New York, USA, June 21, 2022 (GLOBE NEWSWIRE) -- Medical Smart Textile Market Overview
According to the latest report by MRFR, “Medical Smart Textile Market Information by Technology, Application, End User and by Region - Forecast till 2027”, the market is predicted to reach USD 2.10 Billion by the end of the year 2027, by registering a CAGR of 7.51%.
Market Scope:
Medical smart textile is a relatively recent topic of study that is mostly used in the healthcare industry. Sensors are embedded in the textiles and are in continual contact with the human body, allowing them to detect physiological changes. Medical smart textiles are a new period of experimentation that is widely used in the health-care industry. A medical textile is a fiber-based product that is commonly used to treat first-aid or any other medical problem. Sensors have been desegregated inside the textiles so that when they come into contact with the human body, they can detect physiological changes.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 2.10 Billion |
| CAGR | 7.51% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, Application and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rising advancements in the technological field of the electronic sector to minimize the size of components |
| The rising trends for sophisticated gadgets that provide various additional features |
Competitive Analysis:
Different companies are focusing on organic growth tactics such as new releases, product approvals, and others such as patents and events. Acquisitions and partnerships & collaborations were two inorganic growth tactics seen in the market. These initiatives have paved the road for market players to expand their business and client base. With the increased demand for medical smart textile in the worldwide market, market participants in the medical smart textile market are expected to benefit from lucrative growth prospects in the future.
- Schoeller Textiles AG
- Vista Medical Ltd
- Sensoria Inc.
- Gentherm
- Siren
- Pireta
- AiQ Smart Clothing
- Camira Fabrics
- Carre Technologies Inc
- 3teks
Market Dynamics:
Market Drivers:
The increasing burden of diseases, extensive usage of medical wearable devices, and enhanced diagnostic procedures are the primary factors driving the expansion of medical smart textile products. Another key factor driving the growth of the medical smart textile market is the increased prevalence of chronic diseases such as congestive heart failure and diabetes, as well as accompanying symptoms such as discomfort and stress, around the world.
One of the major factors likely to drive the growth and demand of the medical smart textile market is the rising demand for medical sensors and monitoring devices in healthcare. Furthermore, the quick advancement of diagnostic procedures and widespread use of wearable medical devices are expected to propel the global medical smart textile market forward over the forecast period. In the projected years, the quick advancement in diagnostic procedures and considerable increase in research and development in medical smart textiles are expected to provide significant potential possibilities for the medical smart textile market.
The primary factor driving the worldwide medical smart textile market growth is the rising improvements in the technological field of the electronic sector to minimize the size of components such as controllers, sensors, and batteries in order to enable an easy amalgamation of electronics with textile. Furthermore, the integration of smart devices in tracking and monitoring a patient's progress, as well as increased possibility for improvement in the healthcare industry, are likely to be major contributors in the medical smart textile market's growth.
Another key driving factor raising demand for the medical smart textile market is the rising tendency for advanced devices that provide numerous extra characteristics such as responding and sensing to environmental sources such as thermal, magnetic, mechanical, chemical, and electrical.
Market Restraints: The high cost of medical smart textiles, on the other hand, is anticipated to be a stumbling block to the industry's expansion. Another factor limiting the growth of the global medical smart textile market is compatibility concerns.
Browse In-depth Market Research Report (106 Pages) on Medical Smart Textile: https://www.marketresearchfuture.com/reports/medical-smart-textile-market-1123
COVID-19 Evaluation:
The global pandemic has had an impact on a variety of businesses, and it is expected to have a long-term impact on the medical smart textile industry's growth over the forecast period. However, the rising number of cases of covid 19 around the world has boosted demand for medical smart textiles, which feature a sensor that detects physiological changes in the human body.
Market Segmentation:
By Technology
According to the study, the wearable technology accounted for 44% of the global medical smart textile market's revenue in 2019 and is expected to continue to be the leading category over the forecast period.
By Applications
During the forecast period, the therapeutic segment is expected to develop at the fastest rate owing to the high demand in the coming years. In 2019, the revenue earned by the therapy sector had the highest market share.
By End-user
Hospitals and Clinics generated 54.5 percent of revenue in 2019 and are expected to continue to be the most profitable segment over the forecast period. This is due to the widespread usage of smart textiles in hospitals and clinics for surgery and patient monitoring.
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Regional Analysis:
Due to the increasing use of medical equipment in this region, America dominates the worldwide medical smart textile market share. Furthermore, the applications utilized in medical engineering to monitor key health indicators are driving up demand for smart textile in this region.
Due to increased government spending to develop the healthcare industry in this region, Europe represents the second-largest share of the worldwide medical smart textile market.
The Asia Pacific region is expected to be the fastest-growing region in the worldwide medical smart textile market, owing to its high demand for high-tech medical devices and increased need for the use of technology in the early detection of diseases, which is fueling the industry's growth.
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