The global medical textiles market is expected to reach USD 20.23 billion by 2022, according to a new report by Grand View Research, Inc. The rise in the number of elderly population, ongoing technological advancements and increase in health consciousness are fueling the growth of global medical textiles market.
Burgeoning health concerns necessitating the criticality of awareness for better healthcare practices coupled with rising disposable income are expected to augment the demand for medical textiles. Growing medical & hygiene sectors and health conscious population of the developing economies are projected to drive the demand for medical textiles market over the forecast period.
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Further key findings from the study suggest:
- The non-woven segment is expected to grow at a CAGR of over 5.0% from 2015 to 2022. Nonwoven fabrics are used in the myriad of applications extending from wound dressings, adhesive tapes, cotton pads, disposable surgical clothing, bandages (simple bandages, light support bandages, orthopedic bandages). Rising application of these products in the healthcare sector is expected to drive market growth.
- Non-implantable goods accounted for over 30.0% share of the global medical textiles market. Increasing incidence of injuries is fueling the demand for medical textiles in non-implantable goods segment. Furthermore, increasing prevalence of diabetes and rising obesity are also propelling the growth of non-implantable goods segment over the forecast period.
- North America market is expected to grow at a CAGR of 4.4% from 2015 to 2022. North America and Europe is projected to continue its dominance jointly in medical textiles market through continuing to invest in research and development activities and identifying opportunities with expanding medical infrastructure.
- Demand for medical textiles in Europe was over USD 4.2 billion in 2014. Germany is a major country involved in the foreign trade of medical textiles. Similarly, Germany is also the second largest textile importing country after the U.S. and has developed as a lucrative market for many textile exporting countries since last three decades. Germany is Europe’s leading location for medical technology and second biggest in terms of medical technology production and medical services provider across the globe.
- Biomedical Structures Inc. is a key player engaged in the manufacturing, advanced design and development of medical textiles for numerous device manufacturers in the general surgery, orthopedic, tissue engineering, cardiovascular and regenerative medicine markets. Key companies include Bally Ribbon Mills, Freudenberg & Co. KG, Vestagen Technical Textiles Inc, Bluestar Silicones International, ATEX Technologies, Inc. and Biomedical Structures, Inc.