Medical Composites Manufacturers Eyeing Opportunities in X-ray Diagnostics Owing to Growing Concerns over Radition
Fact.MR provides a thorough analysis of the global medical composites market for the upcoming decade. The research study also offers in-depth information about key growth aspects such as trends, opportunities, and strategies of reputed companies. Additionally, the report examines current trends in various regions across several segments, including fiber and application.
NEW YORK, Oct. 4, 2022 /PRNewswire/ -- The global medical composites market is anticipated to grow at a CAGR of 9% during 2021-2031 and reach US$ 2.4 Billion by 2031. Growing use of medical composites in body implants, prosthetics, and other surgeries is likely to drive the market over the forecast period. Further, owing to their ability to generate low radiation, medical composites are being widely used in x-ray machines, which is likely to drive the market.
Globally, there has been an increasing number of implant procedures and surgeries. According to the American Society of Plastic Surgeons, nearly 15.6 million cosmetic procedures were carried out in 2020. Some of the most common cosmetic surgeries carried out were nose reshaping, eyelid surgery, facelift, and liposuction.
As the popularity of these cosmetic surgeries continues to grow, demand for unique materials used in carrying out these procedures is also likely to grow. Therefore, demand for medical composites is expected to increase on account of the above-mentioned factors.
Moreover, healthcare providers and governments across the globe are becoming aware of the increased risk possessed by x-ray radiations. Thus, they are focusing on using those materials that can reduce the risk of harmful radiations. As medical composites help in reducing radiations, their use is likely to increase over the forecast period.
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North America and Europe are two of the leading markets for medical composites and are anticipated to remain at the forefront over the forecast period. In addition to North America and Europe, demand for medical composites is likely to increase in China and India, owing to increased spending on healthcare.
As per the India Brand Equity Foundation (IBEF), the healthcare sector in India is anticipated to record a three-fold rise, surging at a CAGR of 22% from 2016 to 2022 to reach a valuation of US$ 372 Billion in 2022. These numbers are projected to continue to grow in the next decade, thereby pushing the India medical composites market.
Key Takeaways:
- Sales of medical composites are likely to grow 2.4x between 2021 and 2031.
- By fiber, demand for carbon fiber medical composites is projected to exhibit 8.4% CAGR from 2021 to 2031.
- The U.S. is likely to remain the largest market for medical composites, and accounts for over 90% of share in North America.
- Germany is anticipated to remain one of the most lucrative markets in Europe, and is estimated to grow at 8.4% CAGR during the forecast period.
- North America medical composites market is estimated to generate more than 25% of share during the evaluation period.
Growth Drivers:
- Increasing use of medical composites in diagnostic imaging applications owing to their high thermal resistance is expected to drive the market.
- Rising demand for medical composites in patient imaging accessories and tables used in magnetic resonance imaging (MRI) systems is anticipated to aid growth.
Restraints:
- Treatments carried out through medical composites take more time to amalgamate, owing to which, healthcare providers are looking for other alternatives.
- Risk of microleakage continues to be a longstanding challenge for companies manufacturing medical composites.
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Competitive Landscape:
Leading medical composites market players are focusing on expansion and investments in new manufacturing units to boost their production capacities. Meanwhile, some of the other manufacturers are focusing on portfolio expansion and brand development to drive their sales in the market.
For instance,
- In 2020, Arkema announced the acquisition of Colorado Photopolymer Solutions to boost its portfolio for the composites and construction industries.
- In 2019, 3M launched Filtek Universal, an innovative material that has a long-lasting effect and is capable of being visually pleasing.
Key Companies Profiled by Fact.MR
- Shanghai Cedar Composites Technology CO. LTD.
- Toray Advanced Composites
- Polygon Company
- PolyOne
- Mitsubishi Chemical Corporation
- Plastic Reinforcement Fabrics LTD
- Icotec AG
- Jiangsu Aosheng Composite Material Hi-Tech CO. LTD
- 3M
- ACP Composites INC.
- Composiflex
- DSM
More Valuable Insights on Medical Composites Market
In its latest study, Fact.MR offers a detailed analysis of the global medical composites market for the forecast period of 2021 to 2031. This study also divulges key drivers and trends promoting the sales of medical composites through detailed segmentation as follows:
- Carbon Fiber
- Glass Fiber
- Others
- Diagnostic Imaging
- Composite Body Implants
- Surgical Instruments
- Dental
- Tissue Engineering
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Key Questions Covered in the Medical Composites Market Report
- What is the estimated market size of medical composites in 2021?
- At what pace will worldwide sales of medical composites increase till 2031?
- What factors are driving demand in the medical composites market?
- What is the expected CAGR of medical composites market?
- Which region is predicted to lead the worldwide medical composites market between 2021 and 2031?
- What are the forces driving medical composites market sales during the forecast period?
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