MEDICAL COMPOSITES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The global medical composites market is estimated to be valued at USD 1.23 Bn in 2024 and is expected to reach USD 2.36 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

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The medical composites market has witnessed steady growth driven by increasing demand for medical implants and devices. Key factors, such as the rising geriatric population susceptible to various medical ailments, growing number of trauma & accident cases, and increasing focus on the development of advanced lightweight medical implants, have boosted the demand for medical composites. Additionally, medical composites provide benefits such as biocompatibility, sterilizability, durability, and ability to mimic human tissues which has further enhanced their adoption in the healthcare industry. With ongoing technological advancements, the medical composites market is expected to flourish during the forecast period.

Increasing Product Launches by Key Market Players

The increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the market growth over the forecast period. For instance, in October 2023, Superior Polymers, Magnolia Trinity PEEK, a combination of three biomaterials: carbon fiber, hydroxyapatite, and polyether ether ketone, for use in medical devices such as orthopedic implants or surgical instruments.

Medical composites are increasingly being used in load-bearing implants such as hips and knees due to their high strength to weight ratio. Composite materials provide surgeons flexibility in designing implants precisely suited for individual patient anatomy which helps improve implant fixation and longevity. This has led to superior clinical outcomes and higher patient satisfaction levels. Moreover, composites offer design advantages over metal implants allowing implants to mimic characteristics of natural bone more closely. This results in reduced stress shielding effects and enhances bone regeneration around implants over long term. Composites are also becoming the material of choice for components in trauma fixation devices such as plates, screws, and rods. Their elastic modulus being closer to bone modulus compared to stainless steel and titanium helps reduce stress problems often associated with stiff metal implants. At the same time, advanced fiber reinforced composites offer high tensile strength and resistance to fatigue required in trauma fixation applications. Researchers are continuously working on the development of new composite formulations with optimized mechanical and biological properties to further improve the performance of orthopedic and trauma implants. This growing focus on enhancing post-operative quality of life of patients through technological advancements in implant materials is fueling demand from the orthopedics and trauma segment.