Medical Carbon Composites Market Report | Covid-19 Impact Analysis
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Medical Carbon 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 carbon 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 Carbon Composites Market: Highlights
In the technology-intensive industries, such as space and aeronautical engineering, the performance to weight ratio plays a vital role; thus, the high cost 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 very important. Thus, it can be said that the cost spent on optimizing the product is modest, while efforts are spent on rationalizing the manufacturing. 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 21st century. After years of research and development, this innovative material able to secure 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 outbreak of the COVID-19 pandemic has induced market instability and lockdown in all the major markets. The medical carbon composites market is no exception to it and massively suffered from it in 2020 owing to supply chain disruption, reduced demand, workforce downsizing, and reduction in patient footfall. However, the market is expected to recover from 2021 onwards followed by a sequential growth pattern in years to come.
As per Stratview Research, the global medical carbon composites market is likely to grow at a lucrative rate over the next five years to reach a value of US$ 440 million in 2026. Government initiatives, such as customs duty exemption on medical devices, growth in regulatory approvals of medical devices, upcoming Tokyo Paralympics 2021, and product innovations, are likely to act as the major growth drivers of the market.
The medical carbon composites market is segmented based on the application type as operating & diagnostic tables, bone implants, prosthetics & orthotics, and surgical seals. The operating & diagnostic tables segment is expected to remain the dominant one during the forecast period as carbon composite tabletop offers a 360-degree radiolucency. The market is witnessing an increased number of new product launches. For instance, in 2020, Hillrom launched PST 500 and PST 300 precision surgical tables that offer a 360-degree radiolucency coupled with the capability of handling general surgery, orthopedics, and neurosurgery. The prosthetics & orthotics segment is estimated to be the second-largest application by 2026, driven by an increasing acceptance in lower limb prosthetics and orthotics.
Based on the process type, the medical carbon composites market is segmented as prepreg layup and other processes. Prepreg layup is likely to remain the dominant process in the market during the forecast period. Prepreg is the preferred choice for manufacturing operating tables and diagnostic tabletops. Other processes predominantly include wet lamination, another highly preferred process for the fabrication of lower limb prosthetics and orthotics.
In terms of region, North America is expected to maintain its supremacy in the global medical carbon composites market by 2026. The USA and Canada are the growth engines of the North American market. Higher adoption of advanced technology, well-developed healthcare infrastructure, greater penetration of advanced composites, and high healthcare expenditure attributed to the highest share of the region. Asia-pacific is expected to be the fastest-growing market in years to come, owing to the rapid improvement in healthcare infrastructure in developing economies such as India and China along with rising healthcare expenditure.
The supply chain of this market comprises raw material suppliers, medical carbon composite component manufacturers, distributors, OEMs, and end-users. The key medical carbon composite component manufacturers include Össur, Ottobock SE & Co. KGaA, Fillauer LLC, Steeper Inc., Getinge Group, Steris Corporation, HillRom, Composite Horizons, Stille AB, Skytron LLC, and Mizuho Medical Co. Ltd.
The medical carbon composites market is slowly heading towards consolidation as major players are acquiring other players to strengthen their position in the market. For instance, in 2020, Steeper Group completed the acquisition of the Espire Elbow prostheses range from College Park Industries, enhancing its product portfolio. Similarly, the acquisition of Therapeutic Recreational Systems by Fillauer in order to enhance its customer base in 2019. Also, in 2017, Ottobock acquired the BeBionic prosthetic products and related business from the British med-tech company Steeper to strengthen its position as a market leader in the upper limb prosthetic solutions. Further, the acquisition of Touch Bionics and Medi Prosthetics by Össur in 2015 and 2016, highlights the ongoing consolidation in the market.
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 1000 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 carbon composites market is segmented into the following categories.
Medical Carbon Composites Market, By Application Type:
Medical Carbon Composites Market, By Process Type:
Medical Carbon Composites Market, By End-User Type:
Medical Carbon Composites Market, By Region:
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