Medical Composites Market

Market Outlook for Medical Composites

Recently published medical composites market study by Fact.MR - a market research and competitive intelligence provider, over the past 5 years, market valuation bolstered at an exorbitant rate of 8.6% CAGR. In FY2020, market size reached a valuation of US$ 900 Mn, expanding a Y-o-Y growth rate of 8.8%, considering all factors such as investments, pricing, trade tariffs, etc.

The study exemplifies that a rapidly growing healthcare industry has created a scenario of strong inelastic behavior of medical composites demand. Over the past-half-decade, manufacturers of medical composites have constantly put their efforts towards launching novel products in the market, which will not only expand their product lines but also increase their overall net profits.

Rising R&D and investments towards launching new medical composites has pushed prices up 3X over the past 5 years.

Key Points Covered in Medical Composites Industry Survey:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Consumption Analysis of Medical Composites
• Assessment by Product Grade / Purity / Formulation Standards
• Market Share Analysis
• Certifications and Compliance Requirements
• COVID-19 Impact on Demand for Medical Composites and How to Navigate
• Recommendation on Key Winning Strategies
• Leading export & import destinations of medical composites

Revenue Analysis of Medical Composites from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031

Medical composites are essential products that have strong roots in the healthcare industry as well as the composite materials market. Combined analysis of both industries points towards prosperous growth of the medical composites business, which has surged at an 8.6% CAGR over the historical period of 2016-2020

Sales of medical composites have shot up multiple-fold owing to rapid rise in demand for medical diagnostic equipment across the globe. The market for medical composites is forecast to expand at a rapid CAGR of more than 9% over the coming 10 years.

• The medical composites market saw soaring growth in 2020 with worldwide revenue up 7.5% year-over-year.
• Medical composite sales are anticipated to grow 2.4X over the period of 2021 to 2031, reaching nearly US$ 2.4 Bn in 2031.
• Demand for composite body implants is expected to accelerate at the highest pace over long-term forecast period.
• Minimal trade barriers and enhanced adoption of medical composites in manufacturing various healthcare equipment to provide a boost to market expansion.
• The North America medical composites business is thriving owing to factors such as economies of density and stable investment growth rate in the healthcare sector.

What are the Key Driving Factors for the Market of Medical Composites?

Composite materials are formed by combining two or more materials. These materials have uncommon physical and chemical properties; they are combined together to produce a material that has required properties as specified by the manufacturer.

Medical composites have numerous purposes in the medical industry. These composites are being used in wound repair systems, implants, medical diagnostics, prosthetics, and surgical instruments. They are also used to make advanced devices for medical diagnostics or treatment, which eventually helps patients heal better and return back to their normal healthy and active lives.

Other benefits of medical composites instruments are, they are lightweight and stronger than other typical medical instruments.

Medical composites are being used in different X-ray machines owing to their provision of generating low level of radiations. This has strengthened their demand in X-ray technologies over the past half-decade. Such advancements in medical diagnostic devices have driven composite manufacturers to invest in producing promising products.

Which Region is Expected to Offer Lucrative Opportunities to Medical Composite Manufacturers?

North America accounts for more than 25% of global medical composite sales. This is attributed to the fact that the region sees higher demand for prosthetics, composite implants, and many other related medical devices, all of which are incorporated with one or the other medical composite.

The regional market is anticipated to expand at 2.1X by 2031. Increasing usage of medical composites in bio-medical applications will also support market growth in future.

Also, regions such as Europe and East Asia have accounted for a notable share in the market. In 2020, both regions collectively accounted for over 45% of the global market share. The competitive landscape in these regions is partially fragmented, and there is still room for new players to enter and gain market presence.

Country-wise Analysis

What Makes the United States the Largest Market for Medical Composites?

The United States holds more than 90% share the North American market for medical composites. During 2016-20, the country projected a CAGR of 8.3%. Such a significant CAGR was due to increasing demand for medical composite components that are used in various medical devices such as diagnostic imaging, operating tables, and others.

