites market is projected to register a CAGR of 9.9% during the forecast period.”
The global medical composites market size is projected to grow from USD 922 million in 2020 to USD 1,478 million by 2025, at a CAGR of 9.9% between 2020 and 2025. Medical composites are demanded in various applications such as diagnostic imaging, composite body implants, surgical instruments, dental, and others; due to their advantages properties such as high strength, thermal conductivity, and durability. However, global pandemic disease COVID-19 has disrupted the operations of aerospace, automotive & transportation, and other industries which are expected to decrease the demand for medical composites in 2020.
“Carbon fiber medical composites is the fastest-growing type of medical composites, in terms of value.”
Carbon fiber composites are widely used in medical applications such as oncology treatment, surgical tables, wheelchairs, and prosthetic limbs. The use of carbon fiber composites in the medical industry is growing at a significant pace due to its exceptional physical properties such as high strength, stiffness, and fatigue resistance. In addition, carbon fiber components are radiolucent and clinically chemical resistant. Carbon fiber accounts for more than 78% of all the reinforcements used in medical composites globally. The increasing demand from these applications is expected to drive the monolayer medical composites market during the forecasted period.
“Dental is the fastest-growing application of medical composites, in terms of value.”
Composites are being increasingly used in dental applications for tooth replacement, fillings, and restorations. Composites used in dental applications consist of a polymeric acrylic or methacrylic matrix reinforced with ceramic particles/fibers. Composite resins used with tooth-colored fillings provide good durability and resistance against fracture in small to mid-size fillings. Composites enable the tooth fillings to withstand moderate pressure from the constant stress of chewing. Composites have replaced amalgam fillings as they are long-lasting, wear-resistant, have superior aesthetics, provide easy handling, and make dental restorations undetectable. Dental restorations manufactured using composites provide biocompatibility, low maintenance, and aesthetics.
“APAC is the fastest-growing medical composites market.”
APAC is projected to register the highest CAGR in terms of value in the global medical composites market during the forecast period. The APAC medical composites market comprises India, China, Japan, and the Rest of APAC. The medical ceramics market in APAC is estimated to grow rapidly during the forecast period, considering the development of the region’s healthcare sector. The major consumers of medical composites in APAC are China, South Korea, and Japan. The aging population, increasing disposable income, technological advancements, and growing awareness about treatments available provide huge growth opportunities for medical composite manufacturers in the region.
In the APAC region, the COVID-19 pandemic has impacted countries such as China, South Korea, Japan, and India. However, in China, businesses started to open in the second quarter of 2020, while the Rest of APAC is still under a lockdown or following strict measures to contain the pandemic.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type– Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation– C Level- 50%, Director Level- 20%, and Others- 30%
- By Region– North America- 20%, Europe- 50%, APAC- 15%, Latin America-5%, MEA-10%,
The report provides a comprehensive analysis of company profiles listed below:
- 3M (US)
- Toray Industries, Inc. (Japan)
- CeramTec GmbH (Germany)
- Dentsply Sirona (US)
- Royal DSM N.V. (Netherlands)
- SGL Carbon (Germany)
Research Coverage
This report covers the global medical composites market and forecasts the market size until 2025. The report includes the market segmentation –Fiber Type (Carbon Fiber, Ceramic Fiber, Others), Application(Diagnostic Imaging, Composite Body Implants, Surgical Instruments, Dental, Others), and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global medical composites market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global medical composites market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the medical composites market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons to buy the report:
The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall medical composites market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
