Global medical textiles market

Industry Insights

The information source is GRAND VIEW RESEARCH "Global medical textiles market was valued at USD 16,686.6 million in 2018 and is projected to grow at a CAGR of 4.9% by 2025 owing to the rising geriatric population, ongoing technological advancements and stringent legislative framework mandating the use of medical textiles are expected to drive market over the forecast period.

Rising awareness regarding new technologies for wound care, growing diabetic and aging population and support from government in the form of funding non-implantable goods are widely being used worldwide, which is anticipated to propel the growth of the global market of medical textiles.

Medical textiles are used in a myriad of applications ranging from non-implantable goods such as bandages, wound care, pressure garments, prosthetic socks, adhesive tapes, protective eye pads, and orthopedic belts. Technical developments in active implants, tissue engineering, spinal implants, and the socio-economic changes in developing countries, as well as the change in the age structure of the industrialized nations are expected to augment the market growth in the near future.

The global medical textiles market is moderately consolidated in nature, with the presence of a limited number of market players across the globe. Globally the demand for medical textiles is growing, on account of the strong demand base of developed countries coupled with the strengthening demand from developing economies. However, the production is highly concentrated both in terms of geography as well as in terms of market players. Lower manufacturing costs, cheap and skilled labor force are creating opportunities for the emerging markets.

The U.S. medical textiles market is dominated by implantable goods, due to technological advancements which will upsurge patient and provider confidence, lack of alternative treatments for numerous injuries and chronic disorders and injuries. The medical textile industry is globally competitive, with U.S. ranking fourth in global export value after China, India, and Germany. U.S. based medical textile companies are strived to improve their existing products in order to gain competitive edge. High hospital infection rates, cardiovascular diseases, and rising concern regarding aging, favorable regulatory framework are expected to boost demand for medical textile in the region over the forecast period."