Overview and Scope
Medical composites refer to a combination of two or more materials that are distinctive from each other in terms of physical and chemical properties. The medical composites are used in diagnostic imaging, biological resurfacing of damaged areas, surgical applications, and dental implants.
Sizing and Forecast
The medical composites market size has grown rapidly in recent years. It will grow from <b>$1.3 billion in 2023 to $1.47 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. </b> The growth in the historic period can be attributed to orthopedic applications, aging population, trauma and sports injuries, regulatory compliance, patient-centric care.
The medical composites market size is expected to see rapid growth in the next few years. It will grow to <b>$2.45 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. </b> The growth in the forecast period can be attributed to personalized implants, additive manufacturing, rise in telehealth services, regenerative medicine, biocompatible nanocomposites. Major trends in the forecast period include customized 3d-printed implants, remote monitoring, smart composite materials, sustainability and eco-friendly materials, wearable health devices.
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Segmentation & Regional Insights
The medical composites market covered in this report is segmented –
1) By Fiber Type: Carbon Fiber, Ceramic Fiber, Other Fiber Types
2) By Process: Wet Lamination, Prepreg, Other Process
3) By Application: Diagnostic Imaging, Composite Body Implants, Surgical Instruments, Dental, Other Applications
<b>North America</b> was the largest region in the medical composites market in 2023. The regions covered in the medical composites market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in demand for medical composites from the healthcare sector is expected to propel the growth of the medical composites market going forward. The healthcare sector consists of businesses that provide medical and clinical services, the development of medical devices and medicines, and medical insurance for the treatment of patients’ diseases. The demand for medical composites in the healthcare sector is increasing due to the rising need for medical instruments. For instance, in September 2022, according to MedTech Europe, a Belgium-based European trade association representing the medical technology industries, in Europe, on average, approximately 11% of gross domestic product (GDP) is allocated to healthcare. Out of this, about 7.6% is attributed to medical technologies. The spending on medical technology across European countries ranges from around 5% to 12% of the total healthcare expenditure. The per capita expenditure on medical technology in Europe stands at approximately $346.08 (€284) . Therefore, the increasing demand for medical composites from the healthcare sector is driving the growth of the medical composites market.
Key Industry Players
Major companies operating in the medical composites market include <b> 3M Company, Toray Industries Inc., SGL Carbon SE, CeramTec GmbH, Composiflex Inc., Dentsply Sirona Inc., Mitsubishi Chemical Holdings Corporation, Avient Corporation, Zeus Industrial Products Inc., Kulzer GmbH, Kaman Corporation, Den-Mat Holdings LLC, Ivoclar Vivadent Inc., Tokuyama Dental Corporation Inc., Quantum Composites Inc., Teijin Limited, Dental Technologies Inc., Koninklijke DSM N.V., Fillauer LLC, Getinge Group, Hill-Rom Holdings Inc., icotec AG, Johns Manville Corp., Nippon Sheet Glass Co. Ltd., Ossur, Ottobock SE & Co. KGaA, Owens Corning, Park Aerospace Corp., Shofu Inc., Taishan Fibreglass South Africa (Pty) Ltd, Fiber Materials Inc., Stryker Corporation </b>
The medical composites market report table of contents includes:
1. Executive Summary
2. Medical Composites Market Characteristics
3. Medical Composites Market Trends And Strategies
4. Medical Composites Market – Macro Economic Scenario
5. Global Medical Composites Market Size and Growth
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26. South America Medical Composites Market
27. Brazil Medical Composites Market
28. Middle East Medical Composites Market
29. Africa Medical Composites Market
30. Medical Composites Market Competitive Landscape And Company Profiles
Top Major Players:
- 3M Company
- Toray Industries Inc
- SGL Carbon SE
- CeramTec GmbH
- Composiflex Inc
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