The global Medical Textiles market size is expected to be worth around US$ 30.2 billion by 2030, according to a new report by Vision Research Reports.
The global Medical Textiles market size was valued at US$ 26.70 billion in 2020 and is anticipated to grow at a CAGR of 5.5% during forecast period 2021 to 2030.
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|Market Size||US$ 30.2 Billion by 2030|
|Growth Rate||CAGR of 5.5% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Atex Technologies, Inc.; Life-Threads; Careismatic Brands; Bally Ribbon Mills; Freudenberg & Co. KG; Trelleborg AB; Indorama Corporation; Herculite; PurThread Technologies, Inc.|
The emergence of new areas of applications of medical textiles, along with the development of new fibers and manufacturing technologies for yarn and fabrics, is expected to bolster the market growth over the forecast period.
The growing use of medical textile-based implantable goods, such as artificial ligaments, tendons, and body part enhancements, is expected to drive the market. the burgeoning aging population globally is expected to boost the number of surgeries for knee and joint replacement, in turn, driving the usage of implantable goods, thereby driving the market.
By Product Analysis
The non-woven segment led the market and accounted for over 65.0% share of the global revenue in 2020 and is expected to witness the fastest growth over the forecast period.
Non-woven medical textiles have witnessed a spike in demand due to the global outbreak of the COVID-19 pandemic. The demand for personal protective equipment (PPE), such as face masks and gowns, has significantly increased to curb virus transmission.
The knitted medical textiles product segment is expected to expand at a revenue-based CAGR of 3.4% on account of the rising demand for the production of artificial blood vessels, cell scaffolds, hernia patches,
Knitting technology has been gaining popularity over the past few years owing to the ongoing research activities to manufacture high-tech medical textiles for making cell scaffolds in tissue engineering applications.
By Application Analysis
The healthcare and hygiene products segment led the market and accounted for over 45.0% share of the global revenue in 2020. The segment is also expected to witness the highest growth in the years to come.
The governments of several countries including the U.S., India, Brazil, the UAE, the U.K., Germany, and China have constructed new health facilities and expanded existing facilities for the treatment of COVID infected patients to increase the number of beds per 100,000 population.
The non-implantable goods segment is expected to register a revenue-based CAGR of 4.4% over the forecast period. The demand for non-implantable goods is expected to be driven by the growing number of surgeries globally as non-implantable goods protect wounds and stitches from the external environment.
Non-implantable goods are primarily used to reduce swelling, improve healing, reduce hemorrhage, restrict movement of the wound edges, provide pain relief, and keep intravenous cannula in place.
By Regional Analysis
Asia Pacific dominated the market and accounted for over 30.0% share of the overall revenue in 2020. This is attributed to an increase in the number of manufacturing facilities for non-woven fabrics in several countries, including China, Taiwan, South Korea, India, Japan, and Indonesia.
Several medical textile companies in the region have added production lines to increase their manufacturing capacities to cater to the growing demand for raw materials for the manufacturing of PPE products, such as face masks, and surgical gowns.
Europe is expected to exhibit a revenue-based CAGR of 4.2% from 2021 to 2030. This is attributed to the rise in the healthcare expenditure in 2020 in several countries, including Germany, the U.K., Spain, France, Italy, and Russia.
The growth in the number of cosmetic surgeries from 2020 to 2021 in several European nations, including Italy, Germany, the U.K., Russia, and Spain, is expected to create new growth opportunities for the market.
- Atex Technologies, Inc.
- Careismatic Brands
- Bally Ribbon Mills
- Freudenberg & Co. KG
- Trelleborg AB
- Indorama Corporation
- PurThread Technologies, Inc.
- Schouw & Co.
- Kimberly-Clark Corporation
- By Product
- By Application
- Implantable Goods
- Non-implantable Goods
- Healthcare & Hygiene Products
- Other Applications
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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