Medical Composites Market worth $1,478 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2021 /PRNewswire/ -- According to the new market research report "Medical Composites Market by Fiber Type(Carbon and Ceramic), Application (Diagnostic Imaging, Composite Body Implants, Surgical Instruments, and Dental), and Region (Europe, North America, APAC, Latin America, and MEA) - Global Forecast to 2025", published by MarketsandMarkets™, the global Medical Composites Market size is expected to grow from USD 922 million in 2020 to USD 1,478 million by 2025, at a CAGR of 9.9% during the forecast period. Medical composites are extensively being used in Diagnostic imaging, composite body implants. The increasing use of medical composites-based composites materials in the automotive & transportation end-use industry is expected to drive the demand.
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Carbon fiber type of medical composites comprises a major share of the medical composites market in terms of value and volume
Carbon fiber composites comprise carbon fibers and different matrix resins. The use of carbon fiber composites in medical applications provides strength, stiffness, and fatigue resistance. These composites are radiolucent and non-magnetic, thereby giving minimum after-effects during diagnostic imaging. In orthopedic and body implant applications, these carbon fiber composite products reduce the risk of allergies. The carbon fiber composites-based medical equipment market has been growing significantly over the last three to five years owing to increasing demand in imaging components, prosthetic applications, wheels-chairs, surgical tables, and oncology treatment, among others. The market growth is also driven by technological innovations and increased use in new medical devices such as tabletops of X-ray machines and patient positioning tables.
The COVID-19 pandemic has had adverse effects on the supply chain and demand for composite materials in 2020. As most of the countries worldwide were in strict lockdown during the peak time of COVID-19, it has resulted in disruption in the supply chain as movements of goods were restricted. Also, the pandemic has resulted in less demand for diagnostic imaging equipment, surgical equipment, and composites body implants due to the cancellation of elective surgeries and treatments. These factors resulted in reduced demand for composite materials in 2020.
The diagnostic imaging application accounts for the largest market share in the global medical composites market during the forecasted period in terms of value and volume
Carbon fiber composites have found wide use in applications such as patient imaging tables and accessories used in X-ray, Computerized Tomography (CT), Magnetic Resonance Imaging (MRI) systems, and Positron Emission Tomography (PET). The physical properties and characteristics of carbon fiber make it an excellent material for use in medical devices. Composites manufactured using carbon fiber are radiolucent. They absorb very low levels of radiant energy, thereby minimizing signal attenuation to enable capturing clear images of target body parts. Composites are ideal for improving positioning accuracy for optimum imaging results. The impressive strength-to-weight ratio, rigidity, and radiolucent properties of carbon fibers make them a material of choice for supporting limbs being x-rayed or treated with radiation.
The COVID-19 pandemic has had an adverse effect on the value chain of the composites industry in 2020, with disruption of the supply chain and less demand from end-use applications. This led to reduced demand for medical composites-based composites in 2020
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North America is expected to account for the largest market share in the medical composites market during the forecast period
North America has significant consumption of medical composite materials due to the rising number of manufacturing industries in the region. The medical composites market in this region is expected to grow rapidly during the forecast period due to the rising use of these materials for dental and diagnostic imaging applications. The major advantages of medical composites are corrosion resistance, high strength-to-weight ratio, excellent fatigue endurance, good impact resistance, and malleability. Owing to their different biomechanical and biocompatible properties, these composites can be easily molded into complex designs. In North America, medical composites are also used in the production of prosthetics and body implants for orthopedic procedures.
The COVID-19 pandemic has impacted the North American medical composites market, as the US is one of the worst hit by the pandemic. Orthopedic doctors have been redeployed to attend to COVID-19 patients, and all orthopedic surgeries have been rescheduled. Dental care and plastic surgery procedures have also been rescheduled or canceled by the patients.
The key players in medical composites market the 3M (US), Toray Industries, Inc. (Japan), CeramTec GmbH (Germany), Dentsply Sirona (US), Royal DSM N.V. (Netherlands), and SGL Carbon (Germany), Isotek AG (Switzerland), and among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the medical composites market.
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