Increasing demand for composite materials in body implants and prosthetics is an important factor driving the revenue growth of the global medical composites market
VANCOUVER, British Columbia, Canada, Jan. 24, 2023 /EINPresswire.com/ – Medical Vehicle Market Outlook to 2030
According to the latest report by Emergen Research, the worldwide medical vehicle market size is expected to reach US$996.8 million in 2021, with a CAGR of 9.9%. The growing demand for composites in prosthetics can be linked to the steady growth of the medical vehicle market revenue. A significant portion of the medical business uses Fiber Reinforced Polymer (FRP) composites due to their high rigidity, biocompatibility, and light weight. Because of their great resistance to fatigue and benefits in manufacturing flexibility, medical composites are used to create external parts of the human body such as prostheses. In addition, the chemical inertness of materials such as carbon fiber composites and the lack of the need for surgery to remove absorbable composite prostheses, as is the case with metals, contribute to the increased demand for medical composites.
Increasing technological advances in the medical sector and increased investment in new approaches, including rapid manufacturing (RM) and rapid prototyping (RP), are driving market revenue growth significantly. The rapid production of functional parts used in prototype reconstruction greatly affects the speed of innovation in the medical sector. Using rapid prototyping, a sample made up of a prosthesis is created through computer-aided design (CAD) and then these parts are produced using rapid manufacturing in a short period of time without any tooling deployment from a wide range of materials, including composites. The increasing use of these advanced technologies is expected to increase the demand for medical vehicles.
According to the National Health Service, between September 2020 and August 2021, there were 40.3 million imaging diagnoses reported in England. 3.22 million imaging diagnostic procedures were performed in August 2021. Plain radiography was the most common procedure in August 2021, with 1.6 million procedures performed, followed by diagnostic ultrasound (0.72 million), axial computed tomography (0.49 million), and resonance imaging (0.49 million). magnetic. Photography (0.29 million). Increasing demand for diagnostics is driving revenue growth in the medical vehicle market.
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The Global Medical Vehicles Market report uses a very extensive and perceptive process that analyzes statistical data related to the services and products offered in the market. The research study is a pivotal document in understanding customers’ needs and wants. The report consists of important data about leading companies and their marketing strategies. The medical vehicle industry is witnessing expansion and changing dynamics due to the entry of many new players.
The study identifies rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of many new players, and the report aims to provide insights into their transition and growth in the market. Mergers and acquisitions, partnerships, agreements, product launches and joint ventures are described in the report.
Dentsply Sirona and Toray Industries Inc. Royal DSM NV, IDI Composites International, The 3M Company, SGL Carbon, Vermont Composites Inc. CeramTec GmbH, Icotec AG, Kyocera Corporation, ACP Composites Inc, CoorsTek Inc.
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Some key highlights in the report
The ceramic fiber composites segment accounted for a moderate share of revenue in 2021. Carbon fiber composites are used as implant materials for bone and cartilage to facilitate the biological restoration of damaged tissues. This type of material encourages the formation of new cells between individual fibres, thus facilitating proper repair. In addition, these materials are considered safer as implant materials due to their lower adhesion to tissues and biological inertness. Compared to metals, carbon fiber reinforced PEEK implants have a lower modulus of elasticity comparable to that of superior tensile strength.
Diagnostics segment revenue is expected to register a rapid revenue growth rate during the forecast period. Medical imaging enables doctors to understand disorders within the human body and make better decisions. With the exception of contrast material, medical imaging procedures are completely painless, non-invasive, and require no additional equipment. In some cases, such as breast cancer, medical imaging can save lives with early detection and appropriate treatment.
Hospital segment revenue is expected to register a steady growth rate of revenue during the forecast period. Carbon fibers are now used in medical treatment. Improves the lives of a variety of patients by facilitating their recovery from injuries and return to normal life. The fact that carbon fibers are radioactively transparent, which is essential for medical imaging, is one of their many benefits. This indicates that radiation can pass through a layer of carbon fibers to provide sharper images. Hospitals frequently use carbon fiber for this purpose.
The North American medical vehicle market accounted for the largest share of revenue in 2021, which was attributed to increased adoption of advanced technologies in the medical sector, increased investments in research and development, and higher healthcare spending. In addition, the presence of leading market players such as Dentsply Sirona is a reason for the growth of market revenues in the region.
The report segments the medical vehicle market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established itself. The report provides an accurate insight into the supply-demand ratio and the volume of production and consumption for each sector.
The sectors covered in this report are:
Product Type Forecast (Revenue, Million US$, 2019-2030)
carbon fiber composites
ceramic fiber composites
Application Forecast (Revenue, Million US$, 2019-2030)
End Use Forecast (Revenue, Million US$, 2019-2030)
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The research report provides a comprehensive regional analysis of the market with regard to production and consumption patterns, import/export, market size and share by volume and value, supply-demand dynamics, and the presence of prominent players in each market.
Regional analysis covers:
North America (United States and Canada)
Europe (UK, Italy, Germany, France and rest of the EU)
Asia Pacific (India, Japan, China, South Korea, Australia, and the rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina and rest of Latin America)
Middle East and Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa)
Moreover, the report provides the analytical data in a structured format broken down into charts, tables, graphs, figures, and charts. This enables the readers to understand the market scenario in an easy and helpful way. Further, the report aims to convey a forward-looking outlook and draw a useful conclusion to assist the reader in making profitable business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, regional bifurcation, estimated market size and share, comprehensive SWOT analysis and Porter’s five forces analysis.
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