Global Medical Textiles Market projected to grow at a CAGR of 4.9% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Textiles Market by Fabric (Woven, Non-Woven, Knitted, Others), Application (Healthcare & Hygiene Products, Implantable Goods, Non-Implantable Goods, Others), Regions, and Global Forecast 2020-2027.
The global medical textiles market is expected to grow from USD 17.49 billion in 2019 to USD 25.64 billion by 2027, at a CAGR of 4.9% during the forecast period 2020-2027.
The Asia-Pacific and North America regions stand as promising markets for medical textiles during the forecast period. The APAC region is expected to show the highest growth rate amongst all the other regions due to factors such as growing consumption of hygiene products and disposable diapers, increasing production output for goods consuming large quantities of non-wovens. The markets in South Korea, Singapore, China, and India are proliferating, commanding significant shares in the regional market. Whereas, the North America region held the largest global share respective to revenue of the overall medical textile industry. This was thanks to factors like rising public expenditure, increasing number of diabetic patients, an ageing population and innovation in wound care technology. In 2018 Europe accounted for the second-largest market share worldwide. Countries like Germany, the UK and Sweden are forecasted to see a rapid increase in spending on health care over the projected period.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global medical textiles market are Cardinal Health, Inc., First Quality Enterprises, Inc., Kimberly-Clark Corp., KARL OTTO BRAUN GmbH & Co. KG, and Ahlstrom-Munksjö Oyj, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global medical textiles market.
On the basis of fabric, the global medical textiles market has been segmented into woven, non-woven, knitted, and others. The non-woven segment dominated the market in 2018, with more than 50% of global market volume and is forecasted to grow at the highest rate among others during the projected period. This is due to factors such as cost-effectiveness, better disposability and reduced risk of cross-contamination. On the basis of applications, the global medical textiles market has been segmented into healthcare & hygiene products, implantable goods, non-implantable goods, and others. Implantable goods and non-implantable goods are expected to be the largest applications owing to factors like the rising number of chronic diseases & diabetic patients, ageing population etc.
About the report:
The global medical textiles market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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