The global market for medical composites is surging ahead on account of the varied applications of these composites for several procedures within the healthcare sector. Composites are formed by blending two materials with different chemical and physical properties; the properties of the new composite formed are different from the parent materials. Although composites have applications in multiple industries such as aerospace, construction, and defense, its usage for medical processes has gained tremendous traction in recent times. A report by Transparency Market Research (TMR) gives a longsighted view of the global market for medical composites and forecasts key performance indicators such as growth rate, regional market share, and market value. The report titled ‘Medical Composites Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024’ acts as a source of plush insights about the global market.
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Surgical implants necessarily require medical composites, which has given an impetus to the global market. Moreover, diagnostics is another important domain within the medical sector that uses medical composites for testing and analysis. Since governments across the globe are making efforts to provide better infrastructure for diagnostics, the market for medical composites is projected to trail along a positive growth path. Despite the pros that add to the growth of the market, a number of factors could be a media of hindrance over the coming years. One of the restraints of the market is the changing preferences of consumers which creates problems for market players.
The high demand for composite implants, diagnostic imaging components, and prosthetic applications across Europe has assisted the regional market in outdoing all other regional segments in terms of market revenue.
Some of the key players in the market include Quatro Composites, 3M, Polygon Company, DSM, and PolyOne Corporation.