Medical Composite Materials Market size is set to grow by USD 871.8 million from 2024-2028, Increasing demand for lightweight material in medical industry to boost the market growth, Technavio

NEW YORK, July 16, 2024 /PRNewswire/ -- The global medical composite materials market size is estimated to grow by USD 871.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.87% during the forecast period. Increasing demand for lightweight material in medical industry is driving market growth, with a trend towards increasing use of ceramic matrix composites in medical industry. However, fluctuations in raw material prices of medical composite materials poses a challenge. Key market players include 3M Co., ACP Composites Inc., Avient Corp., Coltene Whaledent AG, Composiflex, CoorsTek Inc., Den Mat Holdings LLC, Dentsply Sirona Inc., Evonik Industries AG, Henkel AG and Co. KGaA, icotec AG, Kaman Corp., Koninklijke DSM NV, Kulzer GmbH, Mitsubishi Chemical Group Corp., Polygon Co., SGL Carbon SE, Shofu Inc., Tokuyama Corp., and Toray Industries Inc..

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Key Market Trends Fueling Growth

In the medical industry, ceramic matrix composites (CMCs) have gained significant attention due to their superior strength and wear resistance properties. These composites have been extensively used in dental and orthopedic applications due to their high flaw tolerance, preventing microcracks during polishing or roughening. The demand for dental and orthopedic implants is on the rise, particularly in countries like Japan, Korea, and China, with large aging populations. Developing countries such as India and Russia also have a substantial aging population base, leading to an increase in medical surgeries, especially in orthopedics. This trend is expected to boost the demand for CMCs in medical applications. Composite materials offer several advantages over metals for biomedical applications. For instance, some composites are transparent, allowing clear X-ray views, enabling doctors to assess injury healing or damage accurately. Moreover, some patients have metal allergies, making composite materials a viable alternative. The growing adoption of CMCs in the medical industry will positively impact the expansion of the global medical composite materials market during the forecast period.

Medical composite materials have gained significant attention in the healthcare industry due to their unique properties. These materials, made from combining different substances, offer benefits such as biodegradability, easy manufacturability, and excellent mechanical properties. The market for composite biomaterials is expected to grow, with applications in cardiovascular diseases, surgical procedures, and medical imaging. Carbon composites, like carbon fiber and hydrophobic matrices, are popular choices due to their lightweight, inert, and thermal stability. Healthcare companies are increasingly using composite materials in place of conventional ones, such as metallic materials, for surgical departments and medical equipment. Biocompatibility is crucial, ensuring the materials do not harm the body during surgical applications. Biodegradability is also essential for minimally invasive surgeries and tissue engineering. Analysts predict a rise in demand for composite materials in dental implants and diagnostic imaging systems. Energy consumption and environmental impacts are also considerations, with composite materials offering lower energy consumption and reduced environmental impact compared to traditional materials. Carbon fiber composites and glass fiber composites have applications in surgical spreaders, dental implants, and even in the production of lightweight, strong artificial limbs. The future of medical composite materials lies in their ability to meet the demands of the healthcare industry while minimizing costs and environmental impact. 

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Market Challenges

• Medical composite materials offer numerous advantages in the healthcare industry due to their strength, lightweight, and biocompatibility. However, their high cost compared to traditional materials like plastics, metals, and polymers poses a significant challenge to market growth. The most expensive composite material is carbon fiber, with production costs nearly eight times higher than steel. The primary reason for this is the expensive raw material, polyacrylonitrile, used in carbon fiber production. The high cost of these materials significantly impacts customer purchasing decisions, as they typically bear most of these expenses. Vendors strive for competitiveness through low-price strategies, but this can lead to reduced profit margins. Manufacturers must focus on reducing production costs through advanced manufacturing techniques and innovative processes to offset raw material price fluctuations. These price fluctuations are expected to hinder the growth of the global medical composite materials market.
• The medical composite materials market encompasses the production and application of composite materials, primarily glass fiber and carbon fiber, in surgical departments for various medical applications. Challenges include radiolucency, thermal resistance, and compatibility with diagnostic imaging such as X-ray, CT, and MRI scans. Surgical departments use these lightweight, inert materials for implants, artificial limbs, and surgical instruments. The carbon fiber segment and ceramic fiber segment lead the market. Assumptions about market growth include the increasing demand for minimally invasive surgeries, advancements in medical cartilage and biological resurfacing, and the growing number of road traffic accidents. Factories producing these materials must consider mission-critical applications, cardiovascular applications like stents, and treatment options for vaccines. Business activities include virtual events, webinars, and collaborations with hospitals and healthcare facilities. The market faces competition from metallic materials but offers advantages in output and cost-effective solutions with the emergence of low-cost carbon fiber.

