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

Regional Analysis

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North America remains the dominant region in the global medical composites market and is estimated to hold 41.3% of the market share in 2024. The presence of large medical device companies such as Vermont Composites, Inc. and established healthcare infrastructure has propelled the demand for advanced composite materials in the region. The U.S. accounts for the major share of the North American medical composites market owing to the increasing healthcare expenditure and high diagnosis and treatment rates compared to other countries. Manufacturers in the region also benefit from strong industry associations that help foster collaboration for innovation. Moreover, strict regulations regarding product approvals set the benchmark for quality and drive manufacturers to continuously enhance their materials. This regional medical supply chain is highly integrated which facilitates easy sourcing of raw materials and components.

Asia Pacific has emerged as the fastest growing regional market for medical composites globally. Rapid economic development, rising disposable incomes, and growing medical tourism are major macroeconomic factors augmenting the healthcare sector in the region. Countries such as China, India, Japan, and South Korea are witnessing increased healthcare access and expansions in their healthcare capacities. This has boosted the demand for medical devices and hence medical composites. Moreover, the availability of cheap labor and resources in the region provides an attractive value proposition for outsourcing of production by global medical device brands. As a result, many international medical composites manufacturers have set up manufacturing units to cater to the burgeoning regional demand. With rising exports, the medical composites industry is gaining strategic importance for many Asia Pacific economies. In particular, trade agreements have boosted exports from China which is fast becoming a key global hub for medical composites production.