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I AgreeAnalysis of Medical Composites market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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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.
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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.
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.
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.
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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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.
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:
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.
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 |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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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.