Global Medical Composite Market - 2020-2027
The medical composite market size was worth US$ XX billion in 2019 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
Medical composite material combines two or more materials to provide the individual product with desired characteristics physically and chemically. The medical composite's increasing applications are due to their light weight, chemical resistance, design, x-ray transparency, less thermal expansion, resistance to fatigue, and high stiffness characteristics. They are implemented mainly in orthopedic applications such as bone fixation, hip joint, bone cement, bone grafts, dental implants, diagnostic imaging, composite body implants, surgical instruments, microsphere, tissue engineering and various others.
The global medical composite market growth is driven by increasing applications of composites in the dental and surgical industry, growing demand for light weight materials and replacement of metal in the medical sector.
The growing demand for light weight composites is expected to boom the demand for compositesin . The medical industry as composites is a farer alternative to metals and alloys as they are lighter and more resistant to corrosion.
As metal implants are subjected to autoimmune diseases, allergies, pain with orthopedic implants, fatigue, rash, joint and muscle pain, and weakness. For these reasons, the medical industry is shifting towards composites in the medical sector. Various global companies are interested in investing in the medical composites market, such as Lamborghini, a luxury sports car manufacturer formed a partnership with Houston Methodist Research Institute for testing applications of carbon fiber composite material for medical devices. Also, the project focuses on biocompatibility study for composite materials that could be used in prosthetic inserts and aiming to identify new materials that are lighter and that can be tolerated by the human body, testing campaign is sponsored by the ISS U.S. National Laboratory.
Medical composites are subjected to high cost because of raw materials and fabrication, weak transverse properties, greater difficulty in repairing them compared to metallic structures, require refrigerated transport and storage and have limited shelf lives are some of the factors responsible for restraining the market growth.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the medical composites industry have seen a notable impact as all the manufacturing industries were closed. Medical composites production suffered a decline in 2020 due to reduced demand, production halts and supply chain disruption across the globe. Moreover, the public fear of going to hospitals, restrictions in traveling, and government guidelines for pre-bookings in hospitals are slowing down the demand for the medical composites market. However, the market is expected to recover in upcoming years with technical advancements in medical composites and the emergence treatments cannot be delayed for longer overall creating healthy opportunities in years to coming years resulting in market growth.
By type, the medical composites market is classified into fiber-reinforced polymer, carbon-fiber, polymeric acrylic, glass fiber, thermoplastic and others.
The carbon fiber polymer holds the largest market for medical composites market in terms of revenue due to the following advantages: High stiffness and strength, lightweight, corrosion resistance, x-ray transparency, low coefficient of thermal expansion, chemical resistivity and thermal and electrical conductivity.
Due to the numerous advantages, carbon fiber is being used for manufacturing tables for X-ray scanning systems, casings for portable scanning systems, external components such as artificial limbs, and surgical applications where the material is used with metallic or polymeric materials in medical industry. Carbon fiber composites prevent exposure to X-ray radiation, which is of great significance considering the impact on patients' health. It is used by various leading medical equipment companies such as Planmeca uses carbon fiber tubes manufactured in its X-ray equipment distributed in over 120 countries worldwide. Also, X-ray carbon fiber tables and carbon fiber arm boards demand in hospitals and private clinics are expected to boost the carbon fiber composites market in the medical field.
North America holds the largest market for medical composites globally and is forecasted to continue its dominance with technological advancements and applications of composites in dental, implants and other medical activities. According to the industry analysis, 2021, the dental market is expected to reach a revenue of 37 billion U.S. dollars with increasing and implant treatment is expected to be a major driver for the market growth. Also, according to the American Academy for Implant Dentistry report, approximately 3 million people in the U.S have implants, growing by 500,000 annually, with increasing dental implants in the countries like Canada and U.S in the region; it is expected to boost the demand for medical composites.
According to the German insurance association GDV, every fourth injury in this game is a fracture, metal implants usually take 12 to 24 months, for the reason various leading market players are also working on research and development to provide more effective composites in medical field. For instance, Evonik has launched biodegradable composites after doing research for new composite materials for the fixation of fractured bones, which eliminates the need for a subsequent intervention to remove the implant, burden on the patient, the risk of infection, and, not least, the cost of treatment.
The medical composites market is moderately competitive with the presence of the local players, followed by the global companies who contribute to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Exel Composites, SMI Composites LLC, Plastic Reinforcement Fabrics Ltd, Polygon Composites, Trelleborg AB, Composiflex Inc., Evonik, Toray group, Quatro Composites and various others. The major players are adopting various new strategies to dominate the market, such as launching new products with more safety and hygiene and collaborations, which are contributing to the growth of the medical composites market globally.
The global medical composite market report would provide access to an approx: 52 market data table, 50 figures and 240 pages.
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