Published Date : 20 Jun 2023
The global medical textiles market size exhibited USD 21.96 billion in 2022 and is projected to increase USD 29.1 billion by 2030, poised to grow at a strong CAGR of 3.58 percent during the projection period from 2022 to 2030.
The requirements for medical-grade textile products is forecasted to rise considering the increasing health awareness regarding advanced healthcare facilities and efficient medical treatments. The growing use of medical textile-based implantable goods, such as tendons, artificial ligaments and body part enhancements, is estimated to drive the market. The growing geriatric population globally is expected to propel the number of surgeries for hip, knee replacement and joint replacement, as a result, driving the application of implantable goods, hence driving the market.
The U.S. has come out as one of the most inflicted nations by the COVID-19 pandemic. As of August 9, 2022, the nation had suffered with more than 35.8 million cases and 617 thousand demises. As a result of this, the government has engaged in large-scale investments in the growth and expansion of healthcare facilities by providing new hospital beds.
The governments of several nations including the U.S., India, Brazil, the UAE, the U.K., Germany, and China have installed new health facilities and expanded already existing units for the care of COVID-infected individuals to boost the number of beds per 100,000 population.
Asia Pacific was leading the market and accounted for more than 32% share of the total returns in 2022. This is ascribed to a growth in the total number of manufacturing units for non-woven fabrics in many countries, including South Korea, India, China, Taiwan, Japan, and Indonesia.
The nonwoven products segment is expected to have the fastest growth during the forecast period. The high air probability, high bacterial resistance, better water vapor transmission and superior strength are the reasons that are helping in the growth of the market.
On the basis of application, the hygiene and healthcare segment shall have the largest market share during the forecast period. The use of maternity pads, drapes, caps, wipes, sanitary napkins, face mask, gowns etc form the largest application areas of the medical textiles due to the growing number of surgeries across the globe the non-implantable goods segment is also expected to grow during the forecast period. These goods are used to reduce swelling, reduce hemorrhage and improve the healing procedure.
Medical Textiles Market Report Scope:
|Market Revenue in 2023||USD 22.75 Billion|
|Projected Forecast Revenue in 2030||USD 29.1 Billion|
|Growth Rate from 2022 to 2030||CAGR of 3.58%|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Medical textile industries are predominantly engaging in the research and development of advanced and cost-effective methods to safeguard both the patients and hospital staff from viruses, bacteria, and body fluid invasions in surgical and operating room environments. As a result, a positive influence is expected to be seen in terms of market growth over the forecast period.
Non-implantable goods are majorly used to improve healing, reduce swelling, reduce hemorrhage, curtail movement of the wound edges, provide relief from pain and keep intravenous cannula in place. The increasing application of advanced non-implantable techniques, such as tourniquets, to apply pressure on limbs to control the flow of blood during post-operative rehabilitation is foreseen to boost the demand for non-implantable goods.
Strict regulations laid down by the system operating procedures for maintaining hygiene and safety has restrained the growth of the market. The higher cost which is associated with these special medical textiles lead to a decline of the revenue generated after production. Requirements of specified types of raw materials which are used for the procedures impact the market negatively as a breech in the demand and supply chain hampers the growth of the market. Availability of readily used plastic products as a substitute also restraints the market growth during the forecast period.
Advanced health facilities and developing of existing facilities for the cure of COVID infected subjects to rise the number of beds per 100,000 population proves to be an opportunity. This is estimated to propel the demand for protective clothing products as well as general hygiene, thus propelling the growth of the market. The increasing need for non-implantable goods is estimated to be driven by the increasing number of surgeries globally, as non-implantable goods protect wounds and stitches from the external harmful impacts of the environment.
The shortage of certain specific types of raw materials makes it difficult for the manufacturer to keep up with the pace of demand and supply. Stringent regulations and norms regarding the use of certain types of materials also proves to be a challenge for the growth of the medical textile market. The direct availability of substitute materials and the use of one time use plastic bags has also proved to be an obstacle for the growth of the market. The high cost associated with the raw materials also poses a challenge to the growth of the market during the forecast period.
Major Key Players:
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