Medical composites market on the rise

Over the years, composite materials have gained significant acceptance in a wide array of industries including aerospace & defense, automotive, consumer goods, wind energy, oil & gas, etc. Excellent performance has led to the adoption of these innovative materials in the medical and healthcare industry as well. Properties of composite materials, such as radiolucency, excellent strength-to-weight ratio, durability, and corrosion resistance, make these materials a suitable choice for medical applications by replacing their metal counterparts.

The outbreak of the COVID-19 pandemic has shaken the global economy affecting every industry in some or another way. The medical composites market is no exception to it and is expected to suffer from a decline in 2020 due to production halts, reduced demand, layoffs, and supply chain disruption across the globe. However, the market is expected to rebound from 2021 onwards, overall creating healthy opportunities in years to come. As per Stratview Research, the global medical composites market is estimated to grow at a lucrative rate over the next five years to reach an estimated value of US$ 771 million in 2026.

The strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today's medical composites market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for aramid fibres at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as formulate growth strategies.

The growing use of advanced composite materials in diagnostic imaging, prosthetics, and body implants are the major factors, likely to boost the growth of the medical composites market in the long run.  Further, regulatory approval for medical devices from agencies, such as FDA, may augment the market growth.

Based on the fibre type, carbon fibre is likely to remain the most dominant fiber type in the market during the forecast period due to rising adoption in radiolucent operating tables, lower limb prosthetics, bone implants, and orthotics. Glass fibre is expected to be the second-largest segment owing to growing utility in prosthetics, orthotics, and tissue engineering. The market is further segmented based on application type as operating & diagnostic tables, bone implants, prosthetics & orthotics, surgical seals, and others. The Operating & diagnostic tables segment is expected to remain the most dominant application type in the coming five years, owing to the growing adoption of such tables in hybrid ORs (operating rooms) as they offer 360-degree radiolucency coupled with increasing adoption of carbon composite tabletops. Prosthetics & orthotics segment is expected to remain the second-largest application type over the same period, driven by composites' excellent strength-to-weight ratio and corrosion resistance.

Based on end-user type, hospitals held the largest share of the market in 2020 and is expected to maintain its position during the forecast period as well. High budget of such establishments, as well as larger patient footfall, attributed to the largest share. A surge in patient preference towards ambulatory surgical centers in the North American and European markets will boost the segment's growth over the foreseeable future.

In terms of region, North America accounted for the largest share of the global medical composites market in 2020. The region is expected to maintain its dominance over the forecast period as well, owing to higher adoption of advanced technology, well-developed healthcare infrastructure, and huge healthcare expenditure. Asia-Pacific is expected to be the fastest-growing market, owing to the rapid improvement in healthcare infrastructure in key economies such as India and China along with rising healthcare expenditure in the region.

The supply chain of this market comprises raw material suppliers, medical composite component manufacturers, distributors, OEMs, and end-users. Key medical composite component manufacturers include Össur, Ottobock SE & Co. KGaA, Fillauer LLC, Getinge Group, Steris Corporation, HillRom, Stryker Corporation, Composite Horizons, Stille AB, Skytron LLC, and Mizuho Medical Co. Ltd.