Medical Composite Material Market: Introduction
Composites are materials made of two or more different chemically inert materials, one being the bulk material and the other the phase. The resultant material possesses distinguished properties from the two parent materials. Medical composite materials are used in the place of plastic, steel and aluminum for the production of customized and complex products like prosthetics, advanced orthopedic devices and body implants. Medical composite materials are also used in dental applications as fillings for natural teeth and for restoration. Composite materials find applications in implants, surgeries, artificial limbs, diagnostics and instrument materials. Medical composites are mainly used in diagnostic imaging systems, patient imaging tables and for accessories used in PET, X-ray, CT and MRI imaging systems.
Medical composite materials are formed by mixing two or more components and they give greater performance than either of the individual components. Some of the key benefits of medical composite materials are – excellent fatigue endurance, high strength-to-weight ratio, good impact resistance, corrosion resistance and malleability. Attributing to these properties, the medical sector prefers medical composite materials over plastic, steel and aluminum in the production of custom-made and complex products. End users of medical composites are pharmaceutical companies, medical device companies, research centers and diagnostic imaging centers, among others.
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Medical Composite Material Market: Dynamics
Steady growth in the use of diagnostic imaging technologies, such as CT-scan and X-ray in the medical sector have boosted the development of light weight, radiolucent and bio-compatible composite materials. Such composites assist in lowering the weight of instruments and provide better positioning for the patient during treatment. The demand for composites is expected to be further driven by technological advancement in dental materials, where the use of composites is increasing.
Technological advancement and a steady rise in the use of composite materials in medical applications, such as diagnostics, implants, medical equipment and accessories are other key factors likely to enhance growth of the medical composites material market.
Instances of dental issues are increasing rapidly across the globe, which is causing a surge in the demand for dental composite materials. This rise in the number of dental patients has made the dental care segment a rapidly growing application segment of the medical composite materials market. Frequent changes in consumer preferences and intense competition among existing medical composite manufacturers are expected to hamper growth of medical composite material market. Fluctuations in the prices of raw material might retard growth of the medical composite material market.
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Medical Composite Material Market: Regional Outlook
Developing markets, such as Latin America, Asia Pacific and Africa & Middle East are anticipated to witness robust growth during the forecasted period, due to aging population and growing of the health care sectors in these regions. Brazil, China and India are anticipated to witness steady growth, owing to ongoing investments by government bodies aiming to improve health care facilities.
Europe is expected to lead the medical composite material market, due to an increase in utilization of medical composite materials in bio medical applications, such as in components for implants, diagnostic imaging and prosthetics. North America is expected to be the leader in terms of consumption of glass fiber and natural fiber medical composite materials. This can be attributed to the increasing number of manufacturing industries in the region. The market is further expected to grow rapidly, due to the rising use of these materials in dental applications.
The Asia Pacific region, especially India and China is expected to witness huge growth in the medical composite material market, owing to the increase in research and development activities directed towards instruments and devices that use composite materials for the diagnosis and treatment of various diseases.
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Medical Composite Materials: Market Participants
Examples of some of the market participants in the Medical Composite Materials market are-
3M, DSM, PolyOne, Quatro Composites, Koninklijke Ten Cate nv, Toray Industries Inc., C-K Composites Co.,LLC, Evonik Industries AG, Henkel AG & Co. KGaA, Icotec, Mitsubishi Rayon Co.Ltd.