The Medical Carbon Composites Market is segmented by Application Type (Operating & Diagnostic Tables, Bone Implants, Prosthetics & Orthotics, and Surgical Seals), Process Type (Prepreg Layup and Others), End-User Type (Hospitals, Ambulatory Surgical Centers, and Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
The Medical Carbon Composites Market is segmented by Application Type (Operating & Diagnostic Tables, Bone Implants, Prosthetics & Orthotics, and Surgical Seals), Process Type (Prepreg Layup and Others), End-User Type ...
In 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 is 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.
Market Drivers
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.
COVID-19 Impact
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.
Market Segmentations
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 carbon composites market is segmented into the following categories-
By Application Type:
Operating & Diagnostic Tables
Bone Implants
Prosthetic & Orthotics
Surgical Seals
By Process Type:
Prepreg Layup
Other Processes
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, Spain, and the Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of the Asia-pacific)
Rest of the World (Country Analysis: Brazil, The UAE, and Others)
Segment Analysis
By Application Type
The medical carbon composites market is segmented 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 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 of lower limb prosthetics and orthotics.
By Process Type
The 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 Analysis
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 is 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.
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Key Players
The supply chain of this market comprises raw material suppliers, medical carbon composite component manufacturers, distributors, OEMs, and end-users.
Some of the key players in the medical carbon composites market are-
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 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.
Target Audience
Here is the list of the group of customers that the medical carbon composites market hopes to have the greatest opportunity to convert-
Distributors
Suppliers
Manufacturers
Logistics organizations
Government bodies
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?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Medical Carbon 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?
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 requirement?
10% free customization
Research Methodology
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.
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 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.
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Detailed profiling of additional market players (up to three players)
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Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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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 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.
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 are among the key players in the carbon composites market.
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.
