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The composite materials for medical market encompasses the production, application, and sales of composite materials, specifically glass fiber composites, in the surgical departments of healthcare facilities. These materials are utilized in various mission critical applications, including composite body implants and surgical instruments. Assumptions about the market's growth are driven by the increasing demand for advanced and durable materials in surgical procedures. Composites offer advantages such as radiolucency, thermal resistance, and biocompatibility, making them suitable for use in X-ray, CT, and MRI scan systems. Low-cost carbon fiber is a significant factor in the market's expansion, as it provides the strength and durability of metallic materials at a lower cost.
The production of composite materials is also aided by advancements in factories and business activities, enabling the mass production of vaccines and other medical equipment. Virtual events and webinars have become essential tools for market participants to showcase their products and services, particularly during the current global health crisis. The market for medical composites is expected to continue growing, with applications in cardiovascular applications, such as stents, being a major contributor to its expansion. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increase in demand for carbon fiber-reinforced plastics for biomedical applications. There is extensive use of composites in the medical sector, especially in orthotic and prosthetic devices and in the components of MRI equipment. The main advantages of artificial limbs which are manufactured from composite materials is that they are fatigue-resistant and easy to manufacture.
Moreover, there is wide use of CFRP as a composite material in medicinal applications. Some of the key features of carbon fiber composite material include fatigue resistance, radiolucency, and high strength which makes it suitable for use in orthopedic surgeries. Carbon fibers exhibit remarkable versatility for orthopedic applications by enabling individual material properties, mechanical properties, and geometrical design considerations to blend into an overall composite design. Hence, such applications are expected to drive composite materials for medical market growth during the forecast period.
A key factor shaping the market growth is the growing demand for nanofibers in the medical industry. Nanofibers are a type of one-dimensional nanomaterials that are extensively used in several medical applications. Nanofibers are manufactured from biocompatible or biodegradable materials that have a high potential for use in the biomedical and healthcare sectors due to their unique properties and functionalities.
Moreover, some of the main features of these materials include high surface area and porosity which enable to improve of the adhesion of cells as well as different proteins and drug molecules. Tissue engineering, wound healing, and new drug delivery are some of the main application areas of nanofiber. Hence, such factors are expected to drive composite materials for medical market growth during the forecast period.
Fluctuations in raw material prices are one of the key challenges hindering market growth. Medicinal composite materials are very expensive when compared to other materials such as plastics, metals, and other polymers. Thus the high cost associated with medicinal composites is negatively impacting the market growth.
Moreover, carbon fibers are the most expensive material among medicinal composites as the cost of manufacturing carbon fibers is eight times the cost of manufacturing steel. Furthermore, polyacrylonitrile is the raw material that is used in the production of carbon fiber which is costlier than steel. Hence, such factors are expected to hinder composite materials for medical market growth during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The composite materials for medical market industry report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3M Co., ACP Composites Inc., Avient Corp., Coltene Whaledent AG, Composiflex, CoorsTek Inc., Den Mat Holdings LLC, Dentsply Sirona Inc., Evonik Industries AG, Henkel AG and Co. KGaA, icotec AG, Kaman Corp., Koninklijke DSM NV, Kulzer GmbH, Mitsubishi Chemical Group Corp., Polygon Co., SGL Carbon SE, Shofu Inc., Tokuyama Corp., and Toray Industries Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The composite materials for medical market in the medical sector is experiencing significant growth due to the increasing demand for lightweight, strong, and durable materials in medical applications. Composites, such as glass fiber reinforced composites and carbon fiber reinforced composites, offer superior strength-to-weight ratio and excellent resistance to corrosion and biocompatibility. These properties make them ideal for use in medical devices, prosthetics, and implants. The segment of medical devices is expected to dominate the market due to the high usage of composite materials in the production of various medical devices.
Medical composites are revolutionizing the healthcare sector, offering superior alternatives to conventional materials. Medical composites, including glass fiber composite, carbon fiber composites, and ceramic fiber segment, are widely used in hospitals and surgical departments due to their inert properties, thermal stability, and low price. These materials find applications in cardiovascular diseases, medical cartilage, dental implants, and biological resurfacing. Their easy manufacturability, biodegradability, and low energy consumption contribute to their widespread use in surgical applications, including spreaders and medical imaging equipment.
Carbon fiber composites are particularly valuable for diagnostic imaging systems, offering enhanced performance while minimizing environmental impacts. Healthcare companies are focusing on reducing energy consumption and improving recycling practices. These composites provide physicians with advanced treatment options, especially in cases of road traffic accidents and other critical medical conditions. The segment of implants is also expected to witness substantial growth due to the increasing number of surgeries and the rising preference for composite implants over traditional metallic implants. The market for medical composites is driven by factors such as the increasing prevalence of chronic diseases, the growing geriatric population, and advancements in medical technology such as 3D-printed composite materials.
The market is also expected to be influenced by factors such as regulatory approvals, research and development activities, and the increasing focus on minimally invasive surgeries. In summary, the market for medical composite materials is expected to grow at a steady pace due to the increasing demand for lightweight, strong, and durable materials in medical applications, particularly in medical devices and implants. The market is driven by factors such as the increasing prevalence of chronic diseases, the growing geriatric population, and the advancements in medical technology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
189 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
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Market growth 2024-2028 |
USD 871.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.52 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, UK, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., ACP Composites Inc., Avient Corp., Coltene Whaledent AG, Composiflex, CoorsTek Inc., Den Mat Holdings LLC, Dentsply Sirona Inc., Evonik Industries AG, Henkel AG and Co. KGaA, icotec AG, Kaman Corp., Koninklijke DSM NV, Kulzer GmbH, Mitsubishi Chemical Group Corp., Polygon Co., SGL Carbon SE, Shofu Inc., Tokuyama Corp., and Toray Industries Inc. |
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Market dynamics |
Parent market analysis, market trends and analysis, Medical Composite Materials market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Medical Composite Materials market worth and condition analysis for forecast period. |
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Customization purview |
If our composite materials for medical market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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The composite materials for medical market size is forecast to increase by USD 871.8 million at a CAGR of 10.87% between 2023 and 2028. The growth of the market depends on several factors such as increasing demand for lightweight materials in the medical industry, increase in demand for carbon fiber-reinforced plastics for biomedical applications, and the emergence of novel materials in the medical sector. One of the key factors driving the market growth is the increase in demand for carbon fiber-reinforced plastics for biomedical applications, including biodegradable medical plastics in addition to the growth of the composites market. There is extensive use of composite materials in the medical sector, especially in orthotic and prosthetic devices and in the components of MRI equipment. The main advantages of artificial limbs which are manufactured from these materials is that they are fatigue-resistant and easy to manufacture.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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