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  • Published In : May 2024
  • Code : CMI6940
  • Pages :175
  • Formats :
      Excel and PDF
  • Industry : Pharmaceutical

Market Size and Trends

The global medical composites market is estimated to be valued at USD 1.23 Bn in 2024 and is expected to reach USD 2.36 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

Medical Composites Market Key Factors

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The medical composites market has witnessed steady growth driven by increasing demand for medical implants and devices. Key factors, such as the rising geriatric population susceptible to various medical ailments, growing number of trauma & accident cases, and increasing focus on the development of advanced lightweight medical implants, have boosted the demand for medical composites. Additionally, medical composites provide benefits such as biocompatibility, sterilizability, durability, and ability to mimic human tissues which has further enhanced their adoption in the healthcare industry. With ongoing technological advancements, the medical composites market is expected to flourish during the forecast period.

Increasing Product Launches by Key Market Players

The increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, in October 2023, Superior Polymers, Magnolia Trinity PEEK, a combination of three biomaterials: carbon fiber, hydroxyapatite, and polyether ether ketone, for use in medical devices such as orthopedic implants or surgical instruments.

Market Concentration and Competitive Landscape

Medical Composites Market Concentration By Players

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Increasing Demand from Orthopedics and Trauma Applications

Medical composites are increasingly being used in load-bearing implants such as hips and knees due to their high strength to weight ratio. Composite materials provide surgeons flexibility in designing implants precisely suited for individual patient anatomy which helps improve implant fixation and longevity. This has led to superior clinical outcomes and higher patient satisfaction levels. Moreover, composites offer design advantages over metal implants allowing implants to mimic characteristics of natural bone more closely. This results in reduced stress shielding effects and enhances bone regeneration around implants over long term. Composites are also becoming the material of choice for components in trauma fixation devices such as plates, screws, and rods. Their elastic modulus being closer to bone modulus compared to stainless steel and titanium helps reduce stress problems often associated with stiff metal implants. At the same time, advanced fiber reinforced composites offer high tensile strength and resistance to fatigue required in trauma fixation applications. Researchers are continuously working on the development of new composite formulations with optimized mechanical and biological properties to further improve the performance of orthopedic and trauma implants. This growing focus on enhancing post-operative quality of life of patients through technological advancements in implant materials is fueling demand from the orthopedics and trauma segment.

Medical Composites Market Key Takeaways From Lead Analyst

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Market Challenges – Stringent Regulatory Policies

Stringent regulatory policies by various government agencies are posing serious challenges for the growth of the global medical composites market. Medical composites are extensively used in various implants, prosthetics, dental materials, and devices that are inserted or attached to the human body. However, the biomaterials and devices used for medical purposes need to undergo rigorous testing and clinical trials to ensure patient safety before getting regulatory approvals and commercial launch.

Market Opportunities – Emerging Economies in Asia Pacific and Latin America

The emerging economies in Asia Pacific and Latin America present a great opportunity for the global medical composites market in the coming years. These regions have been witnessing robust economic growth over the past few decades backed by strong industrialization and urbanization. The rising disposable incomes have significantly improved access to healthcare facilities in these developing regions.

Medical Composites Market By Fiber Type

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Insights, By Fiber Type: Superior Mechanical Properties

The fiber type segment includes carbon fiber composites, glass fiber composites, aramid fiber composites, and others. The carbon fiber composites sub-segment is estimated to hold 36.6% of the market share in 2024 owing to their superior mechanical properties. Carbon fibers exhibit high stiffness, strength, temperature tolerance, and low weight. They are lightweight yet very durable, making them well-suited for applications that require strength and flexibility. In medical devices and implants, these properties translate to devices that are less likely to fracture or fail under stress. Carbon fiber composites also allow for intricate designs that optimize function while minimizing size and mass. This is highly valuable in anatomical devices like joint replacements that must replicate complex biological structures. Carbon fibers also exhibit good biocompatibility and do not degrade in the body over time as some other materials may. Implants made from carbon composites have demonstrated long-term stability without deterioration. This durability gives patients and physicians confidence in the longevity of carbon-based implants. Carbon composites are also corrosion resistant, an important factor for any material inserted or interacting with tissues and fluids in the body. Their chemical inertness prevents toxic reactions that could compromise health.

Insights, By Application: Composites’ Indispensable Role In Diagnostic Imaging

The application segment includes diagnostic imaging, composite body implants, dental composites, and others. The diagnostic imaging sub-segment is estimated to hold 33.1% of the market share in 2024 due to composites’ indispensable role in technologies like Computed Tomography, Magnetic Resonance Imagings, X-ray, and ultrasound. Composite materials are favored in this field because they combine radiolucency with toughness and design versatility. For CT and MRI systems, composites allow the construction of large, precisely shaped components that do not interfere with or degrade the quality of scans. They accept complex geometries needed to achieve high-resolution imaging from multiple angles. Composites are also non-corrosive, light, and easy to fabricate into large, seamless parts. In X-ray equipment, composites replace traditional heavier metals in components like tubes, frames, casings, and components close to the patient. Their radiolucency does not obscure images nor do they generate undesirable artifacts. Lighter composite housings also improve mobility and ergonomics. For ultrasound machines, composites construct durable probes and wand attachments that effectively transmit high frequency soundwaves. They propagate ultrasonic energy for diagnosis without distorting or attenuating the signal.

