Medical smart textile market size is predicted to reach USD 2.10 Billion by 2030 at 7.51% CAGR.
According to the latest reports, the medical smart textile market size is predicted to reach USD 2.10 Billion by the end of the year 2027, by registering a CAGR of 7.51%. Medical smart textile is a new era of experimentation and it is extensively used in the medical care sector. Medical textile a product based on fiber that is widely used for first air or any treatment of a medical condition. Sensors are desegrated inside the textiles, when it comes in contact with the human body, it could apprehend the physiological changes that occur within the human body. The rise in demand for medical smart textiles is growing due to the increasing burden of diseases, substantial uses of medical wearable devices and developed methods of diagnosis are the major factor that is driving the growth of the medical smart textile products. The rising prevalence of chronic diseases such as congestive heart failure, diabetes, and related symptoms such as discomfort and stress across the globe is another major factor that is contributing to the growth of the medical smart textile market. However, the high cost of medical smart textiles is likely to create a hurdle in the growth of the medical smart textile industry. This report contains all the information on the medical smart textile market report, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the medical smart textile market analysis and forecast to 2027 is also included in the report.
Covid 19 Analysis
The outbreak of the global pandemic has affected various industries and it is projected to leave a long-term impact on the growth of the medical smart textile industry during the forecast period. However, the increasing cases of covid 19 around the world have raised the demand for the medical smart textile market due to its sensor that apprehends the physiological changes that occur within the human body.
The rising advancements in the technological field of the electronic sector to minimize the size of components including controls, sensors, and batteries in order to provide an easy amalgamation of electronics with textile is the major factor that is driving the global medical smart textile market growth.
The rising trends for sophisticated gadgets that provide various additional features such as responding and sensing to the sources of the environment including thermal, magnetic, mechanical, chemical, and electrical is another major driving factor that is boosting the demand for the medical smart textile market.
Medical smart textile companies are creating opportunities for various industries because few textiles are able to find applications in appeal for sports, fitness purposes, and medical. It can be widely used for tracking information of the human body such as heart rate, calories, body temperature, and several other health conditions of the individual who is weaning the smart textile. The uses of smart textile are not just limited to sports and fitness but it is widely used in military forces to convey critical information to the soldiers on the battlefield.
The high cost involves in smart textiles is predicted to hamper the growth of the global medical smart textile market. The compatibility issues are another factor that is affecting the growth of the global medical smart textile market.
Incompatibility issues with different types of electronic systems and smart textiles are very common and hence create challenges for the key players in the market and make it difficult for the global smart textile market to achieve steady growth.
Cumulative Growth Analysis
The rising implication of diseases is predicted to add fuel to the growth of the global medical smart textile market during the forecast period. According to the reports, the Global Burden of Disease Study in the year 2017, from 1990 to 2017, the principal causes of unreasonable deaths were neonatal disorders, diarrhea, lower respiratory infections, strokes, ischemic heart disease, and chronic obstructive pulmonary disease (COPD). These types of diseases account for about 1 Million death across the globe in the year 2017. Moreover, the Global Burden of Disease Study in the year 2017 also stated that there is a change in the mortality rate due to the overabundance of drug-resistant tuberculosis from the year 2007 to 2017.
Value Chain Analysis
According to the latest reports, the global medical smart textile market has been segmented into technology, application, end-user, and regions. On the basis of technology, the global medical smart textile market has been segmented into wearable technology, textile sensors, and others. Wearable technology led the textile market in the year 2018 due to its less complex functionality and cheap prices as compared to the other wearable technology. On the basis of application, the global medical smart textile market has been segmented into bio-monitoring surgery, therapy, surgery, and wellness, and others. On the basis of end-users, the global medical smart textile market has been segmented into hospitals and clinics, and others. The hospitals and clinic segments account for the maximum medical smart textile share of 67.3% in the year 2018.
The market is segmented on the basis of the technology, application, end-user, and regions. The global medical smart textile market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into bio-monitoring surgery, therapy, surgery, and wellness, and others.
Based on the propulsion types, the market is segmented into hospitals and clinics, and others.
According to the reports, on the basis of regions, the global medical smart textile market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa. America is dominating the global medical smart textile market share due to the attribution of this region to the extensive use of medical devices. Furthermost, the application s used in medical engineering in order to monitor vital indicates of health are further boosting the demand for the smart textile in this region. Europe holds the second-largest share in the global medical smart textile market due to the increasing expenditure of the government in order to promote the healthcare sector in this region. The Asia Pacific region is predicted to be the fastest-growing region in the global medical smart textile market due to its high demand for high-tech medical devices and rising demand for the applications of technology in the early diagnosis of diseases are adding fuel to the growth of the medical smart textile market in this region.
The key strategies of the major smart textile manufacturer in the global medical smart textile market involve developments of products, innovation of new products, mergers & acquisitions. The key manufactures of smart textile markets are willingly investing in developments and researches to develop a more efficient, smarter, cost-effective e-textiles market. The high cost of these smart textiles for medical is also responsible for the limitation in adoption in the market to a major extent.
Major Key Players
In the month of February 2019, Gentherm signed an agreement of partnership with ThermoAnalytics, Inc., which is a leading thermal software modeling development firm for the advancement of thermal comfort predictions of humans.
In the month of July 2019, Camira Fabric obtained Luna Textiles which is a US-based company that manufactures textiles for healthcare, lounge seating purposes, and hospitality. This merger or acquisition helped to raise the revenue of Camira Fabric.
Global Medical Smart Textile Market, by Technology
Global Medical Smart Textile Market, by Application
Global Medical Smart Textile Market, by End User
Global Medical Smart Textile Market, by Region
|Market Size||USD 2.10 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Application, End-User and Regions|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schoeller Switzerland, Vista Medical Ltd, Sensoria Inc., Gentherm, Siren, Pireta, AiQ Smart Clothing, Camira Fabrics, Carre Technologies Inc, 3teks.|
|Key Market Opportunities||Application Area|
|Key Market Drivers||
medical smart textile market is expected to reach USD 2.10 billion by 2027.
The global market is expected to exhibit a strong 7.51% CAGR over the forecast period from 2019 to 2027.
The growing use of wearable medical devices is the major driver for the medical smart textile market.
The Americas are likely to dominate the global medical smart textile market over the forecast period.
Leading players in the market include Schoeller Switzerland, Vista Medical, and Sensoria, among others.