Increasing Development in Healthcare Sector to Boost the Biomedical Textiles Market
Published : 28 Jan 2022 Industry: Healthcare
The global biomedical textiles market is anticipated to procure a market value of USD 17 Bn while expanding at a CAGR of 5% through 2022-2032. The growing demand for high-quality dressing material and the increased number of surgeries are projected to boost the market in the forecast period. Furthermore, ongoing advancements in biomedical textiles and the rising health awareness are predicted to augment the industry.
From 2017 to 2021, the market experienced an upswing at a CAGR of 4%. The outbreak of COVID-19 brought a positive impact on the global biomedical textiles market. The pandemic resulted in immediate innovations in the healthcare sector to fight it.
The demand for biomedical textiles increased during the pandemic due to the application of biomedical textiles on damaged organs or tissues. Further, the initiatives taken by governments across the globe to develop the healthcare sector is anticipated to augment the industry.
Key Takeaways from the Market Study
- Global biomedical textiles market to top US$ 12 Bn by 2022.
- Non-woven fabric to record 3% CAGR over the forecast period of 2022- 2032.
- China forecast to reach a projected market size of around US$ 3 Bn by the year 2032.
- The market in Japan is projected to expand at above 4% CAGR through 2032.
- North America to procure 30% of the global market share during the forecast period.
- Non-implantable applications segment to secure 40% of the global market in the forecast period.
“The ongoing developments in the healthcare sector is expected to boost the demand for biomedical textiles in the forecast period.”- says an analyst at Fact. MR.
Key players of the global market for biomedical textiles adopt various strategies to secure the forefront position in the global market.
- In January 2022, Smith & Nephew disclosed its acquisition of Engage Surgical and its cement less partial knee system.
- In January 2022, Confluent Medical Technologies, a key player in providing biomedical textile services, announced that TPG Capital would invest in the company.
- In January 2022, the Johnson & Johnson Medical Devices Companies (JJMDC) disclosed that it would partner with Microsoft to enable and grow JJMDC’s compliant digital surgery ecosystem.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the biomedical textiles market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of fabric (non-woven, woven, and knitted), fiber (biodegradable and non-biodegradable), application (implantable, non-implantable, and surgical sutures), and end user (ophthalmology, neurology, general surgery, and orthopedics), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jh
Sr. Consultant - Healthcare