Regional Insights

Medical Composites Market Regional Insights

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North America remains the dominant region in the global medical composites market and is estimated to hold 41.3% of the market share in 2024. The presence of large medical device companies such as Vermont Composites, Inc. and established healthcare infrastructure has propelled the demand for advanced composite materials in the region. The U.S. accounts for the major share of the North American medical composites market owing to the increasing healthcare expenditure and high diagnosis and treatment rates compared to other countries. Manufacturers in the region also benefit from strong industry associations that help foster collaboration for innovation. Moreover, strict regulations regarding product approvals set the benchmark for quality and drive manufacturers to continuously enhance their materials. This regional medical supply chain is highly integrated which facilitates easy sourcing of raw materials and components.

Asia Pacific has emerged as the fastest growing regional market for medical composites globally. Rapid economic development, rising disposable incomes, and growing medical tourism are major macroeconomic factors augmenting the healthcare sector in the region. Countries such as China, India, Japan, and South Korea are witnessing increased healthcare access and expansions in their healthcare capacities. This has boosted the demand for medical devices and hence medical composites. Moreover, the availability of cheap labor and resources in the region provides an attractive value proposition for outsourcing of production by global medical device brands. As a result, many international medical composites manufacturers have set up manufacturing units to cater to the burgeoning regional demand. With rising exports, the medical composites industry is gaining strategic importance for many Asia Pacific economies. In particular, trade agreements have boosted exports from China which is fast becoming a key global hub for medical composites production.

Market Report Scope

Medical Composites Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 1.23 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 9.8% 2031 Value Projection: US$ 2.36 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Fiber Type: Carbon Fiber Composites, Glass Fiber Composites, Aramid Fiber Composites, and Others
  • By Application: Diagnostic Imaging, Composite Body Implants, Dental Composites, and Others 
Companies covered:

Toray Industries Inc., 3M, DSM, Polygon Company, Compoiflex, Icotech AG, Shanghai Cedar Composites Technology Co. Ltd., Vermont Composites, Inc., Royal Tencate N.V., PolyOne Corporation, Quatro Composite LCC, Dentsply Sirona, Ceram Tech GmbH, and Evonik Industries AG

Growth Drivers:
  • Increasing Product Launches by Key Market Players
  • Increasing Demand from Orthopedics and Trauma Applications
Restraints & Challenges:
  • Stringent Regulatory Policies
  • Risk of Deformation During Sterilization

Key Developments

  • On February 2, 2024, Toray Industries Inc., a material manufacturer, announced that it had launched the Lifecycle assessment program for its Toray Cetex range of thermoplastic composite materials. The Lifecycle assessment will initially focus on Toray Cetex materials manufactured at its site in Nijverdal, Netherlands, with plans to broaden the program to include U.S. facilities and the company’s thermoset composite materials.
  • In April 2019, 3M, a global healthcare company, announced that it had introduced the Filtek Universal restorative composites product. The new product combines a unique shading system in an innovative material that not only provides efficiency but a higher esthetic and long-lasting result.
  • *Definition: Medical composites offer key benefits like biocompatibility, corrosion resistance, lightweight strength, and customizable designs tailored for specific medical applications. The market involves companies producing carbon fiber, glass fiber, polyethylene, and other composite materials used in devices like diagnostic imaging systems, orthopedic implants, biosensors, and other medical tools and equipment where durability, strength, and biocompatibility are important considerations.

Market Segmentation

  • Fiber Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Carbon Fiber Composites
    • Glass Fiber Composites
    • Aramid Fiber Composites
    • Others
  •  Application Insights (Revenue, USD Bn, 2019 - 2031)
    • Diagnostic Imaging
    • Composite Body Implants
    • Dental Composites
    • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa
  • Key Players Insights
    • Toray Industries Inc.
    • 3M
    • DSM
    • Polygon Company
    • Compoiflex
    • Icotech AG
    • Shanghai Cedar Composites Technology Co. Ltd.
    • Vermont Composites, Inc.
    • Royal Tencate N.V.
    • PolyOne Corporation
    • Quatro Composite LCC
    • Dentsply Sirona
    • Ceram Tech GmbH
    • Evonik Industries AG

Frequently Asked Questions

The CAGR of the medical composites market is projected to be 9.8% from 2024 to 2031.

Increasing product launches by key market players and increasing demand from orthopedics and trauma applications are the major factors driving the growth of the medical composites market.

Stringent regulatory policies and risk of deformation during sterilization are the major factors hampering the growth of the medical composites market.

In terms of fiber type, carbon fiber composites is estimated to dominate the market revenue share in 2024.

Toray Industries Inc., 3M, DSM, Polygon Company, Compoiflex, Icotech AG, Shanghai Cedar Composites Technology Co. Ltd., Vermont Composites, Inc., Royal Tencate N.V., PolyOne Corporation, Quatro Composite LCC, Dentsply Sirona, Ceram Tech GmbH, and Evonik Industries AG are the major players.

North America is expected to lead the medical composites market.

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