The global medical composites market was estimated at $0.9 billion in 2020 and is expected to hit $2.1 billion by 2030, registering a CAGR of 9.0% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in use of medical composites in diagnostic imaging application and surge in demand from composite body implants drive the growth of the global medical composites market. On the other hand, high production cost impedes the growth to some extent.
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COVID-19 scenario-
Medical composites are used in medical imaging tables, owing to high strength and low signal diminution for nuclear imaging property. In addition, medical composites can also be used in PET/CT diagnostic imaging devices. And, the global medical composites market has been moderately affected due to COVID-19 pandemic
In addition, several consultancy firms are offering advisory services for those key players that are planning to expand their business and are offering financial support for startup medical composite manufacturing companies.
The global medical composites market is analyzed across fiber type, application, and region.
Based on application, the diagnostic imaging segment accounted for the major share in 2020, holding more than one-third of the global market. The same segment is also expected to exhibit the fastest CAGR of 9.4% throughout the forecast period.
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Based on fiber type, the carbon fiber segment generated the highest share in 2020, accounting for around four-fifths of the global market. The same segment would also cite the fastest CAGR of 9.1% from 2021 to 2030.
Based on region, the market across North America and Europe held the lion’s share in 2020, garnering nearly one-third of the global market. Asia-Pacific, however, is expected to cite the fastest CAGR of 10.1% by the end of 2030.
The key market players analyzed in the global medical composites market report include Composiflex Inc., Dentsply Sirona, IDI Composites International, Inc., Zeus Industrial Products, Inc., Kulzer GmbH, ROYAL DSM N.V., SGL Carbon SE, the 3M Company, CeramTec GmbH, and Toray Industries, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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