Rockville, May 02, 2023 (GLOBE NEWSWIRE) -- Fact.MR has provided detailed information about the price points of key manufacturers of medical composites positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global medical composites market size is set to reach a valuation of US$ 1.2 billion in 2023 and is expected to grow at a CAGR of 9.0% during the forecast period of 2023–2033.
The medical composites industry is experiencing a significant upswing in growth and is expected to continue its trajectory for years to come. This growth can be attributed to the expanding demand for composite materials, particularly in the field of orthopedics. These materials are used for bone replacement and joint implants, and their versatility and unique properties make them an ideal choice for these applications. As a result, the orthopedics segment is expected to remain a prominent driver for the market's growth.
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Furthermore, the dental industry is also seeing a surge in the adoption of composite materials. These materials are being utilized for tooth restoration and orthodontic braces, as they offer several benefits over traditional materials, such as superior strength and durability, and a natural appearance.
The medical composites market is rapidly evolving, and the increasing demand for innovative solutions that can improve patient outcomes is expanding the adoption of composite materials in various medical applications. As the market continues to evolve, new and advanced materials are developed that mimic the properties of natural tissues and organs.
These advancements are paving the way for the development of bioactive composites that promote tissue regeneration and healing. The future of the medical composites market is lucrative and it is expected to continue to grow as the healthcare industry seeks more effective and efficient solutions to improve patient care creating a positive scenario for the global market.
Key Takeaways from Market Study
- The global medical composites market is projected to grow at 9.0% CAGR and reach US$ 2.8 billion by 2033
- Tier-1 players have a prominent share in the global medical composites market accounting for 28.7% of the total market share
- North America accounts for a market share of 25.0% in 2022
- Germany is a lucrative market for medical composites manufacturers, it represents a growth rate of 8.4%
- In 2022, the valuation of the medical composites market was US$ 1.1 billion
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Market Development
Key Players of Medical Composites Industry are:
- 3M
- ACP Composites INC.
- DSM
- Icotec AG
- Jiangsu Aosheng Composite Material Hi-Tech CO. LTD
- Mitsubishi Chemical Corporation
- Toray Advanced Composites
These players are adopting ground-breaking strategies to gain a competitive edge and curb the demand pool. Following are the developments positively driving the market growth.
- In September 2021, Solvay announced the launch of Zeniva ZA-500 polyetheretherketone (PEEK) material for use in medical applications such as orthopedic implants.
- In July 2021, Toray Industries, Inc. announced the development of a new carbon fiber-reinforced plastic (CFRP) material for use in medical devices such as prosthetics.
Segmentation of Medical Composites Industry Research
- By Fiber :
- Carbon
- Glass
- Others
- By Application :
- Diagnostic Imaging
- Composite Body Implants
- Surgical Instruments
- Dental
- Tissue Engineering
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Medical Composites Market Report
- What is the projected sales value of the Medical Composites Industry in 2022?
- At what rate will the global Medical Composites market size grow until 2033?
- Which are the factors hampering the growth in the Medical Composites?
- Which region is expected to lead in the global Medical Composites market By 2033?
- Which are the factors driving the Medical Composites Industry during the forecast period?
- What is the expected market value of the Medical Composites market during the forecast period?
Check out more related studies published by Fact.MR Research:
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Soft Magnetic Composites (SMCs) Market Trends: The global soft magnetic composites (SMCs) market is valued at US$ 4.5 billion in 2023 and is forecasted to reach US$ 8.9 billion by 2033-end. The market is predicted to expand at a CAGR of 7% from 2023 to 2033.
Aerospace Composites Market Analysis: The global aerospace composites were valued at US$ 38.0 billion in 2022 and the market further projects a growth rate of 9.0% to reach a valuation of US$ 98.1 billion by 2033 end. With increasing space and research activities, these composites find application in satellites, space vehicles, and other equipment used for space study. The huge investment supported by the government for space study is expected to create lucrative opportunities for aerospace composites manufacturers.
Ballistic Composites Market Growth: According to Fact.MR, the ballistic composites market was valued at around US$ 1.5 Bn in 2020, and is projected to expand 1.7X to top US$ 2.5 Bn by 2031. Increasing need and demand for lightweight, comfortable, and high strength protective equipment, mass production of ballistic fibers, and growing demand for environment-friendly components are factors expected to drive market expansion at a CAGR of above 6% through 2031.
Carbon Fiber Resin Market Survey: The global carbon fiber resin market is estimated to be worth USD 574 Million in 2022 and is forecast to grow with a CAGR of 15.3% to reach USD 2,377 Million by 2032. The carbon fiber demand is anticipated to remain under 5% of the global fiber consumption in 2022, which will witness 4X increase in next ten years.
Sales of Fiberglass Resin Over The Forecast Period: The fiberglass resin market is expected to grow at a CAGR of 4.3% globally during the forecast period. Fiberglass resin has been a major demand growth from various end-use industries. North America is also estimated to have a significant share in the fiberglass resin global market associated with the growing disposable income of people and technological advancement.
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