How Will The Medical Composites Market Size Grow In The Coming Years?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global medical composites market has experienced significant expansion, surging from $1.14 billion in 2022 to $1.28 billion in 2023, marking a commendable compound annual growth rate (CAGR) of 12.0%. The journey continues, with projections indicating a remarkable growth to $2 billion in 2027, sustaining a CAGR of 11.8%. Let’s delve into the key elements propelling this growth.
Driving Force: Soaring Demand from the Healthcare Sector
The surge in demand for medical composites from the healthcare sector emerges as a pivotal driver fueling the market’s growth. The healthcare sector, encompassing medical services, device development, pharmaceuticals, and insurance, witnesses a rising need for medical instruments. The Observatory of Economic Complexity reports a global trade value of $133 billion for medical instruments in 2020. This escalating demand within the healthcare sector propels the growth of the medical composites market, as these materials find extensive application in the production of advanced medical instruments.
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Market Trends: Technological Advancements Take Center Stage
A key trend shaping the medical composites market is the proliferation of technological advancements. Leading companies in the market are actively engaged in developing innovative technological solutions to fortify their positions. Nobio, an Israel-based company, exemplifies this trend with the launch of Infinix, an advanced antimicrobial restorative material designed to combat recurring deterioration. The incorporation of QASi™ antimicrobial particle technology enhances the material’s ability to prevent tooth demineralization and provides long-lasting bacterial inhibition, reducing the risk of restoration failure due to secondary caries.
In a strategic move in June 2021, The Gund Company Inc., a USA-based manufacturing company, acquired Power & Composite Technologies, LLC, a significant player in medical composites. This acquisition positions The Gund Company to expand its product portfolio in medical composites and reinforces its presence in material solutions for medical devices.
Market Segmentation: Navigating Varied Dimensions
The global medical composites market is segmented –
1) By Fiber Type: Carbon Fiber, Ceramic Fiber, Other Fiber Types
2) By Process: Wet Lamination, Prepreg, Other Process
3) By Application: Diagnostic Imaging, Composite Body Implants, Surgical Instruments, Dental, Other Applications
Regional Dynamics: North America Takes the Lead
In 2022, North America emerged as the largest region in the medical composites market, highlighting its pivotal role in the global landscape. As we look ahead, Asia-Pacific is anticipated to be a hotbed of growth in the forecast period, presenting new opportunities and dynamics in the market.
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The Medical Composites Global Market Report 2023 provides a comprehensive overview on the medical composites market size, medical composites market trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the medical composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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