The medical composites market is in trends by growing demand for lightweight and durable materials in the healthcare industry. Medical composites offer advantages like corrosion resistance, mechanical strength, durability and biocompatibility needed for manufacturing medical implants, instruments and disposable devices. Made from a polymer matrix reinforced with fibers, fillers or particles, these materials provide strength, flexibility and stability compared to traditional plastics. Common medical applications include dental fillings, bone fractures plates, joint replacements and surgical guides.
The Global Medical Composites Market is estimated to be valued at US$ 1.23 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the medical composites are 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. The growing aging population and rising chronic disease prevalence are fueling demand for various medical procedures requiring composite materials. Additionally, medical composites offer lightweight alternatives to metal implants helping address issues like joint discomfort.
Key players are focused on expanding their product portfolio and global footprint to tap the opportunities in emerging markets. Driven by their biocompatibility and mechanical properties, medical composites are increasingly used in various medical devices and have the potential to replace traditional materials in the long term.
Market key trends
One of the key trends in the Medical Composites Market Demand is the use of carbon fiber composites for manufacturing orthopedic implants. Carbon fibers provide high strength to weight ratio helping reduce implant size. They are increasingly used in hip and knee replacements, dental implants and spinal fusion devices. Another trend is development of bioactive composites that can stimulate natural bone regrowth. By incorporating materials like hydroxyapatite, bioactive composites can encourage bone bonding to metal implants for faster healing process.
Porter’s Analysis
Threat of new entrants: The medical composites industry has high production cost and strict regulations which makes difficult for new players to enter this market.
Bargaining power of buyers: There are large number of players in the market which gives buyers options to compare prices and quality of products bringing their bargaining power up.
Bargaining power of suppliers: Suppliers have limited influence due to availability of substitute raw materials and global supply chain of major players.
Threat of new substitutes: There is low threat as medical composites provide both mechanical and chemical properties required for medical applications which are difficult to substitute.
Competitive rivalry: Intense as major players compete on parameters like quality, pricing and innovations.
Geographical Regions (Value Concentration)
North America accounts for the largest share of the global medical composites market in terms of value due to high healthcare expenditure and presence of advanced medical infrastructure in countries like United States.
Geographical Regions (Fastest Growing)
Asia Pacific region is expected to witness fastest growth during forecast period owing to factors like improving healthcare facilities, rising income, increasing medical tourism and growing geriatric population in emerging countries of China and India.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
