Medical Carbon Composites Market Report

Market Insights

“The global medical carbon composites market size was US$ 254 million in 2023 and is likely to grow at an impressive CAGR of 9.9% to reach US$ 494 million in 2030.”

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Composites’ transition from rarity to being an omnipresent material across industries has been formidable. In technology-intensive industries, such as space and aeronautical engineering, the performance-to-weight ratio plays a vital role; thus, the high costs associated with testing the design and manufacturing process are acceptable even if the gain may appear to be small. However, in mass production and less critical applications such as automotive parts, sporting goods, and boats, a marginal improvement in performance is usually not crucial. The first experiment with carbon fiber in the medical industry was made in the mid-1960s.

However, the high cost associated with the material and manufacturing process restricted its commercial usage till the 21^st century. After years of research and development, this innovative material has been successful in securing a small space in the medical devices industry. With advancements in manufacturing processes and materials’ cost optimization, currently, carbon composites are preferably used in applications such as operating tables, diagnostic tabletops, bone implants, prosthetics, orthotics, and surgical seals. Carbon composites play a crucial role in medical devices as the material provides radiolucency, excellent strength-to-weight ratio, and corrosion resistance.

The increasing prevalence of chronic conditions, increasing healthcare expenses, government initiatives such as customs duty exemption on medical devices, growth in regulatory approvals of medical devices, and sustained product innovations are some of the key factors boosting long-term demand.

Recent Product Development:

• 2024: Ottobock is offering an innovative mechanical prosthetic foot, Evanto which resolves the contradiction between dynamics, flexibility, and stability for the first time, making it one of the most significant milestones in prosthetics since the invention of the carbon foot in the 1980s.
• In June 2023, the joint research project “Patch2Patient”, co-funded by the German Federal Ministry of Education and Research (BMBF), was completed. Besides Cevotec as project coordinator, in total six partners worked on this project: Carbovation GmbH, Mecuris GmbH, Guenther Bionics GmbH, Otto Bock SE & Co. KGaA, and Fraunhofer IPA. The project partners investigated the necessary base technologies for a digital, flexible, and automated value chain in the production of composite medical products.
• In 2021, Össur launched three new models of its Cheetah sports prosthesis designed for amputee athletes. Made of a proprietary carbon fiber composite, the high-performance Cheetah prosthesis was designed to mimic the anatomical performance of an able-bodied runner’s foot and ankle joint.
• 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 2024, Hanger, Inc., a leading provider of orthotic and prosthetic (O&P) patient care services and solutions, announced the completion of its previously announced transaction to acquire Fillauer.
• In 2024, Össur signed an agreement to acquire all shares of privately owned Fior & Gentz, a leading maker of lower limb neuroorthotic components.
• In 2024, Stille AB (publ) has completed the previously announced acquisition of the German instrument provider Fehling (Fehling Instruments GmbH & Co. KG, Fehling Verwaltungs GmbH.
• In 2024, STERIS signed a pact to sell its dentistry business to the private equity firm Peak Rock Capital, through a US$ 787.5 million transaction.
• In 2023, STERIS plc acquired the surgical instrumentation, laparoscopic instrumentation, and sterilization container assets from BD (Becton, Dickinson and Company).
• In 2021, Stille AB (publ) signed a contract to acquire 100% of the shares in the Swiss company S&T AG with development, manufacturing, and sales of microsurgical instruments in the absolute premium segment.
• In 2021, Baxter International Inc., a global medtech leader, announced that it completed its acquisition of Hillrom, for a purchase price of ~US$ 10.5 billion.
• In 2020, Steeper Group completed the acquisition of the Espire 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.

Segment Analysis

Application Trends

“Composite table top is expected to maintain its vanguard in the market, whereas medical robots are anticipated to mark the highest growth during the forecast period.”

• The market is segmented into composite table tops, medical robots, bone implants, prosthetics, and surgical seals.
• Carbon composites are increasingly preferred in applications, such as radiographic imaging tabletops, cradles, prosthetics, tabletop extensions & accessories, oncology treatment overlays, positioning products, and surgical table components.
• Operating tables with carbon composite tabletop offer a 360-degree radiolucency which makes them suitable for hybrid operating rooms and diagnostic imaging.
• Smart composites and hybrid soft-foldable technologies for minimally invasive surgical robots are some revolutionary application areas in the field.

Process Trends

“Prepreg layup is anticipated to remain the preferred process type by 2030.”

• The market is segmented into prepreg layup and others.
• Prepreg is the preferred choice for manufacturing operating tables and diagnostic tabletops. Prepregs offer several advantages such as controlled resin content, part uniformity, and less curing time.
• Other processes predominantly include wet lamination, another highly preferred process for the fabrication of lower limb prosthetics and orthotics.

Regional Insights

“North America is expected to remain the largest market for medical composites by 2030.”

• Higher adoption of advanced technology, well-developed healthcare infrastructure, and huge healthcare expenditure in the North American region enable higher demand.
• In terms of countries, the USA is expected to assert an unmatched dominance in the market during the forecast period. The country is the largest market for medical devices and accounts for ~40% of global sales.
• Rapid improvement in healthcare infrastructure in key economies, such as India and China, along with rising healthcare expenditure in Asia-Pacific is likely to drive the region’s long-term growth.
• China is exerting ardent efforts to boost its production of medical technology to ultimately reduce its reliance on imports.

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Key Players

The market is highly consolidated with the presence of a handful number of players globally. Most of the major players invest heavily in R&D in order to stay ahead of the competition etc. The following are the key players in the medical carbon composites market.

Here is the list of the Top Players

• Össur
• Ottobock SE & Co. KGaA
• Hanger, Inc. (Fillauer LLC)
• Getinge Group
• Steris Corporation
• Baxter International Inc. (HillRom)
• Stryker Corporation
• Composite Horizons
• Stille AB
• Skytron LLC
• Mizuho Medical Co. Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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.

What deliverables will you get in this report?

The global medical carbon composites market is segmented into the following categories:

By Application Type

• Composite Table Tops
• Medical Robots
• Bone Implants
• Prosthetics
• Surgical Seals

By Process Type

• Prepreg Layup
• Others

By End-User Type

• Hospitals
• Ambulatory Centers
• Others

By Region

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

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s medical carbon composites market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order 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 the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is 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. 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 market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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 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.