Medical Composites Market Size, Impacted by COVID-19, to Reach US$ 771 Million in 2026, Says Stratview Research

DETROIT, Jan. 28, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Medical Composites Market by Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, and Other Composites), by Application Type (Operating & Diagnostic Tables, Bone Implants, Prosthetics & Orthotics, Surgical Seals, and Others), By Process Type (Wet Lamination, Prepreg, and Others), By End-User Type (Hospitals, Ambulatory Surgical Centers, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's medical composites market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for aramid fibers at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as formulate growth strategies.

Medical Composites Market: Highlights from the Report

Over the years, composite materials have gained significant acceptance in a wide array of industries including aerospace & defense, automotive, consumer goods, wind energy, oil & gas, etc. Excellent performance has led to the adoption of these innovative materials in the medical and healthcare industry as well. Properties of composite materials, such as radiolucency, excellent strength-to-weight ratio, durability, and corrosion resistance, make these materials a suitable choice for medical applications by replacing their metal counterparts.

The outbreak of the COVID-19 pandemic has shaken the global economy affecting every industry in some or another way. The medical composites market is no exception to it and is expected to suffer from a decline in 2020 due to production halts, reduced demand, layoffs, and supply chain disruption across the globe. However, the market is expected to rebound from 2021 onwards, overall creating healthy opportunities in years to come. As per Stratview Research, the global medical composites market is estimated to grow at a lucrative rate over the next five years to reach an estimated value of US$ 771 million in 2026.

The growing use of advanced composite materials in diagnostic imaging, prosthetics, and body implants are the major factors, likely to boost the growth of the medical composites market in the long run.  Further, regulatory approval for medical devices from agencies, such as FDA, may augment the market growth.

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Based on the fiber type, carbon fiber is likely to remain the most dominant fiber type in the market during the forecast period due to rising adoption in radiolucent operating tables, lower limb prosthetics, bone implants, and orthotics. Glass fiber is expected to be the second-largest segment owing to growing utility in prosthetics, orthotics, and tissue engineering.

The market is further segmented based on application type as operating & diagnostic tables, bone implants, prosthetics & orthotics, surgical seals, and others. The Operating & diagnostic tables segment is expected to remain the most dominant application type in the coming five years, owing to the growing adoption of such tables in hybrid ORs (operating rooms) as they offer 360-degree radiolucency coupled with increasing adoption of carbon composite tabletops. Prosthetics & orthotics segment is expected to remain the second-largest application type over the same period, driven by composites' excellent strength-to-weight ratio and corrosion resistance.

Based on end-user type, hospitals held the largest share of the market in 2020 and is expected to maintain its position during the forecast period as well. 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.

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In terms of region, North America accounted for the largest share of the global medical composites market in 2020. The region is expected to maintain its dominance over the forecast period as well, owing to higher adoption of advanced technology, well-developed healthcare infrastructure, and huge healthcare expenditure. Asia-Pacific is expected to be the fastest-growing market, owing to the rapid improvement in healthcare infrastructure in key economies such as India and China along with rising healthcare expenditure in the region.

The supply chain of this market comprises raw material suppliers, medical composite component manufacturers, distributors, OEMs, and end-users. Key medical composite component manufacturers include Össur, Ottobock SE & Co. KGaA, Fillauer LLC, Getinge Group, Steris Corporation, HillRom, Stryker Corporation, Composite Horizons, Stille AB, Skytron LLC, and Mizuho Medical Co. Ltd.

The market's attractiveness has led to series of product launches by key players in order to better align with the demand:

• In 2020, Hillrom launched PST 500 and PST 300 precision surgical table that offers a 360-degree radiolucency coupled with the capability of handling general surgery, orthopedics, and neurosurgery.
• In 2019, Genting launched its Maquet Yuno II surgical table that is a versatile option to support advanced orthopedic techniques as well as trauma and neurosurgeries. 
• In 2017, Hillrom launched the Allen advance table lateral system to compliment the Allen advanced table. The radiolucent flat table offers superior intra-operative imaging capabilities.

Key Strategic Alliances in the Market:

• In 2020, Steeper Group completed the acquisition of the Espire Elbow prostheses range from College Park Industries, enhancing its product portfolio.
• In 2019, Fillauer acquired Therapeutic Recreational Systems to strengthen its product portfolio and customer base.
• In 2017, Ottobock acquired the BeBionic prosthetic products and related business from the British med-tech company, Steeper. The acquisition strengthened its position as a market leader by expanding the product portfolio.
• In 2016, Össur acquired Medi Prosthetics from the Medi Group, a global provider of mechanical lower limb prosthetic components.
• In 2015, Össur acquired Touch Bionics to enter the upper limb prosthetic market and further enhance its offerings.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies the global medical composites market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:

Medical Composites Market, By Fiber Type:

• Carbon Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Glass Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Medical Composites Market, By Application Type:

• Operating Tables (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Bone Implants (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Prosthetic & Orthotics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Surgical Seals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)  
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Medical Composites Market, By Process Type:

• Wet Lamination (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Medical Composites Market, By End-User Type:

• Hospitals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Ambulatory Surgical Centers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Medical Composites Market, By Region:

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, The UK, France, Italy, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of the Asia-pacific)
• Rest of the World (Country Analysis: Brazil, the UAE, and Others)

Stratview Research has several high value market reports in the composites and advanced materials industry. Please refer to the following link to browse through our reports:

Click Here for Other Reports from Stratview Research in the Advanced Materials Industry: https://www.stratviewresearch.com/market-reports/Advanced-Materials.html

About Stratview Research

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