Medical Composites for Surgical Instruments Market Is Anticipated to Add 2.4X value by 2031

According to a recently published report by Fact.MR - a market research and competitive intelligence provider, medical composite sales are expected to exceed a valuation of US$ 980 Mn by 2021, and the market is set to expand at an impressive CAGR of more than 9% over the forecast period of 2021 to 2031.

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The market registered higher growth of 8.6% during 2016-20. Fact.MR anticipates significant potential in the market, owing to factors such as increasing usage of medical composites in body implants and growing demand for carbon fibre-based composites.

With rise in demand and prices of medical composites, manufacturers are spending high on research & development. Many advancements are taking place in the medical industry; new and improved machines are introduced every quarter, and many of these machines are made of medical composites.

With the use of medical composites, many new and advanced body implants are being produced, as medical composite implants are light in weight, have high stiffness, and are bio-compatible. Carbon fiber composite-based prosthetics are also gaining popularity among conventionally used components in the medical industry. This has not only technically impacted the medical industry but also provided an impetus to the medical composites business.

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Key Takeaways from Market Study

The medical composites market is anticipated to add 2.4X value by 2031 at an expected growth rate of 9% CAGR.

Composite implants to dominate the demand pie of the medical components business over the coming years.

North America dominates the global market for medical components. During the forecast period, this regional market is anticipated to grow 2.8X.

The U.S. and Germany are key countries not only terms of value but also in terms of technology.

“Strengthening of inelasticity of medical composites to bolster market growth over the long term”, says a Fact.MR analyst.

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Key Points Covered in Medical Composites Industry Survey:

Market Estimates and Forecasts (2016-2031)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Consumption Analysis of Medical Composites
Assessment by Product Grade / Purity / Formulation Standards
Market Share Analysis
Certifications and Compliance Requirements
COVID-19 Impact on Demand for Medical Composites and How to Navigate
Recommendation on Key Winning Strategies
Leading export & import destinations of medical composites

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Winning Strategy

Key players are collaborating with other market players, allowing them to come up with newer medical composites that are stronger & flexible, and can be used in various medical devices. Through such a strategy, they are saving a lot of resources and money on product development, since research of raw materials and resources is being shared among the companies.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global medical composites industry, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.

The reveals divulges essential insights on the market on the basis of fiber (carbon fiber composites, glass fiber composites, and others) and application (diagnostic imaging, composite body implants, surgical instruments, dental, tissue engineering, and others) and across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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