Medical Smart Textile Market To Soar With A 9.5% CAGR during Forecast Period 2018 to 2023 :

Pune, India, November 2018/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Medical Smart Textile Market.

Medical Smart Textile Market – Overview

Smart textiles in medical sectors are gaining substantial traction due to the range of benefits they offer. Market reports associated with the medical device industry have been made accessible by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is projected to expand at a CAGR of 9.5% approximately in the forecast period.

As smart medical textiles are the next frontier in medical treatment, there is a lot of interest in terms of the development of products in the market. The integration of sensors in the medical textiles is expected to create an even effective healthcare delivery environment. The market is anticipated to be inspired by the improving methods of diagnosis, escalating burden of diseases, and widespread use of wearable medical devices in the forecast period.

Segmental Analysis

The medical smart textile market is segmented on the basis of technology, application and end users. On the basis of technology, the medical smart textile market comprises of textile sensors, smart fabric technology, and wearable & joining technology. The segmentation of the market on the basis of application consists of drug-release system, surgery, bio-monitoring, therapy, hygiene, and wellness. The segmentation on the basis of end-users, the medical smart textile market is segmented into clinics, hospitals, and other end-users.

Detailed Regional Analysis 

The regional analysis of the medical smart textile market observes that the North American region leads the market due to the widespread use of medical applications and devices in medical engineering for monitoring vital health indicators. Most of the market contenders are involved in constant technological advancements in medical devices for ease of diagnosis, monitoring, and treatment. The European region stood second in the medical smart textile market. Growing government initiatives to boost the healthcare sector and improved adoption of research and development activities in the healthcare domain are powering the market in this region. Furthermore, the entry of market leaders into strategic partnerships and collaborations with the chemical industry adds to the development of the market in the European region.

The Asia Pacific region is likely to perceive developments in the medical smart textile market through the forecast period owing to the mounting number of healthcare organizations, rising prevalence of diseases, widespread demand for advanced medical devices, and growing applications of technology in the early diagnosis of diseases. Furthermore, the increasing incidence of geriatric population in the region impacts the market growth. India, China, and Japan are the important market players in this region, and the Asia Pacific region is anticipated to be the fastest increasing market for smart medical textiles.  

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Competitive Analysis

The aptitude to make use of the economies of scale is proving to be useful for comprehensive market growth. The market is presently at an optimally productive level and will be capable of making superior worth for the firms in the market and its shareholders. Though, the market has also noticeably neutralized the market challenges and thus is endorsing an increase in the number of firms in the market. The diversification of the product collection in the market is growing the opportunity for the progress of the market. The administration leanings in the market are reinforcing the level of growth that can be achieved in the present market scenario.  The growth patterns are reviewed in tandem to the customer likings to realize the greatest growth, and in the long term, viability.

The Global Medical Smart Textile Market is shaped by players such as Intelligent Clothing Ltd. (UK), Textronics, Inc. (US), International Fashion Machines (US), Google Inc. (US), Interactivewear (Germany), Schoeller Textiles AG (Switzerland), Sensoria Inc. (US), Vista Medical Ltd. (Canada), and Gentherm (US), and others.

Industry Updates:

Sep 2018 Myant, a leader in ‘textile computing’ products, has declared the launch of a strategic collaboration with Mayo Clinic to bring Mayo’s original algorithms to Myant’s SKIIN Textile Computing platform for heart monitoring and arrhythmia detection. The agreement gives Myant an exclusive license to Mayo Clinic’s exclusive arrhythmia detection technology and heart monitoring for using in smart clothing developments.