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..
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this report
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.
Research report provides comprehensive data on
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Report
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.
For more insights on driver and
challenges - Request a sample report!
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.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
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
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio