Medical Composites Market Report | Covid-19 Impact Analysis
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Medical Composites market realities and future 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 medical composites at the global, regional, as well as country level. Also, the report provides the possible loss that the industry may register by comparing pre-COVID and post-COVID scenarios. The report segments and analyzes the market in the most comprehensive manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of low-hanging fruits available as well as formulate growth strategies.
Medical Composites Market: Highlights
Over the eons, 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. 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 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.
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.
Some of the Key Strategic Initiatives in the Market:
The market’s attractiveness has led to series of product launches by key players in order to better align with the demand:
Key Strategic Alliances in the Market:
Based on the fiber type, the market is segmented as carbon fiber composites, glass fiber composites, and other composites. Carbon fiber 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 fiber 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.
The medical composites market is also segmented based on end-user type into hospitals, ambulatory surgical centers, and others. Hospital held the largest share of the market in 2020 and is expected to maintain its position during the forecast period as well. The 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 also expected to maintain its dominance over the forecast period, 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. The 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.
Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all five regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The medical composites market is segmented into the following categories.
Medical Composites Market, By Fiber Type:
Medical Composites Market, By Application Type:
Medical Composites Market, By Process Type:
Medical Composites Market, By End-User Type:
Medical Composites Market, By Region:
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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