by The global biomedical textiles market has witnessed significant growth in recent years, with a market size of USD 9852.5 million in 2021. According to the latest market analysis, the sector is projected to continue its upward trajectory, registering a remarkable Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period. The markets expansion is driven by a combination of factors, including the rising demand for wound care products, an aging population, increased surgeries, and a growing emphasis on high-quality biomedical textiles.
Driving Factors for Biomedical Textiles Market Growth
- Wound Care Products in High Demand: The demand for wound care products such as gauzes, plaster, and orthopedic implants is a major driver fueling the growth of the biomedical textiles market.
- Aging Population: The expansion of the senior population is a significant factor contributing to market growth.
- Increasing Surgical Procedures: A surge in the number of surgeries and the availability of high-quality biomedical textiles are driving market expansion.
- Rising Incidence of Chronic Disorders and Accidents: An increase in the number of chronic disorders and accidents is positively impacting market growth.
- Urbanization: Rapid urbanization is further boosting the demand for biomedical textiles.
- Growing Healthcare Expenditure: Increased healthcare expenditure, changing lifestyles, and rising disposable incomes in both developing and developed countries are expected to drive market growth.
- Advancements in Medical Technology: The development of smart biomedical textiles and advancements in medical technology are offering valuable growth opportunities for the market.
- Emerging Markets: Growing demand from emerging markets and rising awareness about health and hygiene are expected to expand the biomedical textiles market.
Challenges and Restraints
Despite the promising growth prospects, the biomedical textiles market faces some challenges, including high R&D investments, pricing pressures on market players, and marketing hurdles. Additionally, a lack of healthcare professionals and limited recognition can impede the markets growth rate.
Key Player Strategies
Key players in the global biomedical textiles market are adopting strategies such as partnerships, collaborations, and acquisitions to expand their global reach. They are also making substantial investments in research and development to innovate their products. For example, TECNALIAs participation in developing adaptable, smart fabric-based biomedical electrodes and Secant Groups expansion of biomaterial platform technology are notable initiatives aimed at advancing the industry.
Impact of COVID-19
The COVID-19 pandemic has presented challenges for medical device companies, affecting their supply chains, products, and regulatory obligations. However, it has also underscored the importance of quality in medical device manufacturing and clinical trials.
Segment Overview
- Non-Implantable Biomedical Textiles: This segment is expected to dominate the market due to increased demand for applications like tubular bandages, gauze, and adhesive products.
- Non-Biodegradable Fibers: Non-biodegradable fibers, including polypropylene, polyethylene, viscose, polyamide, and polyester, are anticipated to experience significant growth due to their applications in surgical sutures, bandages, and tissue implants.
Regional Landscape
- North America: Leading the global market with advanced healthcare centers, North America is witnessing increased demand for biomedical textiles, driven by rising cases of obesity and cardiovascular diseases.
- Asia-Pacific: The fastest-growing market for biomedical textiles, with countries like China and India experiencing a surge in health spending, disposable income, and the establishment of technical textile factories.
Competitive Landscape
Key players in the biomedical textiles market include Paul Hartmann, BSN Medical, Royal DSM, Covidien, Integra Life Sciences, Johnson & Johnson, Smith & Nephew, Medline Industries, B. Braun Melsungen, and Cardinal Health, among others.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/biomedical-textiles-market
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This press release first seen on Brilad
COMTEX_442698941/2840/2023-10-30T22:52:52
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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