Smart medical textile market is expected to reach USD 2,105 million by 2027 at a CAGR of 6.33%, according to Market Research Future (MRFR)
Smart medical textiles market overview
The global market for smart medical textiles is expected to reach USD 2,105 million by 2027 with a CAGR of 6.33%, according to Market Research Future (MRFR). Medical Smart Textile is a new area of medical technology. Sensors placed inside the medical textile come into close contact with the wearer’s body and detect physiological changes in the body. By sensing changes, the textile can check for early warnings of various diseases. This reduces the costs incurred during medical examinations and hospital visits.
The increasing prevalence of wearable medical monitoring devices is expected to drive the growth of the smart medical textile market over the forecast period. The growing demand for advanced diagnostic methods is also likely to fuel the growth of this market. Additionally, increasing instances of chronic diseases such as diabetes, congestive heart failure, stress, and others are also expected to propel the growth of this market. Since smart medical textiles can also be used as a GPS tracker for people with Alzheimer’s disease and dementia, the increase in the number of such patients is another growth driver for this smart medical textiles market.
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The high price of smart medical textiles is restraining the growth of the smart medical textiles market, even though industry leaders are investing more in R&D to produce cost-effective and more efficient smart medical textiles. The absence of regulatory standards for smart medical textiles is also likely to limit the growth of this market to some extent.
Smart medical textiles market segmentation
The smart medical textiles market is divided based on technology, application, and end-user.
Based on technology, the smart medical textile market is divided into wearable technology, smart fabric technology, assembly technology and textile sensors. Wearable technology accounted for 44% of global smart medical textile market revenue in 2019 and is expected to be the largest segment during the forecast period.
Based on application, the smart medical textile market is divided into biomonitoring, surgery, therapy, drug release, hygiene and others. The therapy segment is expected to grow at the fastest rate during the forecast period. Revenue generated from the therapy segment held the maximum market share in 2019.
On the basis of end-user, the smart medical textile market is divided into hospitals and clinics, universities and industrial research and others. Hospitals and clinics accounted for 54.5% of revenue in 2019 and are expected to be the largest segment during the forecast period. Indeed, hospitals and clinics widely use smart textiles for surgery and patient monitoring.
Regional Overview of Medical Smart Textiles Market
The global smart medical textile market is divided into several regions, namely North America, Latin America, Asia-Pacific, Europe and Middle East & Africa. North America is the largest market due to the region’s high demand for medical devices. Europe is the second largest market for smart medical textiles. The Asia-Pacific region is expected to register the highest growth rate during the forecast period owing to the increasing burden of chronic diseases and increasing demand for advanced medical devices.
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Smart Medical Textile Industry News
Camira Fabric acquired Luna Textiles in July 2019. Luna Textiles manufactures smart medical textiles. Gentherm agreed with ThermoAnalytics Inc. ThermoAnalytics makes thermal prediction software for humans.
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