Medical Composites Market Size (2024 - 2029)

The medical composites market is anticipated to experience substantial growth over the forecast period, driven by the increasing application of these materials in diagnostic equipment, body implants, and surgical instruments. The demand for lightweight and durable materials, along with technological advancements in additive manufacturing, is further propelling market expansion. The market's growth trajectory was initially impacted by the COVID-19 pandemic, which led to a decline in dental procedures and, consequently, a reduced need for dental composites. However, as the demand for advanced diagnostic equipment and dental restoration products rises, the market is expected to recover and grow. Despite these positive trends, high production costs pose a challenge to market growth.

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Market Size of Medical Composites Industry

Medical Composites Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 9.10 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration High

Major Players

Medical Composites Market Major Players

*Disclaimer: Major Players sorted in no particular order

Medical Composites Market Analysis

The medical composites market is expected to register a CAGR of 9.1% over the forecast period.

  • COVID-19 significantly impacted the growth pace of the studied market in the past. During the early pandemic period, many dental clinics and practices faced temporary closures or restrictions on non-emergency treatments to minimize the risk of virus transmission, which led to a significant reduction in dental visits and elective procedures, including dental restorations. As a result, the decreased volume of dental restoration procedures likely impacted the growth of the medical composites market. 
  • For instance, according to the article published by the MDPI Journal in March 2021, during the initial phase of the pandemic, the number of conservative dental procedures such as commercial restorations or filled canals significantly decreased. Hence, the market for dental materials, including composites, was highly influenced by the overall decline in dental procedures and the subsequent decrease in the need for restorative materials during the initial phases. However, with the decline in COVID-19 cases, the number of dental restoration procedures increased, due to which the market is expected to project substantial growth over the forecast period.
  • The major factors driving the growth of the medical composites market include the surging usage of medical composites in diagnostic equipment, body implants, and surgical instruments, increasing demand for lightweight and durable materials, and technological advancements in additive manufacturing.
  • Medical composites are increasingly used in imaging and diagnostic equipment, such as CT scanners, MRI machines, and X-ray systems, as they offer excellent radiolucency, enabling more precise imaging and diagnosis. Hence, the rising demand for advanced diagnostic equipment is projected to drive the growth of medical composites during the forecast period. Also, the initiatives taken by the market players to launch advanced diagnostic equipment are expected to contribute to the growth of the market. 
  • For instance, in May 2023, Canon Medical launched a Celex, a multipurpose X-ray system with in-built carbon fiber to minimize X-ray absorption. Therefore, with the increase in the launch of advanced diagnostic equipment like X-rays having carbon fiber, the demand for the medical composites market is projected to accelerate during the upcoming period.
  • Furthermore, the surging adoption of various medical composites during the manufacturing of dental equipment is also set to drive market growth during the forecast period. For instance, according to an article published by the Elsevier Journal in January 2023, the polymer matrix systems of semi-interpenetrating polymer network-based fiber-reinforced composites are essential for bonding multiphasic indirect dental constructs and repair. Therefore, the necessity of medical composites to manufacture adhesion-based dental restoration products is projected to drive overall market growth during the upcoming period.
  • Therefore, the market is expected to register significant growth during the forecast period owing to factors such as surging usage of medical composites in diagnostic equipment like X-ray and dental restoration products and the increasing number of product launches by prominent players. However, the high production costs of medical composite materials are expected to hinder market growth during the forecast period.

Medical Composites Industry Segmentation

Medical composites are materials that are specifically designed for use in medical and healthcare applications. They are composed of two or more distinct materials with different properties combined to create a material that possesses unique characteristics suitable for medical purposes. 

The medical composites market is segmented by material type (carbon, ceramic, and other material types), product type (surgical instruments, diagnostic equipment, body implants, tissue engineering, and other product types), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across significant regions globally.

The report offers the value (in USD) for the above segments. 

By Material Type
Carbon
Ceramic
Other Material Types
By Product Type
Surgical Instruments
Diagnostic Equipment
Body Implants
Tissue Engineering
Other Product Types
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East & Africa
GCC
South Africa
Rest of Middle-East & Africa
South America
Brazil
Argentina
Rest of South America
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Medical Composites Market Size Summary

The medical composites market is poised for substantial growth over the forecast period, driven by increasing applications in diagnostic equipment, body implants, and surgical instruments. The market's expansion is fueled by the rising demand for lightweight and durable materials, alongside technological advancements in additive manufacturing. Medical composites are gaining traction in imaging and diagnostic equipment such as CT scanners and MRI machines due to their excellent radiolucency, which enhances imaging precision. The market is also witnessing a surge in the adoption of medical composites in dental equipment manufacturing, further propelling growth. Despite the high production costs of these materials, the market is expected to benefit from the increasing number of product launches by key industry players.

The demand for medical composites is further bolstered by their application in various body implants, including orthopedic, cardiovascular, and dental implants, driven by the rising prevalence of conditions such as breast cancer and road accidents. The use of carbon fiber and glass fiber-reinforced polymers in these applications offers improved mechanical properties and patient comfort. The North American region is anticipated to experience significant growth due to the high prevalence of chronic diseases and the presence of numerous ambulatory surgical centers. The market is moderately consolidated, with prominent players engaging in new product launches, acquisitions, and collaborations to maintain their competitive edge.

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Medical Composites Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Prevalence of Chronic Diseases

      2. 1.2.2 Increasing Demand for Lightweight and Biocompatible Materials

      3. 1.2.3 Advancements in Medical Technology and Innovations

    3. 1.3 Market Restraints

      1. 1.3.1 High Manufacturing Costs and Limited Materials Availability

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value-USD)

    1. 2.1 By Material Type

      1. 2.1.1 Carbon

      2. 2.1.2 Ceramic

      3. 2.1.3 Other Material Types

    2. 2.2 By Product Type

      1. 2.2.1 Surgical Instruments

      2. 2.2.2 Diagnostic Equipment

      3. 2.2.3 Body Implants

      4. 2.2.4 Tissue Engineering

      5. 2.2.5 Other Product Types

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle-East & Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle-East & Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Medical Composites Market Size FAQs

The Medical Composites Market is projected to register a CAGR of 9.10% during the forecast period (2024-2029)

3M, Toray Industries, Inc., Dentsply Sirona, DSM  and Evonik Industries AG are the major companies operating in the Medical Composites Market.

Medical Composites Market Report Snapshots

Medical Composites Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)