The global medical composites market size was estimated at USD 1.2 billion in 2022 and is expected to hit around USD 3.33 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 10.8% during the forecast period 2023 to 2032.
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The composite material is a combination of two materials which possess different physical and chemical properties. Glass fiber composite are used on large scale in the healthcare sector as they have very different properties which are useful to the industry. The glass fiber can be altered into different shapes and molded in the form of aesthetic structures that provide great strength to the product and hence can be put into use in a variety of ways. The increasing development that has been observed in the healthcare sector all over the world has also boosted the market for medical composites which provides a number of materials and products to the medical industry.
The medical industry makes use of composite materials even for the surgical departments as they propose special properties of being lightweight and inert. It can be utilized as a combination material and is considered as a primary choice as compared to the metallic materials available in the market. The outbreak of the pandemic had considerable impact on the growth of the composite market Due to the rapid development of the healthcare sector which has been observed all over the world.
The increasing demand for better equipments which will provide faster results has boosted the demand for medical composites in the market. Rapid advancements have been observed in the medical sector after the outbreak of the pandemic with a view to provide maximum health care facilities of the best quality. The increasing development of the surgical department has also boosted the growth of medical composites to a great extent which facilitates faster healing of wound with the help of minimally invasive surgeries.
Report Scope of the Medical Composites Market
|Market Size in 2023
USD 1.32 Billion
|Market Size by 2032
USD 3.33 Billion
|Growth Rate from 2023 to 2032
|CAGR of 10.8%
|2023 to 2032
|Fiber Type, Application, Process, End User, Geography
IDC Composite International Inc., Kulzer GmbH, Composiflex Inc., Dentsply Sirona, Royal DSM N.V., SGL Carbon SE, Zeus Industrial Products Inc., The 3M Company, Toray Industries Inc.
The use of medical cartilage has been widely seen in the healthcare sector due to the various advantages it provides. Biological resurfacing is a major operative procedure that is carried out for the damaged areas with the help of medical composites in the form of carbon fiber. A suitable repair of the damaged part of the body takes place with the help of medical composites that encourage cell growth within the material to heal the entire part at a faster rate. The medical composites are capable of bearing a huge amount of load and pressure which makes it quite durable and strong. These materials are made use of in manufacturing artificial limbs for the disabled people and hence provide them with mobility.
The outbreak of the pandemic had a significant positive impact on the growth of the medical composite market due to the huge demand of medical equipments and devices that was experienced all over the world. The rapidly increasing demand for minimally invasive surgeries all over the world has boosted the demand for the equipments that are made out of medical composites which are largely used for such surgical procedures. These surgical techniques help to heal a wound faster and make the process quite simple. With the help of minimally invasive surgeries the demand for high precision surgical devices has also been boosted which brings in to play the role of medical composites in the healthcare sector.
Key Market Drivers
Key Market Challenges
Complex procedures involved in manufacturing- Then entire procedure of manufacturing the products from composite materials emerges as a major challenge for the growth of the market as it is quite difficult and cannot be achieved easily. This imposes an additional cost on the production which reflects in the final cost of the product.
Increased cost of production- Total cost of production of artificial limbs and other products with the help of medical composite is quite high due to the complex procedures which are involved in the manufacturing process and hence the total cost of product also increases tremendously which makes it unaffordable for many people.
Medical composites are not very flexible- then direct process of restructuring a medical composite it's quite difficult and it cannot be pushed to beyond a certain level which emerges as a major restraining factor for the growth of the market. In multiple cases especially during the manufacturing of limbs for disabled people the medical composite needs to be restructured and resized which becomes a great challenge for the market which hampers the demand and supply chain to a great extent.
Key Market Opportunities
Introduction of minimally invasive surgical techniques- Increasing use of minimally invasive surgeries in the healthcare sector has emerged as a major opportunity for the growth of the medical composites market as it has emerged as the most advanced method of surgery and that is carried out. The use of this surgical procedure leads to a lesser creation of wound on the body of the individual and hence takes faster route to recovery within a shorter period of time.
Huge geriatric population all over the world- Increasing number of people belonging to the geriatric population has boosted the number of operative procedures that are being carried out all over the world and the number of people who need a device to support themselves physically in the form of implants or artificial limbs which has helped to emerge as a major opportunity for the growth of the market and is expected to provide a significant result over the period of time.
Fiber Type Insights
On the basis of fiber type, the carbon fiber segment has emerged as the largest market for medical composites due to its extensive demand in the healthcare sector for making implants and other devices. The advanced capabilities of carbon fiber which helps it to carry a huge amount of load makes it very useful for the patient in the form of an implant which is able to support the entire body structure of the person by carrying its weight.
The ceramic fiber segment accounted revenue share of around 47% in 2022. The load carrying capacity of any material is a very important factor as it has a direct impact on the joint. These materials emerge as biocompatible with the body and hence can be utilized really easily for restructuring the body surface after the damage is caused by high velocity accidents. Composites also provide great stiffness and hence can be used for making body implants and artificial limbs for disabled people.
On the basis of application, the diagnostic imaging has emerged as the largest market go to the increasing demand of accurate diagnosis in the healthcare industry which makes it possible for the physician to choose a suitable line of treatment for the patient. The use of medical devices and equipments which help in capturing a proper image of the deformities and pathological conditions of the body emerged as the major driving force for the growth of the market.
The diagnostic imaging segment is expected to grow at a CAGR of 10.5% from 2023 to 2032. The medical composites have a property to absorb a very minimum amount of radiation which makes it very useful in the healthcare sector for the areas where imaging procedures are carried out. Attenuation of minimal signal strength emerges as another major property of medical composite which makes it a highly demanded material among the health care industries.
Medical Composites Market Share, By Region, 2022 (%)
|Revenue Share in 2022 (%)
The region of North America held highest revenue share 44% in 2022 owing to the huge number of healthcare industries that are existing in this sector. Back to support provided by the government to the healthcare sector has emerged as a major growth factor for this market. The European nations are also contributing significantly to the market of medical composites due to the recent advancement in technology that has taken place in the healthcare sector.
The region of Asia Pacific is expected to hit highest CAGR over the forecast period due to its maximum contribution to the global economy of this product. The huge demand of medical equipments and devices which are manufactured with the help of medical composite in this sector has boosted the growth of the market to a great extent and is expected to perform in a similar fashion during the forecast period as well. Huge number of medical equipments have been demanded by the Asia Pacific region due to the increasing number of operative procedures that are carried out in this sector. Rapid modernization of this region has emerged as a major growth factor for the medical composite market. Increasing number of road traffic accidents due to rapid modernization has boosted the size of the medical composite market to a great extent. Medical devices such as screws, implants and other products that are used for resurfacing the body structure are manufactured with the help of medical composites.
Key Market Players
Segments Covered in the Report
By Fiber Type
By End User
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