(MENAFN- PR Newswire)
NEW YORK, June 19, 2024 /PRNewswire/ -- The global medical composite materials market size is estimated to grow by USD 871.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
10.87%
during the forecast period. Increasing demand for lightweight material in medical industry is driving market growth, with a trend towards increasing use of ceramic matrix composites in medical industry. However, fluctuations in raw material prices of medical composite materials
poses a challenge. Key market players include 3M Co., ACP Composites Inc., Avient Corp., Coltene Whaledent AG, Composiflex, CoorsTek Inc., Den Mat Holdings LLC, Dentsply Sirona Inc., Evonik Industries AG, Henkel AG and Co. KGaA, icotec AG, Kaman Corp., Koninklijke DSM NV, Kulzer GmbH, Mitsubishi Chemical Group Corp., Polygon Co., SGL Carbon SE, Shofu Inc., Tokuyama Corp., and Toray Industries Inc..
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Technavio has announced its latest market research report titled Global medical composite materials market 2024-2028
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| Medical Composite Materials Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
| Market growth 2024-2028 |
USD 871.8 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
9.52 |
| Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution |
North America at 33% |
| Key countries |
US, China, UK, Germany, and Japan |
| Key companies profiled |
3M Co., ACP Composites Inc., Avient Corp., Coltene Whaledent AG, Composiflex, CoorsTek Inc., Den Mat Holdings LLC, Dentsply Sirona Inc., Evonik Industries AG, Henkel AG and Co. KGaA, icotec AG, Kaman Corp., Koninklijke DSM NV, Kulzer GmbH, Mitsubishi Chemical Group Corp., Polygon Co., SGL Carbon SE, Shofu Inc., Tokuyama Corp., and Toray Industries Inc. |
Market Driver
The medical composite materials market is experiencing significant growth due to the increasing use of ceramic matrix composites (CMCs) in various medical applications. CMCs offer superior strength and wear resistance, making them ideal for dental and orthopedic implants. With the aging population expanding in countries like Japan, Korea, China, India, and Russia, the demand for orthopedic surgeries and subsequent implants is projected to rise, boosting the market. Transparent composite materials' ability to allow clear X-ray views and patients' metal allergies further fuel market expansion.
The composite materials market in the healthcare sector is experiencing significant growth, particularly in the biomedical industry. Composites like carbon fiber and composites made from biodegradable materials are trending. These materials offer advantages such as strength, lightweight, and biocompatibility. Companies are developing composites for use in various applications, including bone plates, implants, and surgical instruments. Composites made from compostable materials are gaining popularity due to their environmental benefits. The use of these materials in cardiovascular and dental applications is also increasing. The market for composites in the medical industry is projected to grow in the coming years.
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Market
Challenges
The high cost of medical composite materials, particularly carbon fiber composites, is a significant barrier to market growth due to budget constraints in hospitals and organizations. The primary reason for this expense is the costly raw material, polyacrylonitrile, which is eight times more expensive than steel. This high cost significantly influences customer purchasing decisions, prompting vendors to adopt low-price strategies. However, these strategies may result in reduced profit margins for manufacturers. To mitigate this, they must focus on improving manufacturing techniques and processes to reduce costs. The volatility in raw material prices further complicates market growth predictions.
The market for medical composite materials faces several challenges. Bodies like the FDA require strict regulations for the use of these materials in medical applications. Carbon fiber, for instance, is used in surgical implants for its strength and lightweight properties. However, ensuring its biocompatibility is a challenge. Similarly, the use of glass fiber in composites for medical devices requires addressing issues related to their surface roughness and potential for inflammation. The cost of manufacturing these materials also poses a challenge, as does ensuring their consistency and durability. The market for these materials is growing, driven by the need for advanced medical technologies. However, addressing these challenges is crucial for their widespread adoption.
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Segment Overview
This medical composite materials market report extensively covers market segmentation by
Application
1.1 Diagnostic imaging
1.2 Orthopedics
1.3 Needles and syringes
1.4 Dental
1.5 Microsphere
Type
2.1 Fiber composites
2.2 Polymer-ceramic composites
2.3 Polymer-metal composites
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 Diagnostic imaging-
Diagnostic imaging is a crucial aspect of modern medicine, relying on various techniques to examine the human body's internal structures. Radiology, a branch of medicine that uses radiation, plays a significant role in this process. Medical composite materials are essential components of diagnostic imaging systems, including radiography, CT scanners, MRI machines, and radiation therapy equipment. These materials offer benefits such as stiffness, strength, and minimal impact on image quality. The growing demand for accurate patient diagnosis drives the expansion of the global medical composite materials market.
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Research Analysis
The Medical Composite Materials Market encompasses the production and application of composite materials, specifically glass fiber composites, in surgical departments. These materials offer advantages such as radiolucency for easy X-ray, CT, and MRI scans, as well as thermal resistance for temperature-sensitive applications. Composite body implants and surgical instruments are key areas of utilization. Assumptions about the market's growth include the increasing demand for low-cost carbon fiber in cardiovascular applications, such as stents, and the expansion of business activities in hospitals and healthcare facilities. Mission critical applications, including vaccines and factories, also contribute to the market's significance. Virtual events and webinars are platforms for industry professionals to discuss the latest developments and innovations in this field.
Market Research Overview
The Medical Composite Materials market encompasses a wide range of materials used in the healthcare industry. These materials, which include fibers, surgical composites, and biodegradable composites, among others, offer unique properties that make them suitable for various medical applications. For instance, surgical composites are known for their strength and durability, making them ideal for use in implants and prosthetics. Biodegradable composites, on the other hand, are gaining popularity due to their ability to degrade over time, reducing the need for secondary surgeries and minimizing patient discomfort. The market for these materials is driven by factors such as an aging population, increasing prevalence of chronic diseases, and advancements in medical technology. Additionally, the growing trend towards minimally invasive surgeries and the need for lightweight and strong materials are also contributing to the growth of this market. The use of these materials in tissue engineering and regenerative medicine is also on the rise, further expanding their applications in the healthcare sector.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Diagnostic Imaging
Orthopedics
Needles And Syringes
Dental
Microsphere
Type
Fiber Composites
Polymer-ceramic Composites
Polymer-metal Composites
Geography
North America
Europe
APAC
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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SOURCE Technavio
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