The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Medical Composites Global Market Report 2024, the medical composites market is expected to show significant growth in the forecast period.

The medical composites market has undergone rapid expansion, marking a notable increase from $1.3 billion in 2023 to a projected $1.47 billion in 2024, with a compound annual growth rate (CAGR) of 13.2%. This surge is attributed to several factors such as orthopedic applications, an aging population, trauma and sports injuries, regulatory compliance, and the adoption of patient-centric care. Looking ahead, the market is anticipated to experience continued robust growth, reaching $2.45 billion in 2028, fueled by factors like personalized implants, additive manufacturing, telehealth services, regenerative medicine, and biocompatible nanocomposites. Noteworthy trends in the forecast period include the rise of customized 3D-printed implants, remote monitoring, smart composite materials, sustainability, and the integration of eco-friendly materials, alongside the prevalence of wearable health devices.

Rising Demand in the Healthcare Sector

The escalating demand for medical composites from the healthcare sector is expected to be a driving force behind the market’s growth. This sector encompasses medical and clinical services, the development of medical devices and medicines, and medical insurance. The surge in demand is particularly notable in the development of medical instruments. For instance, MedTech Europe reports that approximately 11% of Europe’s gross domestic product (GDP) is allocated to healthcare, with 7.6% dedicated to medical technologies. The increasing need for medical composites in this context underscores their pivotal role in advancing healthcare solutions.

• Major companies in the market include:
  • 3M Company
  • Toray Industries Inc.
  • SGL Carbon SE
  • CeramTec GmbH
  • Composiflex Inc.
  • Dentsply Sirona Inc.
  • Mitsubishi Chemical Holdings Corporation
  • Avient Corporation
  • Zeus Industrial Products Inc.
  • And many more…

View More On The Medical Composites Market Report 2024 – https://www.thebusinessresearchcompany.com/report/medical-composites-global-market-report

Innovative Advancements Driving Market Evolution
Technological advancements stand out as a key trend in the medical composites market. Leading companies are actively engaged in developing new technological solutions to strengthen their market positions. An example is Nobio, an Israel-based company, which in February 2022, launched Infinix, a collection of advanced antimicrobial restorative materials. Incorporating QASi antimicrobial particle technology, this innovation aims to combat recurring deterioration and provides long-lasting bacterial inhibition, reducing restoration failure due to secondary caries.

• The Gund Company’s Strategic Acquisition

In June 2021, The Gund Company Inc., a USA-based manufacturing company specializing in engineered material solutions, acquired Power & Composite Technologies, LLC, a move that enhances its product portfolio in medical composites and material solutions for medical devices. This strategic acquisition positions The Gund Company to capitalize on the evolving landscape of medical composites.

Market Segmentation

The medical composites market is segmented based on several key factors:

1. Fiber Type:
   • Carbon Fiber
   • Ceramic Fiber
   • Other Fiber Types
2. Process:
   • Wet Lamination
   • Prepreg
   • Other Process
3. Application:
   • Diagnostic Imaging
   • Composite Body Implants
   • Surgical Instruments
   • Dental
   • Other Applications

North America at the Forefront
In 2023, North America emerged as the largest region in the medical composites market, reflecting the region’s leadership in adopting innovative medical technologies. The robust growth in North America further solidifies its position as a key player in the evolving landscape of medical composites.

Conclusion

The trajectory of the medical composites market is marked by remarkable growth and continuous innovation. The increasing demand from the healthcare sector, coupled with technological advancements, positions medical composites at the forefront of transformative solutions in the medical field. As major companies continue to invest in research and development, the market is set to witness further groundbreaking advancements, shaping the future of medical applications and patient care.

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