Rise in application in various medical fields such as dental implants, bone implants, and kidney dialysis machines and equipment has been fuelling sales of medical ceramic products since the past decade. Despite getting battered due to the onset of COVID-19, overall market outlook remains positive for the future.
While demand for medical ceramics in X-ray tubes, hand tools, valves, femoral head implants for hip replacement, and other medical applications will become prominent over the coming years, factors such as advancements in medical devices and equipment, increase in per capita expenditure on healthcare, and increasing investments by governments and various organizations in healthcare are forecast to further raise the revenue of medical ceramic product manufacturers.
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As stated in a new report by Fact.MR, the global medical ceramics market is projected to ascend at close to 6% CAGR over the forecast period of 2021 to 2031.
Key Takeaways from Market Study
- High requirement for bioresorbable materials likely to persist
- Rise in application in dental sector to boost growth of medical ceramic product suppliers
- Asia Pacific market to exhibit highest growth during the forecast period, with China, Japan, and India at the forefront
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- The United States to take the spotlight in North America
- Germany remains dominant in the European medical ceramics market
- France, South Korea, the United Kingdom, Canada, and a few others to emerge as lucrative markets
“Applications of medical ceramics are getting more diverse as manufacturers are targeting a broader range of medical areas, from dental to bone replacement,” says a Fact.MR analyst.
High Demand from Medical Sector Remains Key Driving Factor
Exclusive properties of medical ceramic products such as high compressive strength, hardness, non-toxicity, and availability in various degrees of porosity are making them highly sought-after in broad categories of medical and healthcare applications, such as-
- Medical tools- blood shear valves for hematology testing, medical pumps, tissue engineering scaffolds, and others
- Dental Treatment- Dental prostheses, dental implants, and others
- Bio Ceramics
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According to Select USA, the U.S is the largest medical device market in the world, with an estimated value of US$ 156 billion as in 2017. As per its report, the U.S. medical device industry is subject to reach US$ 208 billion by 2023. This represents the growth scope for stakeholders in the medical ceramics industry.
Who is Winning in This Space?
The global medical ceramics market is highly competitive in nature. In order to secure their positions, key players are developing high-quality, cost-effective products. For instance,
- 3M Company launched its new range of medical ceramic products such as 3M RelyX™ Cementation Solutions, 3M Dental Adhesives, 3M Dental Composites, and others, a few years back
- Morgan Advanced Materials PLC launched its new range of products such as Alumina Ceramic Components, Ceramic Cores, Ceramic Injection Moulded Components, and others, over the last 5 years
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