Top Factors Driving the Global Medical Composite Materials Market | Technavio
LONDON–(BUSINESS WIRE)–#Metals—Technavio
market research analysts forecast the global
medical composite materials market to grow at a CAGR of close to 7%
during the period 2018-2022, according to their latest report.
This market research report segments the global
medical composite materials market into the following
applications (diagnostic imaging, orthopedics, needles and syringes,
dental, and microsphere), type (polymer-ceramic composites, fiber
composites, and polymer-metal composites), and key regions (the
Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the increasing demand for
lightweight material in the medical industry as a key factor
contributing to the growth of the global medical composite materials
market:
Increasing demand for lightweight material in
the medical industry
Composites are a good alternative to metals and alloys as they are
lightweight and resistant to corrosion. Composites that are used in
medical instruments must meet stringent standards and specific end-use
requirements. Composites have become an effective alternative to metals
and metallic alloys that have been conventionally used in medical
devices.
Special composites principally based on carbon fibers have been
developed for hospital equipment, surgical instruments, orthopedic
products, and biocompatible implants to compete with materials such as
aluminum, stainless steel, and titanium. In the medical industry, these
materials are used as structural components. However, these materials
are radiopaque, i.e., they obstruct X-rays. During the forecast period,
the increase in demand for lightweight composite materials for medical
devices will have a positive impact on the global medical composite
materials market.
According to a senior analyst at Technavio for metals
and minerals, “In the medical industry, other materials such
as fiber reinforced polymer composites are also used. Fiber reinforced
polymers are used in the medical industry due to their light weight,
high stiffness, and biocompatibility. Composites such as polymer-ceramic
composites and fiber ceramic composites are used to manufacture
artificial limbs. These composites are generally considered owing to
their properties such as fatigue resistance and high flexibility. The
chemical inertness of carbon fiber makes it the material of choice for a
number of surgical applications where the material is used in
conjunction or instead of metallic or polymeric materials.”
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Global medical composite materials market
segmentation
Of the five major applications, the diagnostic imaging segment held the
largest market share in 2017, accounting for nearly 40% of the market.
The market share for this application is expected to increase by 2022.
The fastest growing application is orthopedics, which will account for
nearly 26% of the total market share by 2022.
The Americas was the leading region for the global
medical composite materials market in 2017, accounting for a
market share of nearly 37%. By 2022, the Americas is expected to
continue dominating the market and register the highest growth rate.
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