Medical Composites Market: Shares and Strategies For Key Industry Players By 2025
Medical composite materials are acknowledged worldwide for the indispensable role they play in the manufacturing of magnetic resonance imaging (MRI) equipment and advanced orthopedic devices. Moreover, these materials are extensively used in medical devices such as prosthetics and implants and therefore, the burgeoning demand for these devices is stoking the growth of the global medical composite market.
On the basis of type, the market can be segmented into polymer-metal, polymer-ceramics, and fiber. The demand for fiber composites is likely to remain strong throughout the forecast horizon. The growth of the segment can be attributed to their high strength-to-weight ratio, for which they can be used in the manufacturing of prosthetic devices. Besides this, their ability to provide enhanced clarity in medical and radiological images during MRI scans is anticipated to keep their demand high in the coming years.
Based on application, the global medical composite market can be divided into dental, orthopedics, needles and syringes, diagnostic imaging, and microsphere. Medical composite materials are known to have low attenuation characteristics, due to which they can be used to fabricate high-strength tables for nuclear medicines and radiation therapies. This has led to the increased use of these materials in the manufacturing of patient positioning systems such as surgical table components and radiographic imaging tabletops.
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Global Medical Composites Market: Overview
Medical composites include large scale components ranging from those used for x-ray applications to the composite bolts to underpin bones internally. They are used in equipment components such a mammogram plates to state-of-the-art carbon fiber exoskeletons. The different types of medical composites available in the market are fiber composites, polymer-ceramic composites, and polymer-metal composites. Among them, the fiber composites account for a dominant share in the market on account of their high strength-to-weight ratio which makes them ideal for use in prosthetic devices. Their ability to accord better clarity in medical and radiological images during MRI scans is forecasted to bolster its demand in the near future.
Medical composites find application in diagnostic imaging, orthopedics, needles and syringes, dental, and microsphere. The diagnostic imaging segment accounts for a significant share in the market. Major players in the market have leveraged different strategies to grow both organically and inorganically.
A report by TMR Research studies the global market for medical composites in details and offers a granular analysis of the different factors promoting or hindering the market’s growth. It leverages market-leading analytical tools to gauge the opportunities awaiting players. It also profiles the leading companies operating therein and captures data on their revenues. Their product offerings are factored in to determine the market segmentation.
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Global Medical Composites Market: Trends and Opportunities
Medical composites reduce the weight of instruments, offer better positioning for patient, and aid in bringing about clearer images. This has resulted in their swift uptake for use in patient imaging tables and accessories used in X-ray, MRI, PET, and CT imaging systems. The demand for composites is also being boosted by the rapid technological progress in dental materials where composites are being increasingly used.
A noticeable trend in the global medical composite market is the soaring popularity of carbon fiber composites because of their different use in surgical instruments, diagnostic imaging components, and prosthetic and composites implants. The superior physical and mechanical properties such as strength, radiolucency, bio-compatibility, lightweight, and resistance to corrosion, temperature, and moisture of carbon fibers has fuelled their demand.
The global market for medical composites is characterized by stiff competition, swift technological progress, and changing consumer preferences. All the aforementioned factors are predicted to make it make it tough for players to maintain their foothold in the market. But well-entrenched vendors having a solid outreach and a wide array of products such as carbon, glass, and aramid composites to cater to different requirements will manage to hold on to their dominant positions well.
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Global Medical Composites Market: Regional Outlook
The key regional segments in the global market for medical composites are Asia Pacific, Europe, North America, and the Rest of the World. Europe, among them, accounts for a dominant market share. This is because of the robust demand for diagnostic imaging components and composite implants and prostatic applications in the region. Going forward, Europe is slated to further increase its share due to the higher use of composite materials in bio-medical applications.
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