Medical Composites Market is Forecasted to Reach US$ 845 million in 2030, Says Stratview Research

The global medical composites market is projected to witness a growth rate of 6.8% annually from 2024 to 2030, with an anticipated size of US$ 845 million by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global medical composites market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/1381/medical-composites-market.html#form

Report Highlights:
Market Size in 2030: US$ 845 million
Growth (CAGR): 6.8% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Medical Composites Market:
The global medical composites market is segmented based on fiber type, application type, process type, end-user type, and region.

Based on product type - Carbon fiber composites are expected to remain dominant as well as the fastest-growing fiber type during the forecast period.
• Key advantages to using carbon fiber are its strength, low weight, high-temperature tolerance, and chemical resistance.
• One of the most significant uses of carbon fiber in the medical industry is the production of prosthetics. The flexibility of carbon fiber allows for custom-made medical implants. Medical equipment manufacturers and professionals can now create carbon fiber medical devices for individual needs.
• Carbon fiber's valuable combination of high tensile strength and low weight, makes it suitable to make various demanding medical devices that need to be both lightweight and strong.
• Other than that, its non-magnetic qualities reduce interference with any diagnostic imaging that requires magnetic resonance imaging (MRI) or other sensitive technology.

Based on application type - Prosthetic is expected to grab the biggest chunk of the market, whereas medical robots are likely to be the fastest-growing application during the forecast period.
• Composites offer a myriad of advantages in prosthetics & orthotics applications namely, strength-to-weight ratio, durability, flexibility, corrosion and fatigue resistance, and aesthetic appeal.
• Composites are being used for prosthetic limbs, prosthetic feet & ankles, prosthetic braces and supports, etc.
• The key prerequisites for wearable robotics are strength, stiffness, and lightweight. Composites are likely to play a crucial role in establishing these needs in the coming time.
• Smart composites and hybrid soft-foldable technologies for minimally invasive surgical robots are some revolutionary application areas in the field.

Based on end-user type - Hospitals are anticipated to generate the highest demand for composites during the forecast period.
• The high budget of such establishments, as well as larger patient footfall, attributed to the largest share.
• A surge in patient preference towards ambulatory surgical centers in the North American and European markets will boost the segment's growth over the foreseeable future.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1381/medical-composites-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market for medical composites till 2030. This growth outlook is majorly attributed to the following-
• Higher adoption of advanced technology, well-developed healthcare infrastructure, and huge healthcare expenditure in the North American region enable higher demand.
• In terms of countries, the USA is expected to assert an unmatched dominance in the market during the forecast period.
• According to the Centers for Medicare and Medicaid Services (CMS), Office of the Actuary, National Health Statistics Group; and Department of Commerce, healthcare spending in the USA is projected to have grown 7.5% in 2023, which was faster than the nominal gross domestic product (GDP) growth rate of 6.1% (National Health Expenditure in 2023: US$ 4,799 Billion and in 2030: US$ 7,705 Billion).
• Rapid improvement in healthcare infrastructure in key economies such as India and China along with rising healthcare expenditure in Asia-Pacific is likely to drive the region's long-term growth.
• According to the WTW Global Medical Trends Survey, the average cost of medical care in Asia-Pacific jumped from 7.2% in 2022 to 9.9% in 2023.

Medical Composites Market Drivers:

Some of the key drivers listed in the report are given below.
Incessant demand from diagnostic imaging applications, the prevalent, uncompromising need for lightweight materials, and the increasing demand for radiolucent materials are the key fueling factors in the market. Further, regulatory approval for medical devices from agencies such as the FDA may augment the market growth.

Top Companies in the Medical Composites Market:
Stratview Research has identified the following companies as the top market players.
• Baxter International Inc. (HillRom)
• Composite Horizons
• Getinge Group
• Hanger, Inc. (Fillauer LLC)
• Mizuho Medical Co. Ltd.
• Össur
• Ottobock SE & Co. KGaA
• Skytron LLC
• Steris Corporation
• Stille AB
• Stryker Corporation

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Medical Composites Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Medical Carbon Composites Market: https://www.stratviewresearch.com/1383/medical-carbon-composites-market.html
• Advanced Composites Market: https://www.stratviewresearch.com/836/advanced-composites-market.html

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