Medical Composites Market: Current Analysis and Forecast (2022-2028)

The global medical composites market is expected to witness a CAGR of around 10% during the forecast period (2022-2028). As the market is anticipated to witness owing to rising demand for medical composite from the dental, microsphere, and tissue engineering sectors is a key factor expected to propel the growth of the medical composite market.

In addition, major players such as CeramTec GmbH, The 3M Company, Toray Industries Inc., Dentsply Sirona, Royal DSM N.V., SGL Carbon SE, Kulzer GmbH, IDI Composites International, Zeus Industrial Products Inc., Composiflex Inc. Several M&As along with partnerships have been undertaken by these players to develop the medical composites market.

Medical composites are used in diagnostic instruments to lower the weight of an instrument, which in turn offers better positioning for patients and the generation of clearer images. In addition, medical composites are excellent for usage in cartilages because they aid in the biological resurfacing of damaged areas. The open weave design of carbon fiber medical composites encourages cell development between individual fibers, which leads to appropriate healing. Additionally, medical composites have improved load-bearing capacity, which qualifies them for usage in prosthetic limbs. All these elements work together to increase demand for medical composites, which in turn is driving the growth of the medical composures market during the forecasted period. For instance, according to the National Health Service, 40.3 million image diagnostic procedures were recorded in England between September 2020 and August 2021. In August 2021, 3.22 million image diagnostic procedures were reported to have taken place. Plain radiography was the most prevalent in August 2021, with 1.6 million, followed by Diagnostic Ultrasonography (0.72 million), Computerized Axial Tomography (0.49 million), and Magnetic Resonance Imaging (0.29 million). An increase in demand for diagnostic operations is driving revenue growth in the medical composites market. The global medical composites market is expected to witness a CAGR of around 10% during the forecast period (2022-2028).

However, Covid - 19 has devasted the global economy due to which many sectors experienced a downfall as the demand for medical composites got reduced within the industries due to their shutdown. The production, and supply chain, manufacturing got declined in the healthcare industries due to a lack of operations which directly or indirectly affected the market of medical composites. Since the industry has been in process for a certain period, the usage of medical composites is increasing as diagnostic instruments to lower the weight of an instrument. In addition, the production of diagnostic instruments requires the use of medical composites, by which the growth of the market will be seen increasing during the forecasted period.

Insights Presented in the Report:

"Amongst fiber type, carbon fiber category to hold a significant share in the market"

Based on fiber type, the market is fragmented into carbon fiber, glass fiber, and others. During the forecast period, the carbon fiber segment is likely to have significant growth in the global medical composites market. As carbon fiber medical composites offer enhanced load-bearing capability, which makes them suitable to be used in artificial limbs. In addition, load-carrying links are of utmost importance in joint mechanism and carbon fiber medical composites are used for this application, owing to their stiffness and biocompatibility. Furthermore, the factors justify its use in the market which will drive its growth during the forecasted period.

"Amongst application, diagnostic imaging segment to hold a significant share in the market"

Based on application, the market is fragmented into diagnostic imaging, composite body implant, dental medical composite, surgical instruments, and others. In 2020, the diagnostic imaging segment is seen to have significant growth in the medical composites market. As diagnostic imaging applications are radiolucency, thermal resistance, and absorption of low levels of radiant energy. In addition, they are used in diagnostic imaging tables and other imaging accessories such as CT scan tables, MRI tables, and positron emission tomography (PET) tables. In recent years, the study of using diagnostic imaging technology in various areas such as tissue engineering, microspheres, and wheelchairs will drive the market of medical composites in the forecasted period.

North America to witness significant growth during the forecast period"

North America is likely to have the largest market share in the medical composites market during the forecasted period. Due to the availability of the extensive healthcare industries in the region. In addition, the region has high utilization of composite materials in bio-medical applications which is increasing the growth of the market. Furthermore, government authorities of North America are helping the healthcare sector to have an emerging growth of the market. North America has also 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, CeramTec GmbH, The 3M Company, and many others are highly contributing to the growth of the medical composites market in the region

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

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Deep dive regional level analysis of the industry.

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