Increasing demand for lightweight material in the medical industry is a key factor contributing to the growth of the global medical composite materials market.
The global medical composite materials market is projected to grow at a compound annual growth rate (CAGR) of close to 7% from 2018-2022, according to a recent Technavio report. Increasing demand for lightweight material in the medical industry is a key factor contributing to the growth of the global medical composite materials market. Composites are a good alternative to metals and alloys, as they are lightweight and resistant to corrosion.
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.
“In the medical industry, other materials such as fiber-reinforced polymer composites are also used,” according to a senior Technavio analyst. “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 due to 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.”
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 region is expected to continue dominating the market and register the highest growth rate.