The size of the worldwide medical composites market is anticipated to reach US$ 1.2 billion in 2023 and is projected to expand at a CAGR of 9.0% from 2023 to 2033. It is anticipated that the industry for medical composites would continue to grow significantly in the years to come. The rising demand for composite materials, particularly in the orthopaedics industry, is to blame for this expansion.
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.
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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
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.
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
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?
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