HOME Research Insight Investment & Expansions are the Key Development Strategies Adopted by Leading Market Players in Medical Composites Market

Investment & Expansions are the Key Development Strategies Adopted by Leading Market Players in Medical Composites Market

Medical composites are crucial for diagnostic imaging components and composite body implants as they are lightweight, radiolucent, and have high tensile strength. The medical composites market size is projected to reach USD 934.7 million by 2021, at a CAGR of 7.10% between 2016 and 2021.

The key companies offering medical composites are involve in investment & expansions to strengthen their position in the medical composites market. These are the key strategies that accounted for 61.54% share of all the growth strategies adopted by major leading companies between 2011 and 2016. Leading companies adopted these strategies to improve their distribution channel, increase their presence in developed and developing countries, and meet customer demands. Companies also adopted the strategy of partnership, joint venture & agreements to expand their product reach globally and compete in the market. New product launch and agreement during accounted for 23.08% each of all the development witnessed in the medical composites market between 2011 and 2016. Companies adopted these strategies to increase their product portfolio and gain access to new and high potential markets. The medical composites market witnessed merger of established companies with small companies to enhance their distribution network and diversify their product portfolio. Leading companies are acquiring small composite manufacturing companies in developing regions to expand their reach globally.

The major manufacturers profiled in this report are Toray Industries Inc. (Japan), Quatro Composite LCC (U.S.), ACP Composites, Inc. (U.S.), Mitsubishi Rayon co. Ltd. (Japan), and Vermont Composites, Inc. (U.S.), Royal DSM (Netherlands), and others. These companies have adopted various organic and inorganic growth strategies such as agreements and partnerships, expansions and investments, acquisitions, and new product developments to expand their global presence and increase their penetration into the medical composites market.

Toray Industries Inc. is one of the key manufacturers of medical composites that offer TORAYCA (polyacrylonitrile-based carbon fiber composites) product range; which find applications in medical equipment such as wheels chairs, prosthetic legs, and machine beds. The company has increased investment, year-on-year, in R&D to develop new products, new production capabilities, and processes. It relies on its efficient production capacity to provide medical composite products to the global market. As a part of its growth strategy, the company is focused on expansion of its capacity to cater to the increasing demand for medical composites.

Mitsubishi Rayon Co. Ltd. is a global manufacturer of composites. The company, through its subsidiary Mitsubishi Rayon Carbon Fiber and Composites Inc. (California, U.S.), produces advanced composite products, resins, adhesives, and prepregs which find applications in the medical industry. It is expanding and increasing its production capacity to cater to the increasing demand worldwide. The company merged its two businesses in the U.S. to expand its capabilities and product portfolio in the market.

Related Reports:

Medical Composites Market by Fiber Type (Carbon, Ceramic, Glass Fiber), Application (Diagnostic Imaging, Composites Body Implants, Surgical Instruments, Dental, Microsphere, Tissue Engineering) - Global Forecast to 2021

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