Medical Composites Market is Forecasted to Reach US$ 845 Million in 2030, Says Stratview Research

Stratview Research, a global market research firm has launched a report on the global medical composites market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/1381/medical-composites-market.html#form

Market Statistics:

Market Size in 2023: US$ 528 million

Market Size in 2030: US$ 845 million

Growth (CAGR): 6.8% during 2024-2030

Leading Fiber Type: Carbon Fiber Composites

Leading Application Type: Prosthetics

Leading Process Type: Prepreg Layup

Leading End-User Type: Hospitals

Leading Region: North America

Forecast Period: 2024-2030

Trend Period: 2018-2022

Base Year: 2023

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the Medical Composites Market:

The global medical composites market is segmented based on fiber type, application type, end-user type, and region.

Based on fiber type – Carbon fiber composites are expected to remain dominant as well as the fastest-growing fiber type during the forecast period.

·      Key advantages to using carbon fiber are its strength, low weight, high-temperature tolerance, and chemical resistance.

·      One of the most significant uses of carbon fiber in the medical industry is the production of prosthetics. The flexibility of carbon fiber allows for custom-made medical implants. Medical equipment manufacturers and professionals can now create carbon fiber medical devices for individual needs.

·      Carbon fiber’s valuable combination of high tensile strength and low weight, makes it suitable to make various demanding medical devices that need to be both lightweight and strong.

·      Other than that, its non-magnetic qualities reduce interference with any diagnostic imaging that requires magnetic resonance imaging (MRI) or other sensitive technology.

Based on application type – Prosthetic is expected to grab the biggest chunk of the market, whereas medical robots are likely to be the fastest-growing application during the forecast period.

·      Composites offer a myriad of advantages in prosthetics & orthotics applications namely, strength-to-weight ratio, durability, flexibility, corrosion and fatigue resistance, and aesthetic appeal.

·      Composites are being used for prosthetic limbs, prosthetic feet & ankles, prosthetic braces and supports, etc.

·      The key prerequisites for wearable robotics are strength, stiffness, and lightweight. Composites are likely to play a crucial role in establishing these needs in the coming time.

·      Smart composites and hybrid soft-foldable technologies for minimally invasive surgical robots are some revolutionary application areas in the field.

Based on end-user type – Hospitals are anticipated to generate the highest demand for composites during the forecast period.

·      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.

To know the most attractive segments, click here for a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/1381/medical-composites-market.html#form

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market for medical composites till 2030. This growth outlook is majorly attributed to the following–

·      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.

·      According to the Centers for Medicare and Medicaid Services (CMS), Office of the Actuary, National Health Statistics Group; and Department of Commerce, healthcare spending in the USA is projected to have grown 7.5% in 2023, which was faster than the nominal gross domestic product (GDP) growth rate of 6.1% (National Health Expenditure in 2023: US$ 4,799 Billion and in 2030: US$ 7,705 Billion).

·      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.

·      According to the WTW Global Medical Trends Survey, the average cost of medical care in Asia-Pacific jumped from 7.2% in 2022 to 9.9% in 2023.

Medical Composites Market Drivers:

Some of the key drivers listed in the report are given below.

Incessant demand from diagnostic imaging applications, the prevalent, uncompromising need for lightweight materials, and the increasing demand for radiolucent materials are the key fueling factors in the market. Further, regulatory approval for medical devices from agencies such as the FDA may augment the market growth.

Top 11 Companies in the Medical Composites Market:

Stratview Research has identified the following companies as the top market players (arranged alphabetically).

• 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.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

·      Medical Carbon Composites Market

·      Recycled Carbon Fiber Market

You may also like:

-      Plate Heat Exchangers Market

-      Thermal Insulation Market

-      Infrared Sensor Market

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

Are you looking for any specific data customized to your objectives? We are just a mail away.

Stratview Research

E-mail: sales@stratviewresearch.com

Direct: +1-313-307-4176