Medical Composites Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Medical Composites Market: Snapshot
Medical composite materials are acknowledged worldwide for the indispensable role they play in the manufacturing of magnetic resonance imaging (MRI) equipment and advanced orthopedic devices. Moreover, these materials are extensively used in medical devices such as prosthetics and implants and therefore, the burgeoning demand for these devices is stoking the growth of the global medical composites market.
On the basis of type, the market can be segmented into polymer-metal, polymer-ceramics, and fiber. The demand for fiber composites is likely to remain strong throughout the forecast horizon. The growth of the segment can be attributed to their high strength-to-weight ratio, for which they can be used in the manufacturing of prosthetic devices. Besides this, their ability to provide enhanced clarity in medical and radiological images during MRI scans is anticipated to keep their demand high in the coming years.
Based on application, the global medical composites market can be divided into dental, orthopedics, needles and syringes, diagnostic imaging, and microsphere. Medical composite materials are known to have low attenuation characteristics, due to which they can be used to fabricate high-strength tables for nuclear medicines and radiation therapies. This has led to the increased use of these materials in the manufacturing of patient positioning systems such as surgical table components and radiographic imaging tabletops.
Global Medical Composites Market: Overview
Medical composites include large scale components ranging from those used for x-ray applications to the composite bolts to underpin bones internally. They are used in equipment components such a mammogram plates to state-of-the-art carbon fiber exoskeletons. The different types of medical composites available in the market are fiber composites, polymer-ceramic composites, and polymer-metal composites. Among them, the fiber composites account for a dominant share in the market on account of their high strength-to-weight ratio which makes them ideal for use in prosthetic devices. Their ability to accord better clarity in medical and radiological images during MRI scans is forecasted to bolster its demand in the near future.
Medical composites find application in diagnostic imaging, orthopedics, needles and syringes, dental, and microsphere. The diagnostic imaging segment accounts for a significant share in the market. Major players in the market have leveraged different strategies to grow both organically and inorganically.
A report by TMR Research studies the global medical composites market in details and offers a granular analysis of the different factors promoting or hindering the market’s growth. It leverages market-leading analytical tools to gauge the opportunities awaiting players. It also profiles the leading companies operating therein and captures data on their revenues. Their product offerings are factored in to determine the market segmentation.
Global Medical Composites Market: Trends and Opportunities
Medical composites reduce the weight of instruments, offer better positioning for patient, and aid in bringing about clearer images. This has resulted in their swift uptake for use in patient imaging tables and accessories used in X-ray, MRI, PET, and CT imaging systems. The demand for composites is also being boosted by the rapid technological progress in dental materials where composites are being increasingly used.
A noticeable trend in the global medical composites market is the soaring popularity of carbon fiber composites because of their different use in surgical instruments, diagnostic imaging components, and prosthetic and composites implants. The superior physical and mechanical properties such as strength, radiolucency, bio-compatibility, lightweight, and resistance to corrosion, temperature, and moisture of carbon fibers has fuelled their demand.
The global medical composites market is characterized by stiff competition, swift technological progress, and changing consumer preferences. All the aforementioned factors are predicted to make it make it tough for players to maintain their foothold in the market. But well-entrenched vendors having a solid outreach and a wide array of products such as carbon, glass, and aramid composites to cater to different requirements will manage to hold on to their dominant positions well.
Global Medical Composites Market: Regional Outlook
The key regional segments in the global medical composites market are Asia Pacific, Europe, North America, and the Rest of the World. Europe, among them, accounts for a dominant market share. This is because of the robust demand for diagnostic imaging components and composite implants and prostatic applications in the region. Going forward, Europe is slated to further increase its share due to the higher use of composite materials in bio-medical applications.
Companies Mentioned in Report
To present a detailed assessment of the competition prevailing in the global medical composites market, the report profiles companies such as Toray Industries Inc., Quatro Composite LCC, ACP Composites, Inc., Mitsubishi Rayon Co. Ltd., Vermont Composites, Inc., and Royal DSM.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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