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

The global medical composites market is estimated to be valued at USD 1.23 Bn in 2024 and is expected to exhibit a CAGR of 9.8% during the forecast period (2024-2031). The global medical composites market has witnessed significant growth over the past few years owing to the increasing prevalence of chronic diseases and growing geriatric population worldwide who are more susceptible to various diseases. Medical composites are widely used in various medical applications such as dental, orthopedic, diagnostic imaging, vascular implants, and others due to their properties like biocompatibility and capability to mimic human tissues. Moreover, the evolving healthcare industry with technological advancements in composite materials and growing funding for medical research are fueling the demand for composites for various medical components. However, stringent regulatory approval processes and high cost of medical composites remain key challenges for market growth.

Market Dynamics:

The global medical composites market is driven by rising geriatric population, increasing investment in healthcare infrastructure in developing nations, and growing preference for minimally invasive surgeries among patients. However, high costs associated with production and regulatory compliances for medical devices are projected to hinder the market growth during the forecast period. Various initiatives by governments and manufacturing companies to reduce the costs through R&D on advanced composite materials may present lucrative opportunities for market expansion. Moreover, use of 3D printing and nanotechnology for developing customized medical implants using composites will further open new avenues over the next few years.

Key Features of the Study:

• This report provides an in-depth analysis of the global medical composites market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global medical composites market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this includes Toray Industries Inc., 3M, DSM, Polygon Company, Compoiflex, Icotech AG, Shanghai Cedar Composites Technology Co. Ltd., Vermont Composites, Inc., Royal Tencate N.V., PolyOne Corporation, Quatro Composite LCC, Dentsply Sirona, Ceram Tech GmbH, and Evonik Industries AG
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global medical composites market caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical composites market

Detailed Segmentation-

• By Fiber Type:
• • Carbon Fiber Composites
  • Glass Fiber Composites
  • Aramid Fiber Composites
  • Others
• By Application:
• • Diagnostic Imaging
  • Composite Body Implants
  • Dental Composites
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
• • Toray Industries Inc.
  • 3M
  • DSM
  • Polygon Company
  • Compoiflex
  • Icotech AG
  • Shanghai Cedar Composites Technology Co. Ltd.
  • Vermont Composites, Inc.
  • Royal Tencate N.V.
  • PolyOne Corporation
  • Quatro Composite LCC
  • Dentsply Sirona
  • Ceram Tech GmbH
  • Evonik Industries AG