Capacity Expansion and Increasing R&D Activities to give a Boost to the Medical Composites Market during the forecast period
Medical composites are used in a variety of applications including diagnostic imaging, composite body implants, surgical instruments, dental, and others. Composite reduces the weight of medical devices, increases strength and radiolucency of the component. However, amidst the global COVID-19 pandemic, the demand for medical composites from the applications mentioned above is expected to show a decline. The global medical composites market size is expected to grow from USD 922 million in 2020 to USD 1,478 million by 2025, at a CAGR of 9.9 % during the forecast period.
Over the past years, medical composites manufacturers have strengthened their position in the global medical composites market by adopting expansions, partnerships, agreements, new product/technology launches, and mergers & acquisitions. R&D activities ongoing in the industry to make medical composites commercialize and create cost-effective manufacturing technology for medical composites. The growing R&D activities are expected to drive the medical composites market during the forecasted period.
The major manufacturers profiled in this report include 3M (US), Toray Industries, Inc. (Japan), CeramTec GmbH (Germany), Dentsply Sirona (US), Royal DSM N.V. (Netherlands), and SGL Carbon (Germany). These companies are focused on increasing production capacities and developing innovative medical composites-based products for various end-use industries. The growing applications of medical composites in various applications are expected to drive the market during the forecasted period.
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3M is a technology company, which manufactures industrial, safety, and consumer products. The company operates through four business units: safety and industrial; transportation & electronics; health care; and consumers. 3M offers a wide range of products for the healthcare industry in the infection prevention, critical and chronic care, healthcare information systems, dental, orthodontic (oral care), drug delivery systems, food safety, and medical device components categories. The health care business segment offers dental composite products.
Toray Industries Inc. is a multinational corporation that specializes in industrial products involving technologies in organic chemistry, polymer chemistry, and biochemistry. The company operates its business through six main segments, namely, fibers & textiles, performance chemicals, carbon fiber composite materials, environment & engineering, life science, and others. The company offers medical composite products through its subsidiary, Toray Medical Co. Ltd., (Tokyo Japan). The company focuses on organic and inorganic strategies for its business expansion. For instance, in March 2018, Toray Industries Inc. acquired TenCate Advanced Composites, a composites division of TenCate BV, for USD 1,091 million. This acquisition has helped the company to increase its market position in the carbon fiber composites market in various end-use industries, including medical.
Related Reports:
Medical Composites Market by Fiber Type(Carbon and Ceramic), Application (Diagnostic Imaging, Composite Body Implants, Surgical Instruments, and Dental), and Region (Europe, North America, APAC, Latin America, and MEA) - Global Forecast to 2025
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