Medical Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Composite is also known as composition material or composite material. Composite material is made of two or more materials that have different chemical or physical properties, which form a new material that has different characteristics than the combined materials.
The new material are produced may have many reasons such as materials which are stronger, less expensive or lighter, when it is compared to traditional materials. Composite materials have various applications in the aerospace, automotive, construction, consumer goods, defense, marine, medical, oil & gas, rail, and renewable industries.
A composite material can be used for many purposes such as construction of buildings and bridges, and for structures such as boat hulls, race car bodies, bathtubs, swimming pool panels, shower stalls, storage tanks, cultured marble sinks, and imitation granite. Examples of composite material are concrete, ceramic composites, metal composites, and reinforced plastics.
Composite materials have wide range of medical uses such as in surgeries, implants, artificial limbs, instrument materials, and diagnostics.
The global medical composites market has been segmented based on product type, application, end-user, and region. In terms of product type, the market has been categorized into carbon fiber composites, ceramic matrix composites, and other composites.
Carbon fiber composites have wide usage and hold the largest share of the market. Based on application, the medical composites market has been segmented into diagnostic imaging, composite body implants, surgical instruments, dental, microsphere, tissue engineering, and others.
Moreover, there are various other applications of medical composites which depend on the need and requirement of the material for designing and manufacturing. Medical composites are primarily used in diagnostic imaging systems.
These are highly used for patient imaging tables and for accessories used in X-ray, PET, CT, and MRI imaging system. Medical composites used in diagnostic instruments lower the weight of an instrument, which in turn offers better positioning for patients and generation of clearer images.
End-users of medical composites are medical device companies, pharmaceutical companies, diagnostic imaging centers, research centers, and others.
Geographically, the medical composites market has been classified into five regions: North America (U.S. and Canada), Europe (Germany, France, U.K.,.), Asia Pacific (China, Japan, Australia, India,.), Latin America (Brazil and Mexico), and Middle East & Africa (UAE, Saudi Arabia and South Africa).
Europe was the largest market for medical composites in terms of revenue owing to high demand in diagnostic imaging components, prosthetic applications, and composite implants. Europe was followed by North America and is expected to register higher growth.
Emerging markets such as Asia Pacific, Latin America, and Middle East & Africa are expected to record robust growth during the forecast period from 2016 to 2024 due to the growing health care industry and aging population. China, Brazil, and India are expected to witness strong growth due to increasing investments by government bodies to enhance health care facilities.
Technological advancement and increase in the usage of composite materials in various medical application such as implants, diagnostics, medical equipment and accessories are the other factors likely to boost the growth of the medical composites market. The market is also witnessing certain restraints such as intense competition among existing medical composites manufacturers and frequent changes in consumer preferences.
Major players operating in this market include 3M, DSM, Polygon Company, PolyOne Corporation, Quatro Composites, Toray Industries, Inc., Composiflex, Inc., ACP Composites, Inc., Vermont Composites, Inc., and Mitsubishi Rayon Co., Ltd.
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