July 22, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medical Carbon Composites Market.
It was estimated prior to this unanticipated outbreak that the Medical Carbon Composites Market is likely to grow at a lucrative rate over the next five years to reach a value of US$ 440 million in 2026. Government initiatives, such as customs duty exemption on medical devices, growth in regulatory approvals of medical devices, upcoming Tokyo Paralympics 2021, and product innovations, are likely to act as the major growth drivers of the market.
In the technology-intensive industries, such as space and aeronautical engineering, the performance to weight ratio plays a vital role; thus, the high cost associated with testing the design and manufacturing process are acceptable even if the gain may appear to be small. However, in mass production and less critical applications such as automotive parts, sporting goods, and boats, a marginal improvement in performance is usually not very important. Thus, it can be said that the cost spent on optimizing the product is modest, while efforts are spent on rationalizing the manufacturing. The first experiment with carbon fiber in the medical industry was made in the mid-1960s. However, the high cost associated with the material and manufacturing process restricted its commercial usage till the 21st century. After years of research and development, this innovative material able to secure a small space in the medical devices industry. With advancements in manufacturing processes and materials’ cost optimization, currently, carbon composites are preferably used in applications such as operating tables, diagnostic tabletops, bone implants, prosthetics, orthotics, and surgical seals. Carbon composites play a crucial role in medical devices as the material provides radiolucency, excellent strength-to-weight ratio, and corrosion resistance.
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Based on the Application Type, the medical carbon composites market is segmented as operating & diagnostic tables, bone implants, prosthetics & orthotics, and surgical seals. The operating & diagnostic tables segment is expected to remain the dominant one during the forecast period as carbon composite tabletop offers a 360-degree radiolucency. The market is witnessing an increased number of new product launches. For instance, in 2020, Hillrom launched PST 500 and PST 300 precision surgical tables that offer a 360-degree radiolucency coupled with the capability of handling general surgery, orthopedics, and neurosurgery. The prosthetics & orthotics segment is estimated to be the second-largest application by 2026, driven by an increasing acceptance in lower limb prosthetics and orthotics.
Based on the process type, the medical carbon composites market is segmented as prepreg layup and other processes. Prepreg layup is likely to remain the dominant process in the market during the forecast period. Prepreg is the preferred choice for manufacturing operating tables and diagnostic tabletops. Other processes predominantly include wet lamination, another highly preferred process for the fabrication of lower limb prosthetics and orthotics.
In terms of region, North America is expected to maintain its supremacy in the global medical carbon composites market by 2026. The USA and Canada are the growth engines of the North American market. Higher adoption of advanced technology, well-developed healthcare infrastructure, greater penetration of advanced composites, and high healthcare expenditure attributed to the highest share of the region. Asia-pacific is expected to be the fastest-growing market in years to come, owing to the rapid improvement in healthcare infrastructure in developing economies such as India and China along with rising healthcare expenditure.
Key players operating in the global Medical Carbon Composites market are-
- Ottobock SE & Co. KGaA
- Fillauer LLC
- Steeper Inc.
- Getinge Group
- Steris Corporation
- Composite Horizons
- Stille AB
- Skytron LLC
- Mizuho Medical Co. Ltd.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Medical Carbon Composites analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- 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
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