Rising prevalence of chronic diseases worldwide and technological advancements in diagnostic techniques are some of the principal factors driving market revenue growth
According to Emergen Research, the global medical smart textiles market size was USD 442.9 million in 2020 and is expected to reach USD 2,735.06 million in 2028 and register a revenue CAGR of 25.6% during the forecast period, 2021-2028.
Market Dynamics:
Medical smart textiles market revenue growth is majorly driven by rising prevalence of acute and chronic diseases worldwide, technological advancements in diagnostic techniques, rapid adoption of electronic textile (e-textile) technology in the healthcare industry, and increasing use of wearable medical devices. Medical smart textiles are equipped with sensors designed to capture the physiological changes occurring in the wearer’s body upon contact with the material. These textiles are comfortable and user-friendly and are ideal for use during hospital visits and check-ups. These are digitally enhanced fabrics that use battery to operate and can sense the surrounding environment by receiving signals through the electrical processor embedded inside. The global medical smart textiles market growth is further driven by rapid integration of advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), and nanotechnology in e-textiles, rising need for remote monitoring of various medical conditions, and increasing geriatric population around the world.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Wearable Technology Segment Accounted for Largest Revenue Share in 2020:
Based on technology, the wearable technology segment accounted for largest revenue share in the global medical smart textiles market in 2020. Increasing adoption of technologically advanced medical devices and equipment in the healthcare sector, rapid integration of electronic sensors in medical textiles, and emergence of advanced technologies such as Internet of Things (IoT), AI, and nanotechnology are among the key factors contributing significantly to the revenue growth of this segment.
Therapy and Wellness Application Segment to Register Fastest Revenue CAGR:
Among application segments, therapy and wellness segment is projected to register the fastest revenue growth in the global medical smart textiles market over the forecast period. Growing need for real-time and remote monitoring of patient health and increasing adoption of smart medical textiles to reduce the need for physical visits to hospitals or clinics are major factors expected to drive the growth of the therapy and wellness segment.
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Asia Pacific to Account for Fastest Revenue CAGR:
Among regional markets, the Asia Pacific medical smart textiles market is expected to register fastest revenue growth rate in the global market over the forecast period. Thriving healthcare industry across the region, growing prevalence of chronic and acute diseases, rapid adoption of advanced medical technologies and wearable medical devices, and rising healthcare expenditure of individuals are the primary factors driving the Asia Pacific medical smart textiles market revenue growth.
Major Companies in the Market Include:
- Schoeller Switzerland
- Sensoria Inc.
- AiQ Smart Clothing
- Camira
- GENTHERM
- CARRE TECHNOLOGIES INC
- 3TEKS
- Textronics
- ThermoSoft International Corporation
- Medtronic
- ATEX TECHNOLOGIES
- Confluent Medical Technologies
- Cardinal Health
- Getinge AB
- KOB GmbH
- Baxter
- 3M
- AstraZeneca
- B. Fuller Company
For the purpose of this report, Emergen Research has segmented the global medical smart textiles market based on technology, application, end-use, and region:
Technology Outlook (Revenue, USD Million; 2018–2028)
- Textile sensors
- Wearable technology
- Others
Application Outlook (Revenue, USD Million; 2018–2028)
- Surgery
- Bio-monitoring
- Therapy and wellness
- Others
End-use Outlook (Revenue, USD Million; 2018–2028)
- Hospitals & Clinics
- Academic & Research Centers
- Others
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Region Outlook (Revenue, USD Million; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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