Medical Textiles Market Size will grow at a Robust Pace through 2022
The global Medical Textiles Market is set to project a higher CAGR during the forecast period. Medical textile market is a booming industry with current trends such as consumers are becoming aware on availability of products in the market that demand more quality and service. On a commercial basis, hospitals and clinical institutions are gaining certifications and accreditations in the emerging economies.
The key drivers for the medical textiles industry emphasize on product specification and instant product approval to enlarge market size and presence on a global scale. The biocompatibility of a medical textile pertains to the reactive capacity with blood and human tissue. Presence of high health risks and rise in prevalence of chronic diseases such as high cholesterol and cardiovascular diseases is anticipated to drive the market growth for the forecast period. By raw material the medical textiles market is segmented as knitted, woven and non-woven. Application segment for medical textiles industry comprises healthcare & hygiene products, implantable good and non-implantable goods.
Geographical segmentation for medical textile market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. European regions account for a significant share owing to maturity of the healthcare market and rise in spending by the regional government. However, political tensions with Ukraine leading to debility of healthcare spending might influence the market situation in Europe.
Asia-Pacific regions are likely to grow during the forecast period and witness higher CAGR owing to rise in demand for baby diapers coupled with rise in standard of living. Increase in spending power of consumers adds to the market development. Availability of baby diapers and hygiene products propels the market scenario in APAC sector.
North America accounts for a robust development in the global scenario due to technological advances and existing products with innovative design and materials. Rise in surgical procedures and need for hospitalization for cardiovascular disease and favorable policies stimulates the market. The key players in the medical textiles industry include Kommanditgesellschaft, ATEX Technologies, Inc, Bally Ribbon Mills, Freudenberg & Co. and Vestagen Technical Textiles, Inc.
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Research Support Specialist, USA