Wilmington, Delaware, United States, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global medical composites market is estimated to reach a value of more than US$ 500 Mn by the end of 2030, as per an assessment by Transparency Market Research (TMR). In addition, the analysis by TMR shows that the market for medical composites is expected to grow at a CAGR of 9% during the forecast period, from 2020 to 2030.
The medical composites market is anticipated to continue gaining lucrative opportunities in North America during the forecast period. The North America market growth is ascribed to rise in the focus of healthcare organizations on composite biomaterials owing to their biodegradability, easy manufacturability, and low cost, according to TMR study that enlightens readers on the scope for medical composites market during the forecast period. Moreover, the North America market is expected to be driven by surge in the bio-medical applications of medical composites in the region, notes TMR review that delivers data on the sales forecast for medical composites market.
Medical composite materials find wide application in the diagnostic imaging systems as well as equipment including MRI and X-rays. Hence, the market players are expected to observe notable opportunities for growth in the diagnostic imaging application segment in the near future.
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Medical Composites Market: Key Findings
- In the medical sector, the demand for fiber reinforced polymer composites (FRPs) is being rising in the recent years. Companies operating in the global medical composites market are increasing their researches in order to study the advantages and disadvantages of each material in order to fulfill the current needs of end-users. The adoption of composite biomaterials including metal and polymer matrix composites is being increasing owing to their ability to serve as substitute to stents manufactured using titanium, stainless steel, and magnesium alloys. Over the period of past few years, there has been a surge in the prevalence of cardiovascular disorders globally. This factor is working as one of the growth frontiers for medical composites market, note TMR analysts.
- The popularity of FRPs is being increasing in the recent years owing to their different advantages including lightweightness, biocompatibility, and high strength. The use of FRPs is rising during the development of artificial limbs so as to provide them fatigue resistance. Moreover, increase in the use of FRPs owing to their ability to offer high level of flexibility is expected to help in the growth of the medical composites market size during the forecast period.
- In varied surgical applications, carbon fiber is being increasingly utilized instead of polymeric and metallic materials. Technological advancements in carbon fiber include its application in load carrying links in artificial limbs’ joint mechanisms. Major players in the global medical composites market are increasing their production abilities in carbon composites, which are implanted into cartilage in order to boost the biological resurfacing of impaired areas.
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Medical Composites Market: Growth Boosters
- Increase in the use of composite biomaterials in cardiovascular applications owing to their easy manufacturability and biodegradability is driving the market expansion
- Surge in the application of carbon fibers in order to manufacture lightweight patient positioning tables is propelling the global market for medical composites
Medical Composites Market: Key Players
Some of the key players profiled in the report are:
- Toray Advanced Composites
- 3M
- Polygon Company
- DSM
- Composiflex
- PolyOne
- Mitsubishi Chemical Corporation
- ACP COMPOSITES, INC
- Plastic Reinforcement Fabrics Ltd
- Icotec Ag
- Shanghai Cedar Composites Technology Co. Ltd.
- Jiangsu Aosheng Composite Materials Hi-Tech Co., Ltd.
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Medical Composites Market Segmentation
Fiber Type
- Carbon Fiber Composites
- Glass Fiber Composites
- Others
Application
- Diagnostic Imaging
- Composite Body Implants
- Surgical Instruments
- Dental
- Tissue Engineering
- Others
Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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