• Blog
  • Medical Composites Market Growth Analysis | 2021-2026

    Medical Composites Market Growth Analysis | 2021-2026

    Medical Composites Market Growth Analysis | 2021-2026
    Report code - SRHL174 Published On : Jan,2021 No. of Pages: 250
    Medical Composites Market Size, Share, Trends, Forecast, & Growth Analysis - 2021-2026 See more...

    Market Insights

    The medical composites market is likely to grow at a lucrative rate over the next five years to reach an estimated value of USD 771 million in 2026.

    Medical-Composites-Market-Insights

    Wish to get a free sample? Register Here

    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.

    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.

    Medical Composites Market Report Highlights

    Market Size in 2026

    USD 771 million

    Base Year of Study

    2020

    Trend Period

    2015-2019

    Forecast Period

    2021-2026

    Segments Covered

    By Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Other Composites)

    By Application Type (Operating & Diagnostic Tables, Bone Implants, Prosthetics & Orthotics, Surgical Seals, and Others)

    By Process Type (Wet Lamination, Prepreg, and Others)

    By End-User Type (Hospitals, Ambulatory Surgical Centers, and Others)

    By Region (North America, Europe, Asia-Pacific, and Rest of the World)

    Segments' Analysis

    By Fiber Type

    Based on the fiber type, the medical composites market is segmented into 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.

    By Application Type

    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. The 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.

    By End-User Type

    The market is also segmented based on end-user type into hospitals, ambulatory surgical centers, and others. The 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.

    Regional Insights

    In terms of region, North America accounted for the largest share of the global 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.

    Medical-Composites-Market-Regional-Insights

    Know the high-growth countries in this report. Register Here

    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The medical composites market is segmented into the following categories.

    By Fiber Type

    • Carbon Fiber
    • Glass Fiber
    • Others

    By Application Type

    • Operating Tables
    • Bone Implants
    • Prosthetic & Orthotics
    • Surgical Seals
    • Others

    By Process Type

    • Wet Lamination
    • Prepreg
    • Others

    By End-User Type

    • Hospitals
    • Ambulatory Surgical Centers
    • Others

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, The UK, France, Italy, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of the Asia-pacific)
    • Rest of the World (Country Analysis: Brazil, the UAE, and Others)

    Medical-Composites-Market-Segmentation

    Click Here, to learn the market segmentation details.

    Key Players

    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
    • Mizuho Medical Co. Ltd.

    Some of the Key Strategic Initiatives in the Market:

    The market’s attractiveness has led to a series of product launches by key players in order to better align with the demand:

    • In 2020, Hillrom launched PST 500 and PST 300 precision surgical table that offers a 360-degree radiolucency coupled with the capability of handling general surgery, orthopedics, and neurosurgery.
    • In 2019, Genting launched its Maquet Yuno II surgical table which is a versatile option to support advanced orthopedic techniques as well as trauma and neurosurgeries.
    • In 2017, Hillrom launched the Allen advanced table lateral system to complement the Allen advanced table. The radiolucent flat table offers superior intra-operative imaging capabilities.

    Key Strategic Alliances in the Market:

    • In 2020, Steeper Group completed the acquisition of the Empire Elbow prostheses range from College Park Industries, enhancing its product portfolio.
    • In 2019, Fillauer acquired Therapeutic Recreational Systems in order to strengthen its product portfolio and customer base.
    • In 2017, Ottobock acquired the BeBionic prosthetic products and related business from the British med-tech company: Steeper. The acquisition strengthens its position as a market leader by expanding its product portfolio.
    • In 2016, Össur acquired Medi Prosthetics from the Medi Group, a global provider of mechanical lower limb prosthetic components.
    • In 2015, Össur acquired Touch Bionics in order to enter the upper limb prosthetic market and further enhance its offerings.

    Research Methodology

    For calculating the market size, our analysts follow either a Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a 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.

    We leverage the multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data.

    More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

    Report Features

    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 formulating growth strategies.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Medical Composites Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The medical composites market is likely to grow at a lucrative rate over the next five years to reach an estimated value of USD 771 million in 2026.

    ssur, Ottobock SE & Co. KGaA, Fillauer LLC, Getinge Group, Steris Corporation, HillRom, Stryker Corporation, Composite Horizons, Stille AB, Skytron LLC, and Mizuho Medical Co. Ltd. are among the key players in the market.

    North America is expected to account for the largest share of the market during the forecast period of 2021-26.

    The Operating & diagnostic tables segment is expected to remain the most dominant application type in the market in the coming five years.