Emphasis on Material Type (Foamed Plastic, Paper & Paperboard, Plastic, Others); Product Type (Foam, Flexible, Rigid); Function (Cushioning, Blocking & Bracing, Void Fill, Insulation, Wrapping); End-User (Food & Beverage, Automotive, Industrial Goods, Household Appliances, Healthcare, Consumer Electronics); and Region/Country
The global medical composites market is expected to witness a CAGR of around 10% during the forecast period (2022–2028). As the market is anticipated to witness owing to rising demand for medical composite from the dental, microsphere, and tissue engineering sectors is a key factor expected to propel the growth of the medical composite market.
In addition, major players such as CeramTec GmbH, The 3M Company, Toray Industries Inc., Dentsply Sirona, Royal DSM N.V., SGL Carbon SE, Kulzer GmbH, IDI Composites International, Zeus Industrial Products Inc., Composiflex Inc. Several M&As along with partnerships have been undertaken by these players to develop the medical composites market.
Medical composites are used in diagnostic instruments to lower the weight of an instrument, which in turn offers better positioning for patients and the generation of clearer images. In addition, medical composites are excellent for usage in cartilages because they aid in the biological resurfacing of damaged areas. The open weave design of carbon fiber medical composites encourages cell development between individual fibers, which leads to appropriate healing. Additionally, medical composites have improved load-bearing capacity, which qualifies them for usage in prosthetic limbs. All these elements work together to increase demand for medical composites, which in turn is driving the growth of the medical composures market during the forecasted period. For instance, according to the National Health Service, 40.3 million image diagnostic procedures were recorded in England between September 2020 and August 2021. In August 2021, 3.22 million image diagnostic procedures were reported to have taken place. Plain radiography was the most prevalent in August 2021, with 1.6 million, followed by Diagnostic Ultrasonography (0.72 million), Computerized Axial Tomography (0.49 million), and Magnetic Resonance Imaging (0.29 million). An increase in demand for diagnostic operations is driving revenue growth in the medical composites market. The global medical composites market is expected to witness a CAGR of around 10% during the forecast period (2022–2028).
However, Covid – 19 has devasted the global economy due to which many sectors experienced a downfall as the demand for medical composites got reduced within the industries due to their shutdown. The production, and supply chain, manufacturing got declined in the healthcare industries due to a lack of operations which directly or indirectly affected the market of medical composites. Since the industry has been in process for a certain period, the usage of medical composites is increasing as diagnostic instruments to lower the weight of an instrument. In addition, the production of diagnostic instruments requires the use of medical composites, by which the growth of the market will be seen increasing during the forecasted period.
Insights Presented in the Report
“Amongst fiber type, carbon fiber category to hold a significant share in the market”
Based on fiber type, the market is fragmented into carbon fiber, glass fiber, and others. During the forecast period, the carbon fiber segment is likely to have significant growth in the global medical composites market. As carbon fiber medical composites offer enhanced load-bearing capability, which makes them suitable to be used in artificial limbs. In addition, load-carrying links are of utmost importance in joint mechanism and carbon fiber medical composites are used for this application, owing to their stiffness and biocompatibility. Furthermore, the factors justify its use in the market which will drive its growth during the forecasted period.
“Amongst application, diagnostic imaging segment to hold a significant share in the market”
Based on application, the market is fragmented into diagnostic imaging, composite body implant, dental medical composite, surgical instruments, and others. In 2020, the diagnostic imaging segment is seen to have significant growth in the medical composites market. As diagnostic imaging applications are radiolucency, thermal resistance, and absorption of low levels of radiant energy. In addition, they are used in diagnostic imaging tables and other imaging accessories such as CT scan tables, MRI tables, and positron emission tomography (PET) tables. In recent years, the study of using diagnostic imaging technology in various areas such as tissue engineering, microspheres, and wheelchairs will drive the market of medical composites in the forecasted period.
North America to witness significant growth during the forecast period”
North America is likely to have the largest market share in the medical composites market during the forecasted period. Due to the availability of the extensive healthcare industries in the region. In addition, the region has high utilization of composite materials in bio-medical applications which is increasing the growth of the market. Furthermore, government authorities of North America are helping the healthcare sector to have an emerging growth of the market. North America has also attributed to increased adoption of advanced technologies in the medical sector, increasing investments in research & development, and high healthcare expenditure. Additionally, the presence of leading market players such as Dentsply Sirona, CeramTec GmbH, The 3M Company, and many others are highly contributing to the growth of the medical composites market in the region
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Medical Composites Market Covid-19 Impact
6. Global Medical Composites Market Revenue (usd Bn), 2020-2028f
7. Market Insights By Fiber Type
8. Market Insights By Application
9. Market Insights By Region
10. Medical Composites Market Dynamics
11. Medical Composites Market Opportunities
12. Medical Composites Market Trends
13. Value Chain Analysis
14. Competitive Scenario
15. Company Profiled
16. Disclaimer
Research Methodology for the Global Medical Composites Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global medical composites market were the three major steps undertaken to create and analyze the adoption of medical composites in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global medical composites market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the medical composites market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the medical composites market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, material, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the medical composites market. Further, we conducted factor analysis using dependent and independent variables such as various products, materials, and applications of medical composites equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the medical composites market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global medical composites market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions 
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at a precise statistical number for each segment and sub-segment of the global medical composites market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of various products, materials, and applications in the global medical composites market.
The main objective of the global medical composites Market Study
The current & future market trends other than the global medical composites market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investment on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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