Medical Composites Market: Introduction
In terms of value, the global medical composites market is anticipated to expand at a CAGR of ~9% from 2020 to 2030 and exceed the value of US$ 500 Mn by 2030. North America dominated the global medical composites market, in terms of volume, in 2019. It is estimated to lead the global medical composites market during the forecast period. The diagnostic imaging application segment is projected to offer lucrative opportunities to the global medical composites market in the near future. The medical composites market in Asia Pacific is projected to expand at a rapid pace during the forecast period. The Europe medical composites market is expected to expand at a healthy CAGR during the forecast period. For instance, in the U.K., approximately 44.4 million people have undergone diagnostic imaging activity of X-ray, ultrasound, CT scan, MRI, fluoroscopy, nuclear medicine, PET-CT scans, SPECT scans, and medical photography between March 2019 and March 2020. This factor is expected to propel the medical composites market in the region.
Medical Composites Market: Major Drivers and Restraints
Using medical composites helps reduce the weight of instruments, offers better positioning for the patient, and aids in capturing better images. Thus, they are being adopted at a rapid rate in patient imaging tables and accessories that are used in MRI, X-ray, CT imaging systems, and PET. Rapid technological advancements in dental materials are fueling the demand for composites.
An evident trend in the global medical composite market is the increasing popularity of carbon fiber composites, owing to their different uses in diagnostic imaging components and prosthetic, surgical instruments, and composites implants. Better physical and mechanical properties such as radiolucency, strength, lightweight, biocompatibility, and resistance to temperature; corrosion; and moisture of carbon fibers have fueled the demand.
Positive approaches in the research and development of medical composites are estimated to further drive the global medical composites market. For instance, Lamborghini is an Italy-based luxury sports car manufacturer. The company has joined hands with Houston Methodist Research Institute to share knowledge in regards to the use of carbon fiber composite material for medical devices. The current project focuses on biocompatibility study of composite materials that could be utilized in prosthetic inserts and subcutaneous devices. Researchers aim at identifying new materials that are lighter and can be tolerated by the human body.
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Medical Composites Market: Prominent Segments
Based on fiber type, the carbon fiber composites segment held a major share of the global medical composites market in 2019. This trend is anticipated to continue during the forecast period. The glass fiber composites segment is projected to expand at a significant CAGR during the forecast period. In terms of application, the diagnostic imaging application segment held a notable share of more than 40% of the global medical composites market in 2019. This trend is estimated to continue during the forecast period. Various diagnostic imaging systems and equipment used in medical diagnostic center employ medical composites, owing to the multiple advantages offered by medical composites. On the other hand, the composite body implants application segment is projected to expand at a rapid pace during the forecast period.
Competition Landscape of Medical Composites Market
Key manufacturers operating in the global medical composites market include 3M, Toray Advanced Composites, DSM, Polygon Company, PolyOne, Composiflex, ACP COMPOSITES, INC, Mitsubishi Chemical Corporation, Icotec Ag, Plastic Reinforcement Fabrics Ltd, Jiangsu Aosheng Composite Materials Hi-Tech Co., Ltd., and Shanghai Cedar Composites Technology Co. Ltd.