Market opportunity of medical textiles
Medical textile is a sub-segment of technical textiles, and it is one of its fastest growing sectors. The pertinent need for sanitation propels the demand for medical textiles, and it is expected to cross well over US$8800 million by 2019.
Manufacturing of medical textiles implies production of surgical gowns, surgical caps, surgical masks, blankets, surgical hosiery, etc. Hospitals and medical facilities predominantly consume these products. Investments in medical textiles are increasing across the globe, and the market is expected to grow at a high rate, especially in the APAC region.
Globally, the market is witnessing substantial innovations in personal as well as medical hygiene products, and it presents a lucrative opportunity for vendors. The rise of an aging population, increased birth-rate, and better awareness about hygiene among women in developing countries is driving the global healthcare textile market. Increasing access to better healthcare facilities, and medical tourism is further expected to boost the growth rate of this market through 2019.
Market segmentation by product type
Healthcare & hygiene products
In terms of revenue, the implantable goods segment account for a majority of the market share, followed by non-implantable goods and healthcare & hygiene products.
Commonly used implantable medical textiles include polytetrafluoroethylene (PTFE), and polyester fibers meant for treating cardiovascular ailments. Extracorporeal devices like artificial kidneys made of hollow polyester fiber or hair sized cellulose fiber are also adding value to the market by fulfilling the surging demand for transplants.
Classification of implantable, non-implantable, and healthcare & hygiene products
Market Segmentation by Application
Although surgical dressings accounted for a larger market share in 2014, healthcare textiles emerged as the fastest growing segment. Post-surgery, surgical dressings are utilized to cover wounds to avoid microbial infection. It involves the use fabric bandages, staples, sutures, and hemostasis products. However, surgical wounds will witness a decline over the years due to the emergence of minimally invasive surgery techniques. Surgical dressings are followed by the surgical suture, and healthcare textiles segment. Others segments account the remaining market share.
Forecasts and shares as of 2014
Geographical segmentation of the medical textiles market
The key regions for the medical textiles market include the following: -
The medical textiles market in Europe will witness a moderate growth rate during the forecast period. UN's world population prospectus report predicts that the proportion of Europeans aged 65 years is expected to grow by 24% by 2030.
Innovation and advancements in medical technology are instrumental in increasing the life span of patients. The growing prevalence of artificial kidney implants, pacing device for cardiovascular surgeries, and other novel treatments propel the demand for medical textiles in its key regions.
Vendor landscape of the medical textiles market
The global medical textiles market is highly competitive and dominated by large vendors. These players have a vast geographical presence with huge production facilities located across the globe. The market is also witnessing the emergence of many regional vendors that offer low-cost solutions and offer considerable competition to large vendors. Vendors in this market compete on the basis of factors such as price, innovation, and performance.
Top 5 companies in the medical textiles market
Other sections of the report include an analysis of the following
Demand for biodegradable diapers in the market
Demand for different types of sutures in the market
Market outlook of medical tourism in the APAC region
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