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
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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.
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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.
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.
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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.
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.
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Medical Composites Market Report Scope
Historical Data Available for
|KT for Volume and US$ Mn for Value|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Segments Covered in Medical Composites Industry Research
- Carbon Fiber Medical Composites
- Glass Fiber Medical Composites
- Medical Composites for Diagnostic Imaging
- Medical Composites for Composite Body Implants
- Medical Composites for Surgical Instruments
- Dental Medical Composites
- Medical Composites for Tissue Engineering
Medical Composites Market- Scope of Report
A recent study by Fact.MR on the medical composites market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of medical composites.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing medical composites, along with their product portfolios, key strategies, SWOT Analysis, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including revenue growth, product enhancements, and revenue generation from medical composites across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the revenue through of medical composites during the forecast period.
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of volume (KT) and value (US$ Mn).
Market estimates at global and regional levels for medical composites are available in terms of “US$ Mn”. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a company can look to achieve, along with identifying potential resources, considering the revenue perspective in the global medical composites market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include market forces analysis, which is expected to have a momentous influence on the growth of the medical composites market during the forecast period.
Country-specific valuation on revenue for medical composites has been offered for each regional market, along with market scope estimates and forecasts, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for key countries has also been included in the report.
In-depth Analysis on Competition
The report sheds light on leading providers of medical composites, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the medical composites has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the medical composites market.
- FAQs -
The global medical composites market is worth more than US$ 980 Mn at present.
Sales of medical composites are projected to increase at a CAGR of over 9% during 2021 – 2031.
Value sales of medical composites increased at a CAGR of 8.6% during 2016 – 2020.
Medical components possess radiolucency, owing to which, they are being used in CT imaging systems and X-rays on a large scale.
The ability of medical composites to be used in surgical instruments, composite body implants, etc., is mainly driving their demand across regions.
Top 5 manufacturers of medical composites account for around 25% share in the market.
Top 5 countries driving most of the demand for medical composites are the U.S., Canada, Germany, France, and China.
North America accounted for over 25% of global medical composite demand in 2020.
The United States, Canada, and China are key producers of medical composites.
The market in South Korea and Japan is set to expand at 7.8% CAGR, with both countries together accounting for 50% share in the East Asia market.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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