Medical Composites Market Revenue to Attain USD 3.71 Bn by 2033

22 Oct 2024

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Table of Content

1. Medical Composites Market Revenue and Trends 2. Market Overview 3. Report Highlights 4. Market Trends 5. Regional Insights 6. Market News

Medical Composites Market Revenue and Trends

The global medical composites market revenue was valued at USD 1.47 billion in 2024 and is expected to attain around USD 3.71 billion by 2033, growing at a CAGR of 10.83% during forecast period. The rising demand for composite materials in dentistry boosts the market. With the rapid increase in dental-related issues across the world, there is a high demand for medical composites. 

Market Overview

Medical composites have been widely used in the healthcare sector to manufacture multiple medical equipment and devices. Their various beneficial properties, such as flexibility, weight-bearing capacity, and lightweight, make them suitable for medical implants and equipment. Artificial limbs, which are manufactured with the help of medical composites, are another advantage for disabled people.

Medical composites are made from two different materials, which provides additional strength and durability to the entire material. With the increasing developments observed in the healthcare sector worldwide, demand for devices and equipment manufactured from medical composites has increased greatly.

Report Highlights

• Based on fiber type, the carbon fiber segment dominated the market in 2023. This is mainly due to its extensive use in the medical industry for making implants due to its beneficial properties. On the other hand, the ceramic fiber segment is likely to grow rapidly in the coming years, owing to its load carrying capacity and biocompatibility, which provide great stiffness and hence can be used for making body implants.
• On the basis of application, the diagnostic imaging segment led the market. This is due to the increasing demand for advanced diagnostic solutions to capture a proper image of the deformities and pathological conditions in the body.

Market Trends

• Growing prevalence of dental issues: Dental-related issues have surged worldwide. Due to lifestyle changes and changing food habits, dental issues have become very common among all age groups. The rapid increase in the number of patients has surged the demand for medical composites worldwide.
• Advancements in technology: Recent technological developments have revolutionized the entire market. Technological advancements have resulted in the development of materials with cutting-edge features like flexibility and improved strength, which are expanding the medical composites market.
• Increasing demand for sustainability: The growing environmental concerns across the world have resulted in the development of alternative sustainable materials that can contribute to lowering environmental pollution while providing better service in the healthcare industry.
• Increasing need for implants: With the rising number of operative procedures worldwide, the demand for medical composites for manufacturing body implants is increasing. Medical composites are highly resilient and can, hence, carry a huge amount of weight.

Regional Insights

North America dominated the medical composites market with the largest share in 2023. This is due to the rising advancements in healthcare technologies in the region. Moreover, the presence of the well-established healthcare industry further contributed to regional market growth. On the other hand, the market in Asia Pacific is expected to grow rapidly in the coming years due to the extensive use of medical equipment and devices. A huge number of people who are disabled require medical implants and artificial limbs, which are made with medical composites. The region is home to a large number of elderly people as well as those who require body implants made out of medical composites. 

Market News

• In November 2023, Manjushree Spntek Pvt. Ltd., a leading rigid plastic packaging company in India, unveiled the Hightex Hybrid Spunmelt Nonwoven to protect the surgeons and nurses along with comfort.
• In July 2024, Tata Steel, an Indian multinational steel-making company, is all set to diversify itself into FRP composites, graphene, and medical implant materials to counter the cyclicality of the steel business.
• In December 2023, Quantum Composites, a business unit of the Composites group, introduced the first of its kind of hybrid carbon fiber material.

Segments Covered in the Report

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

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)

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