Medical Composites Market Size To Touch USD 2.6 Bn By 2030

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18 Sep 2024

Table of Content

The global medical composites market size was reached at USD 1.1 billion in 2022 and is expected to touch around USD 2.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.33% between 2022 and 2030.

Medical composites have been widely used in the healthcare sector for the manufacturing of multiple medical equipment and devices. The various beneficial properties possessed by biomedical composites in the form of flexibility, weight-bearing capacity, and light weight make it very suitable for medical implants and equipment. Artificial limbs are another advantage for disabled people which are manufactured with the help of medical composites.

As medical composites are made out of two different materials it provides additional strength to the entire material and makes it more durable. The increasing developments observed in the healthcare sector all over the world demand for devices and equipment manufactured from medical composites has increased to a great extent.

Report Highlights

• On the basis of fiber type, the segment of carbon fiber has emerged as the largest market for medical composite due to its extensive use in the medical industry for making implants due to its beneficial properties. 
• On the basis of application, the segment of diagnostic imaging has emerged as the largest market in this sector. 
• On the basis of geography, the region of Asia Pacific has emerged as the largest market.

Medical Composites Market Report Scope

Regional Snapshots

The geographical region of Asia Pacific has emerged as the largest market for medical composers due to the extensive use of medical equipment and devices in the healthcare industry. A huge number of people who are disabled require medical implants and artificial limbs which are made with the help of medical composites. This geographical region is home to a huge number of elderly people as well who require body implants made out of medical composites. 

The region of North America has also emerged as a major growing market for medical composites due to the recent advancements that have taken place in the healthcare sector. The government of the European nations has also boosted the market for medical composites by introducing multiple development schemes in the healthcare sector.

Market Dynamics:

Drivers

The number of operative procedures that are being carried out all over the world has increased to a great extent with the use of minimally invasive surgical procedures. The properties of the medical composites which makes it light in weight helps it to be used for manufacturing of body implants which in turn does not increase the weight of the particular body part. Medical composites possess the properties of being highly resilient and hence can carry a huge amount of weight.

As a result of this medical composites can be used for manufacturing of artificial limbs for disabled people which proves to be a great driving factor for the growth of the market pertaining to the increasing number of high-velocity accidents that are taking place all over the world due to rapid modernization. These multiple regions have emerged as the driving forces for the growth of the market.

Restraints

The flexibility of medical composites is a matter of concern as it has its own limitations and hence emerges as a major restraining factor for the growth of the market. As these materials are not very flexible, very complex procedures is required for molding them into the desired shape and size for making it a useful device. 

The total cost of production is increased to a great extent which hampers the final cost of the product and hence it emerges as another obstacle for the growth of the medical composites market during the forecast period. Lack of disposable income available to the people has hindered the growth of the market to a great extent.

A large number of people who are disabled and handicapped who require artificial limbs. The High Court associated with the production and the product hampers the growth of the market to great extent. This is because multiple regions emerged as the restraining factors for the growth of the medical composite markets during the forecast period.

Opportunities

The introduction of minimally invasive surgical procedures in the healthcare system has emerged as a major opportunity for the growth of the medical composites market due to its extensive use for surgical procedures that involved a huge number of incisions. A surgical wound is a complex wound that is created with the help of sharp instruments which can be substituted with the help of minimally invasive surgeries which involve very minute instruments that create or very small opening on the body of the individual which takes a lesser time to heal. 

The huge number of operative procedures that are carried out all over the world resulting from the increasing number of people belonging to the geriatric population who require artificial implants and limbs for supporting their physical structure. These multiple reasons emerge as great opportunities for the growth of the medical composite market during the forecast period.

Challenges

The entire process of manufacturing medical or surgical equipment is very complex when medical composites are used as raw materials. This complex procedure increases the total cost of production and hence challenges the growth of the market to great extent. With the increase in complexity, the total cost of the product also rises to a considerable amount which makes it unaffordable for the common people. Medical composites are not flexible beyond a certain limit which hampers the growth of the market to a great extent. 

A shortage of this was able income available with the geriatric population makes it impossible for them to opt for minimally invasive surgical procedures which make use of highly advanced medical equipment made from medical composites. There are multiple reasons that emerge as challenges for the growth of the medical composite market during the forecast period.

Recent Developments

• In March 2018 - TenCate advanced composites was acquired by Toray industries by exchanging an amount of USD 1091 million. The deal was mainly done with a view to expand the reach of the company and withhold its position in the market of carbon fibers. Various industries including the medical sector which proved to be the end users for carbon fibers were benefited with the help of this acquisition.

Major Key Players

• 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.

Market Segmentation

By Fiber Type

• Ceramic Fiber
• Carbon Fiber
• Others

By Application

• Composite body implants
• Diagnostic imaging
• Surgical instruments
• Dental instruments
• Others

By Process

• Wet Lamination
• Prepreg
• Others

By End User

• Hospitals
• Ambulatory Surgical Centers
• Others

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