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The medical composite materials market size is estimated to increase by USD 642.44 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 9.02%. The growth of the market depends on several factors such as increasing demand for lightweight materials in the medical industry, increase in demand for carbon fiber-reinforced plastics for biomedical applications, and the emergence of novel materials in the medical sector.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increase in demand for carbon fiber-reinforced plastics for biomedical applications. There is extensive use of composite materials in the medical sector, especially in orthotic and prosthetic devices and in the components of MRI equipment. The main advantages of artificial limbs which are manufactured from composite materials is that they are fatigue-resistant and easy to manufacture.
Moreover, there is wide use of CFRP as a composite material in medicinal applications. Some of the key features of carbon fiber composite material include fatigue resistance, radiolucency, and high strength which makes it suitable for use in orthopedic surgeries. Carbon fibers exhibit remarkable versatility for orthopedic applications by enabling individual material properties, mechanical properties, and geometrical design considerations to blend into an overall composite design. Hence, such applications are expected to drive market growth during the forecast period.
A key factor shaping the market growth is the growing demand for nanofibers in the medical industry. Nanofibers are a type of one-dimensional nanomaterials that are extensively used in several medical applications. Nanofibers are manufactured from biocompatible or biodegradable materials that have a high potential for use in the biomedical and healthcare sectors due to their unique properties and functionalities.
Moreover, some of the main features of these materials include high surface area and porosity which enable to improve of the adhesion of cells as well as different proteins and drug molecules. Tissue engineering, wound healing, and drug delivery are some of the main application areas of nanofiber. Hence, such factors are expected to drive market growth during the forecast period.
Fluctuations in raw material prices are one of the key challenges hindering market growth. Medicinal composite materials are very expensive when compared to other materials such as plastics, metals, and other polymers. Thus the high cost associated with medicinal composite materials is negatively impacting the market growth.
Moreover, carbon fibers are the most expensive material among medicinal composite materials as the cost of manufacturing carbon fibers is eight times the cost of manufacturing steel. Furthermore, polyacrylonitrile is the raw material that is used in the production of carbon fiber which is costlier than steel. Hence, such factors are expected to hinder market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers medical composite materials such as 3M Sinfony indirect lab composite master system, 3M Cavit temporary filling material, 3M Sinfony material shade dispenser refills, and 3M filtek P60 posterior restorative.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The diagnostic imaging segment is estimated to witness significant growth during the forecast period. The diagnostic imaging segment utilizes electromagnetic radiation which enables the accurate imaging of the internal structures of the human body. Diagnostic imaging mainly depends on radiology, which is the branch of medicine that utilizes radiation to diagnose and treat diseases. Diagnostic imaging mainly includes radiography, computed tomography (CT), magnetic resonance imaging (MRI), interventional radiography (IR), nuclear medicine, sonography or ultrasound, and radiation therapy.
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The diagnostic imaging segment was the largest segment and was valued at USD 358.10 million in 2017. X-ray systems and CT scanners are some of the diagnostic imaging equipment that need innovative solutions to position patients during medical procedures. Patient positioning systems mainly classified by stiffness, strength, low weight, and minimal impact on the quality of the patient image. Some of the key application areas of medicinal composite materials include X-rays, CT scanners, CT/polyethylene terephthalate (PET), nuclear medicine, oncology, and medical equipment modalities. Diagnostic imaging enables accurate patient diagnosis, which increases the probability of patient recovery, Thus, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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Europe is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Another region offering significant growth opportunities to market players is North America. Some of the main regions that have significantly contributed to the growth of the global market in North America are US and Canada, with the US being the market leader in the medical devices market. There is an increasing focus on technological advancement and product innovation by several market players in the US which is positively impacting the market growth. Factors such as the increase in exports of medical devices as well as the high incidence of tooth decay are expected to drive the market growth in the region during the forecast period.
The Asia-Pacific medical composites market sees growth driven by carbon fiber and epoxy medical composites in various surgical applications, including bearing surfaces, dental implants, and minimally invasive surgery (MIS). High-tech prostheses and precision surgical instruments benefit from corrosion-resistant materials like hydroxyapatite composites. Imaging systems such as C-arms and computer tomographs utilize optical fibers for diagnostic imaging applications. Consultancy firms provide insights into market dynamics, while key players focus on the production and sterilizable factors of medical composites, addressing the needs of CXOs and surgeons for physiologically innocuous materials. Porter's five forces analysis highlights the competitive landscape, emphasizing innovation and financial support in this rapidly evolving sector.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Medical Composite Materials Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.02% |
Market growth 2023-2027 |
USD 642.44 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.55 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 31% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., ACP Composites Inc., Avient Corp., Coltene Whaledent AG, Composiflex, CoorsTek Inc., Den Mat Holdings LLC, Dentsply Sirona Inc., Evonik Industries AG, Henkel AG and Co. KGaA, icotec AG, Kaman Corp., Koninklijke DSM NV, Kulzer GmbH, Mitsubishi Chemical Group Corp., Polygon Co., SGL Carbon SE, Shofu Inc., Tokuyama Corp., and Toray Industries Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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