Mounting demand for lightweight and strong prostheses has bolstered demand for composites for prostheses applications. The prostheses business has bolstered over the past half-decade, not only in terms of valuation but also in terms of technological growth.

Rising healthcare spending in the country has also flourished demand for composites for manufacturing various medical components and equipment. It is anticipated that, over the next ten years, the U.S. medical composites market is set to grow 2.6X and will witness product sales higher than the historical period.

Why are Medical Composite Suppliers Eyeing Germany?

The medical composites market in Germany is set to gain highly over the next 10 years and expand at a CAGR of 8.4%.

Germany has been a long-standing technological pioneer of various medical equipment channeled in the market. Over the past half-decade, the country invested in developing medical composites in terms of equipment application rather than a product as a whole. Policies implemented by the government have also strengthened demand for medical composites.

As such, in 2020, Germany represented more than 15% share in the European share, which is gaining the attention of market players.

Category-Wise Insights

Which Fiber Type of Medical Composites are Prominently Used across Geographies?

There are two main types of medical composite fibers available in the market - carbon fiber composites and glass fiber composites

Carbon fiber composites are very strong and light in weight. Demand for these medical composites has observed a strong growth over the past half-decade, from various prosthetics manufacturers of alchemy composites, regal prosthesis, and others.

Carbon fiber is being integrated as a reliable material in the field of prosthesis. Rapid integration of carbon fiber is anticipated over the medium-run forecast period, with the expected shrink in price of carbon fiber over the same period. This will support the segment to expand at a CAGR 8.4% during the forecast period.

Glass fiber medical composites are made from using numerous extremely fine glass fibers. These composites are not that strong, and thereby, their integration in the medical industry is low when compared to carbon fiber composites.

Since major demand for medical composites is from bio-medical applications, demand for glass fiber composites is anticipated to increase slower at a CAGR of 6.6% through 2031.

How Has COVID-19 Impacted Revenue Generation from Medical Composites?

The COVID-19 pandemic had a minor impact on medical composite sales in 2020. Despite the manufacturing sector being affected, the medical composites market stood high in terms of demand.

Surge in demand for diagnostic imaging, composite body implants, and surgical equipment has been observed, paving the way for strong growth of medical composite sales.

Competitive Landscape

Majority companies discussed in the report have focused on expansion, investment, acquisitions, delivery focus, portfolio expansion, and brand development. Ratings have been done on the basis of market share, market reach, client base, etc.

Some of the key developments are:

• In 2018, Toray Industries Inc. acquired TenCate BV, a subsidiary of TenCate Advanced Composites, for US$ 1.09 Bn. This acquisition was carried out in order to strengthen the company’s position in medical composite applications, which include carbon fiber.
• In 2019, 3M launched its new product Filtek Universal restorative composites. This new product combines a unique shading mechanism with an innovative material that not only gives efficiency but also a highly aesthetically pleasing and long-lasting effect.

Similarly, recent developments related to companies manufacturing medical composites have been tracked by the team at Fact.MR, which are available in the full report.

Medical Composites Market Report Scope

Attribute	Details
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	KT for Volume and US$ Mn for Value
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
Key Countries Covered	U.S. India China France Canada Germany Brazil U.K. France Japan
Key Market Segments Covered	Fiber Application Region
Key Companies Profiled	3M ACP Composites INC.  Composiflex  DSM  Icotec AG  Jiangsu Aosheng Composite Material Hi-Tech CO. LTD  Mitsubishi Chemical Corporation  Plastic Reinforcement Fabrics LTD  Polygon Company  PolyOne  Shanghai Cedar Composites Technology CO. LTD.  Toray Advanced Composites
Pricing	Available upon Request

Key Segments Covered in Medical Composites Industry Research

• By Fiber

  • Carbon Fiber Medical Composites
  • Glass Fiber Medical Composites
  • Others

•  By Application

  • Medical Composites for Diagnostic Imaging
  • Medical Composites for Composite Body Implants
  • Medical Composites for Surgical Instruments
  • Dental Medical Composites
  • Medical Composites for Tissue Engineering
  • Others