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Segment Overview 

This medical composite materials market report extensively covers market segmentation by

1. Application 
• 1.1 Diagnostic imaging
• 1.2 Orthopedics
• 1.3 Needles and syringes
• 1.4 Dental
• 1.5 Microsphere
2. Type 
• 2.1 Fiber composites
• 2.2 Polymer-ceramic composites
• 2.3 Polymer-metal composites
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Diagnostic imaging- Diagnostic imaging is a crucial branch of medicine that utilizes electromagnetic radiation to create accurate images of the human body's internal structures. Radiology, a medical specialty, employs radiation to diagnose and treat diseases. Diagnostic imaging techniques include radiography, CT scans, MRI, interventional radiology, nuclear medicine, sonography, and radiation therapy. Medical composite materials play a significant role in diagnostic imaging systems, particularly in patient positioning systems for X-ray systems and CT scanners. These materials must offer stiffness, strength, low weight, and minimal impact on image quality. Medical composite materials find applications in various diagnostic imaging equipment, such as X-rays, CT scanners, PET-CT, nuclear medicine, oncology, and medical equipment modalities. The increasing demand for accurate patient diagnosis through diagnostic imaging is expected to fuel the growth of the global medical composite materials market during the forecast period.

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Learn and explore more about Technavio's in-depth research reports

The global Medical Devices Market is witnessing robust growth, driven by technological advancements and increasing healthcare expenditure. The global Wearable Medical Devices Market is expanding rapidly, fueled by rising health consciousness and innovations in wearable technology. Meanwhile, the global Medical Transcription Market is thriving due to the growing demand for accurate medical records and the need for efficient healthcare documentation. Key players in these markets are continuously investing in research and development to enhance product offerings and improve patient outcomes, ensuring sustained growth in these dynamic sectors.

Research Analysis

The Medical Composite Materials market encompasses the use of composite materials, primarily glass fiber composites, in various applications within surgical departments. These materials offer advantages such as radiolucency for easy imaging during X-ray, CT, and MRI scans, thermal resistance for temperature stability during surgical procedures, and lightweight properties for use in surgical instruments. Composite body implants, including orthopedic and dental implants, are a significant application area. Assumptions about the market's growth are driven by the increasing demand for mission-critical medical applications, such as cardiovascular applications including stents. Factories producing these materials have adapted to the current situation by organizing virtual events and webinars instead of physical conferences. The use of low-cost carbon fiber composites is also gaining popularity due to their cost-effectiveness and high strength-to-weight ratio. The market's expansion is further fueled by the growing number of hospitals and healthcare facilities, as well as the increasing production of vaccines. Metallic materials continue to face competition from composite materials in many applications due to their inherent advantages.

Market Research Overview

Medical composite materials refer to the combination of organic and inorganic components to create materials with unique properties for use in various medical applications. These materials, including glass fiber composites, are increasingly being used in surgical departments due to their lightweight, inert, and biocompatible nature. They find extensive use in minimally invasive surgeries, composite body implants, and surgical instruments. Fiber type plays a crucial role in determining the properties of composite materials, with carbon fiber and ceramic fiber segments being popular choices. Medical composites offer several advantages such as radiolucency for diagnostic imaging, thermal resistance for use in radiation and high-temperature environments, and biodegradability for tissue engineering. They are also used in the production of artificial limbs and surgical instruments. Assumptions about medical composites include their low-cost carbon fiber variants, easy manufacturability, and compatibility with medical imaging systems like X-ray, CT, and MRI scans. However, challenges such as thermal stability, mechanical properties, and environmental impacts need to be addressed. The market for medical composites is driven by the increasing demand for treatment options for cardiovascular diseases, road traffic accidents, and other health issues. Business activities in this sector include factories, virtual events, and webinars. Mission-critical applications include cardiovascular applications like stents and surgical procedures. Analysts predict that the market for medical composites will continue to grow due to their advantages over conventional materials. However, concerns about energy consumption, recycling, and biocompatibility remain. The future of medical composites lies in their use in vaccine production, diagnostic imaging systems, dental implants, and tissue engineering.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Diagnostic Imaging
• Orthopedics
• Needles And Syringes
• Dental
• Microsphere
• Type
• Fiber Composites
• Polymer-ceramic Composites
• Polymer-metal Composites
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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