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    Medical Carbon Composites Market Report

    Medical Carbon Composites Market Report
    Report code - SRHL179 Published On : Jan,2021 No. of Pages: 220
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    Medical Carbon Composites Market Size, Share, Trend, Forecast, & Competitive Analysis: See more...

    Market Insights

    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.

    Covid-19 Impact Analysis

    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.

    Segments' Analysis

    Medical Carbon Composites Market Share by Application Type

    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.

    Medical Carbon Composites Market Share by Process Type

    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.

    Regional Insights

    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.

     

    Market Scope & Segmentation

    Research Scope

    Trend & Forecast Period

    2021-2026

    Regions Covered            

    North America, Europe, Asia-Pacific, Rest of the World

    Size in 2026

    US$ 440 million

    Countries/Subregions Covered

    The USA, Canada, Mexico, Germany, The UK, France, Italy, Spain, China, Japan, India, South Korea, Brazil, the UAE and Others

    Figures & Tables

    >150

    Customization

    Up to 10% customization available free of cost

     

    The medical carbon composites market is segmented into the following categories.

    Medical Carbon Composites Market Size, Share & Forecast, By Application Type:

    • Operating & Diagnostic Tables (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Bone Implants (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Prosthetic & Orthotics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Surgical Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW) 

    Medical Carbon Composites Market Size, Share & Forecast, By Process Type:

    • Prepreg Layup (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Other Processes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Medical Carbon Composites Market Size, Share & Forecast, By End-User Type:

    • Hospitals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Ambulatory Surgical Centers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Medical Carbon Composites Market Size, Share & Forecast, By Region:

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

    Key Players

    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
    • 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.

    Research Methodology

    For calculating the market size, our analysts follow either 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 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 multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, 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 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.

    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:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    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 [email protected]

    Frequently Asked Questions (FAQs)

    The medical carbon composites market size is expected to witness an impressive CAGR to reach an estimated value of US$ 440 million in the foreseeable future.

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

    North America is expected to maintain its supremacy in the medical carbon composites market during the forecast period of 2021-26.

    Prepreg layup is expected to remain dominant process in the medical carbon composites market in the coming five years.