The Medical Composites Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Medical Composites Global Market Report 2024, The medical composites market size has grown rapidly in recent years. It will grow from $1.3 billion in 2023 to $1.47 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to orthopedic applications, aging population, trauma and sports injuries, regulatory compliance, patient-centric care.
The medical composites market size is expected to see rapid growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to personalized implants, additive manufacturing, rise in telehealth services, regenerative medicine, biocompatible nanocomposites. Major trends in the forecast period include customized 3d-printed implants, remote monitoring, smart composite materials, sustainability and eco-friendly materials, wearable health devices.
The increase in demand for medical composites from the healthcare sector is expected to propel the growth of the medical composites market going forward. The healthcare sector consists of businesses that provide medical and clinical services, the development of medical devices and medicines, and medical insurance for the treatment of patients’ diseases. The demand for medical composites in the healthcare sector is increasing due to the rising need for medical instruments. For instance, in September 2022, according to MedTech Europe, a Belgium-based European trade association representing the medical technology industries, in Europe, on average, approximately 11% of gross domestic product (GDP) is allocated to healthcare. Out of this, about 7.6% is attributed to medical technologies. The spending on medical technology across European countries ranges from around 5% to 12% of the total healthcare expenditure. The per capita expenditure on medical technology in Europe stands at approximately $346.08 (€284) . Therefore, the increasing demand for medical composites from the healthcare sector is driving the growth of the medical composites market.
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The medical composites market covered in this report is segmented –
1) By Fiber Type: Carbon Fiber, Ceramic Fiber, Other Fiber Types
2) By Process: Wet Lamination, Prepreg, Other Process
3) By Application: Diagnostic Imaging, Composite Body Implants, Surgical Instruments, Dental, Other Applications
Technological advancements are a key trend gaining popularity in the medical composite market. Major companies operating in the medical composites market are focused on developing new technological solutions to strengthen their position. For instance, in February 2022, Nobio, an Israel-based company operating in medical composites, launched Infinix, a brand-new collection of advanced antimicrobial restorative materials created to combat recurring deterioration. Nobio’s new QASi antimicrobial particle technology is a part of the infinix system used in the universal and flowable composites and the universal bonding system. The new restorative materials with QASi antimicrobial particle technology is utilized for preventing tooth demineralization, providing long-lasting bacterial inhibition at the restorative margins, and decreasing restoration failure because of secondary caries.
The medical composites market report table of contents includes:
- Executive Summary
- Medical Composites Market Characteristics
- Medical Composites Market Trends And Strategies
- Medical Composites Market – Macro Economic Scenario
- Global Medical Composites Market Size and Growth
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- Global Medical Composites Market Competitive Benchmarking
- Global Medical Composites Market Competitive Dashboard
- Key Mergers And Acquisitions In The Medical Composites Market
- Medical Composites Market Future Outlook and Potential Analysis
- Appendix
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