Medical Composites Market Size, Share & Growth Report 2032

Medical Composites Market Insights

According to the report published by Zion Market Research, the global Medical Composites Market size was valued at USD 1116.57 Million in 2023 and is predicted to reach USD 2385.32 Million by the end of 2032. The market is expected to grow with a CAGR of 8.8% during the forecast period. The report analyzes the global Medical Composites Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the rising opportunities in the Medical Composites industry.

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Global Medical Composites Market: Overview

Medical composites are made up of two or more materials that have different physical or chemical properties that offer better structural rigidity along with long life. Medical composite materials are engineered to offer stronger material with a lightweight. This feature makes them more efficient than other conventional materials used in medical procedures such as surgeries, medical implants, and diagnostic procedures. With the advancement in the healthcare sector, medical composites are getting more attention, due to their varied applications. Medical composite materials are physiologically harmless, biocompatible, and corrosion-resistant. These properties are making them a prime choice in the medical sector.

Global Medical Composites Market: Growth Factor

The global medical composites market is growing at a healthy rate. The factors contributing to the rapid growth of the market include the growing implementation of advanced technologies in the medical sector, the high durability of composite materials over conventional components, and the high strength offered by composite materials for surgical procedures. The healthcare sector in many countries especially in developing regions is investing a high amount to provide better healthcare facilities to the patients. This has resulted in the growing acceptance of composite materials in medical procedures. Furthermore, growing awareness regarding the effectiveness of composite materials in surgical procedures has significantly increased the demand over the last decade.

Additionally, composite materials possess properties such as absorbing low levels of radiant energy and radiolucency which makes them ideal in the case of diagnostic procedures. On the other hand, the high price of composites and the requirement of high highly specialized manufacturing processes may hinder the growth of the market. However, growing research on composite materials to make them more cost-effective for medical purposes and growing funding from several governments to strengthen the healthcare sector are expected to provide better growth opportunities to the global medical composites market over the forecast period.

COVID-19 pandemic conditions have severely affected the growth of the global medical composites market. Many manufacturers are struggling to fulfill the demand for medical composites owing to strict lockdowns imposed by several governments. Furthermore, the healthcare facilities are more concentrated to control the pandemic situations which has also contributed to the slow growth of the market. Major producers of medical composites failed to deliver the products due to restrictions on transport and disruption of the supply chain. However, the market is expected to get back on track by the middle of 2021 and is expected to register healthy growth over the forecast period.

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Global Medical Composites Market: Segmentation

The global medical composites market is bifurcated into application, fiber type, end-user, and region.

Based on the application, the global market is split into tissue engineering, composite body implants, dental, diagnostic imaging, microsphere, surgical instruments, and others.

Based on the fiber type, the global medical composites market is divided into ceramic, glass, and fiber.

Based on the end-user, the global market is classified into pharmaceutical companies, research centers, diagnostic imaging centers, medical device companies, and others.

Medical Composites Market: Report Scope

Global Medical Composites Market: Regional Analysis

By region, Europe is anticipated to contribute to the largest share of the global medical composites market. Factors such as the rise in demand from composite body implants & the diagnostic imaging sector, adoption of advanced technologies, and increase in demand for medical appliances of low weight are the major factors that are fostering the growth of the market in this region. North America is also estimated to account for a significant share in the global market. This is attributable to the presence of highly advanced technologies, well-equipped healthcare infrastructure, an increase in demand from the bio-medical sector, and a rise in the use of prosthetics.

On the other hand, the market in the Asia Pacific region is expected to grow with the highest CAGR during the forecast period. Emerging markets, rise in geriatric population, huge investments made by the government to improve healthcare facilities, expanding healthcare sector, and rise in the use of medical composites in countries like India & China are the key factors that are primarily contributing to the growth of the market in this region.

Global Medical Composites Market: Competitive Players

The major players in the global medical composites market include;

• Jiangsu Aosheng Composite Materials Hi-Tech Co., Ltd.
• Mitsubishi Chemical Corporation
• Toray Advanced Composites
• Shanghai Cedar Composites Technology Co. Ltd.
• Plastic Reinforcement Fabrics Ltd
• 3M
• Icotec Ag
• Composiflex
• Polygon Company
• DSM

The global medical composites market is segmented as follows;

Global Medical Composites Market: By Application Segment Analysis

• Tissue Engineering
• Composite Body Implants
• Dental
• Diagnostic Imaging
• Microsphere
• Surgical Instruments
• Others

Global Medical Composites Market: By Fiber Type Segment Analysis

• Ceramic
• Glass
• Fiber

Global Medical Composites Market: By End-User Segment Analysis

• Pharmaceutical Companies
• Research Centers
• Diagnostic Imaging Centers
• Medical Device Companies
• Others

Global Medical Composites Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.