ALBANY, N.Y., March 9, 2021 /PRNewswire/ -- In order to resolve market concerns during the ongoing COVID-19 pandemic, attempts are being taken to cooperate domestically and internationally. The introduction of different vaccinations and treatment methods is forecasted to flatten the curve, according to organizations in the global medical composites market. As a result, it is expected that full-capacity manufacturing activities and factory re-openings would restore economic growth in the medical composites industry. Digital events and webinars are also becoming increasingly common, which is likely to benefit expansion of the global medical composites market over the assessment timeframe, from 2020 to 2030.
The public's perception of COVID-19 is witnessing a gradual change and its shifting toward increased health awareness. This outbreak has encouraged people to visit hospitals as well as other healthcare services on the ground. As a result, businesses are attempting to maintain stable supply chains, as healthcare is considered an extremely important industry across the globe. Supply chain disturbances, on the other hand, are expected to trigger a decline in business activity. As a result, manufacturers in the global medical composites market are trying to concentrate all their efforts on mission-critical applications in a bid to maintain reliable revenue streams throughout the pandemic.
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The global medical composites market is prophesized to rise at ~9% CAGR over the analysis period, from 2020 and 2030. The market is likely to surpass the value of US$ 500 Mn by 2030. The high strength provided by composite materials for surgeries, the increased durability of composite materials over traditional components, and increasing adoption of innovative technologies in the healthcare industry are anticipated to add to the market's rapid growth. In many countries, particularly in the developing ones, the healthcare industry has been investing heavily in order to give quality healthcare to patients. Consequently, composite materials are becoming more widely used in medical procedures. In addition to that, over the last decade, there has been a substantial rise in demand due to increased understanding of the efficiency of composite materials in medical procedures.
Key Findings of Market Report
Materials Utilized during Medical Imaging Procedure to Benefit from Carbon Composites
An open weave structure is utilized in carbon composites to facilitate cell growth along and then within individual fibres, culminating in a satisfactory repair. Carbon fibre tows, which can be utilized individually or in plaits to fix broken ligaments, are becoming more common amongst medical composites manufacturers. The inclusion of carbon fibres to self-curing acrylic bone repair substances has been discovered to improve their chemical properties. Carbon fibres are linked to substances with increased shear, compressive, and tensile strength. This is assisting in the commercialization of carbon fibres in fabrics for a broader range of clinical applications. In the field of medical engineering, carbon fibre reinforced polymer (CFRP) is gaining momentum. Composites United, a high-performance fibre composite technology specialist, is developing its X-ray as well as other medical imaging applications business. Increasing popularity of CFRP is likely to foster growth of the global medical composites market in the years to come.
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- Plant-based NFRCs to Gain Rapid Popularity Over Synthetic Materials
The demand for natural fibre reinforced composites (NFRCs) is being fuelled by an augmented awareness about environmental damages and the need to lessen use of energy. Natural fibre come with many benefits over synthetic fibre in terms of low cost, biodegradability, and weight. That being said, inherent characteristics of NFRCs are posing difficulties to their production. Incompatibility with hydrophobic matrices, restricted mechanical properties, and low thermal stability are all disadvantages of NFRCs that manufacturers in the medical composites industry need to fix. As a result, manufacturing companies are putting a greater emphasis on plant-based NFRCs in a bid to boost their productivity through additive manufacturing (3D printing), fibre hybridization, and modification of fibre. The growing use of plant-based NFRCs in the medical composites industry is generating revenue for producers, which is estimated to augur well for the global medical composites market in near future.
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Medical Composites Market: Growth Drivers
- The growing utilization of plant-based NFRCs in the medical composites industry is expected to generate earnings for manufacturers.
- Fiber reinforced polymer composites are being utilized in an extensive range of healthcare applications. FRPs are becoming more common due to their biocompatibility, low weight, and high power.
Global Medical Composites Market: Key Competitors
- Toray Advanced Composites
- Shanghai Cedar Composites Technology Co. Ltd.
- Mitsubishi Chemical Corporation
- Plastic Reinforcement Fabrics Ltd
- Jiangsu Aosheng Composite Materials Hi-Tech Co., Ltd
- Polygon Company, Inc.
Global Medical Composites Market: Segmentation
- Carbon Fiber Composites
- Glass Fiber Composites
- Diagnostic Imaging
- Surgical Instruments
- Composite Body Implants
- Tissue Engineering
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