Market Trends of Medical Composites Industry
The Body Implants Segment is Expected to Show Significant Growth Over the Forecast Period
- Medical composite materials are used to manufacture various body implants, like orthopedic, cardiovascular, dental, cranial, and breast implants, intended to replace body parts or for proper functioning or appearance of the body parts. The rising prevalence of breast cancer is expected to drive the growth of the medical composites market. For instance, according to the data published by the American Cancer Society in January 2023, approximately 297,790 new cases of invasive breast cancer will be diagnosed in women in the United States by the end of 2023.
- Breast cancer often requires surgical interventions, including implants for reconstruction or support. Medical composites, such as carbon fiber or glass fiber-reinforced polymers, offer lightweight, strong, and biocompatible materials suitable for these applications. These composites provide improved mechanical properties, durability, and patient comfort. With the increasing incidence of breast cancer globally, the demand for medical composites in breast reconstruction and other related procedures is likely to surge, fueling the growth of the medical composites market. In addition, the high prevalence of road accidents is expected to drive the growth of the medical composites market.
- For instance, per the report published by the Ministry of Road Transport and Highways of India (MoRTH) in December 2022, approximately 412,432 road accidents were reported in India in 2021, with injuries to 384,448 persons. Road accidents often result in fractures, spinal cord injuries, and limb damage. Hence, with the increasing number of road accidents in different countries across the world, the demand for medical composites in orthopedic implants, casts, and prosthetics is likely to rise, contributing to the growth of the medical composites market.
- Moreover, the prominent players are actively expanding new manufacturing facilities for developing orthopedic medical devices, also driving the segment growth. For instance, in February 2023, Invibio Biomaterial Solutions, part of Victrex plc, opened a new orthopedic medical device product development facility in the United Kingdom. The expansion will enable the company to support medical device OEMs to co-develop and launch innovative Polyether Ether Ketone (PEEK) polymer implantable devices, augmenting the overall segment growth.
- Therefore, the body implants segment is expected to register significant growth during the forecast period owing to the rising prevalence of brain and spinal cord cancer, surging number of road accidents, and geographical expansion of prominent players to develop body implants.
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North America is Expected to Hold the Significant Share of the Market Over the Forecast Period
- Medical Composites market in North America is expected to register significant growth during the forecast period owing to the rising prevalence of various chronic diseases, the presence of numerous ambulatory surgical centers (ACS), and prominent players in the region. The increasing number of multiple fractures in the region, coupled with several injuries, is likely to drive regional market growth during the upcoming period. For Instance, as per the article published by the CDC in May 2023, around 300,000 older people are hospitalized annually for hip fractures in the United States.
- According to the same source, approximately 3 million older people are treated in emergency departments for fall injuries yearly. In addition, many of the population in the region are suffering from heart disease, which is set to drive the demand for cardiac implants, thereby augmenting the growth of medical composites. For Instance, as per the article published by the Government of Canada in July 2022, about 1 in 12 (or 2.6 million) Canadian adults aged 20 and over are diagnosed with heart disease yearly.
- Moreover, the presence of various ambulatory surgical centers (ASCs) nationwide in the United States to perform spinal surgeries is also driving the market growth in the region. For Instance, Becker's Healthcare data updated in February 2023 shows that more than 183 ASCs in the United States perform minimally invasive spine surgery (MISS).
- Thus, the North American medical composites market is expected to witness significant growth during the forecast period due to the rising prevalence of various injuries, cardiac diseases, and many ASCs.
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