Medical Smart Textile Market Overview
The global medical smart textiles market is expected to reach USD 2,105 million by 2027at a CAGR of 6.33%, says Market Research Future (MRFR). Medical Smart Textile is a new field of medical technology. The sensors placed inside the medical textile come in close contact with the wearer’s body and detect physiological changes in the body. By picking up the changes, the textile can check the early warnings of various diseases. This serves to reduce costs incurred on medical check-ups and hospital visits.
The increasing prevalence of wearable medical monitoring devices is expected to boost the growth of the medical smart textile market in the forecast period. The increasing demand for advanced methods of diagnosis is also likely to fuel the growth of this market. Furthermore, the increasing cases of chronic diseases such as diabetes, congestive heart failure, stress and others is also expected to propel the growth of this market. Since medical smart 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 medical smart textile market.
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The high price of smart medical textiles is a growth dampener for medical smart textile market, even though the industry leaders are investing more into R&D to produce cost-effective and more efficient medical smart textiles. The lack of regulatory standards for smart medical textiles is also likely to limit the growth of this market to some extent.
Medical Smart Textiles Market Segmentation
Medical Smart Textile market is divided based on technology, application and end-user.
On the basis of technology, the medical smart textile market is divided into wearable technology, smart fabric technology, joining technology and textile sensors. Wearable technology accounted for 44% of the revenue of the global medical smart textile market in the year 2019 and is likely to be the largest segment in the forecast period.
On the basis of application, the medical smart textile market is divided into bio-monitoring, surgery, therapy, drug release, hygiene and others. The therapy segment is projected to grow at the fastest rate in the forecast period. The revenue generated by the therapy segment held the maximum market share in 2019.
On the basis of end-user, the medical smart textile market is divided into hospitals and clinics, academics and industrial research and others. Hospitals and Clinics accounted for 54.5% revenue in 2019 and is projected to be the biggest segment in the forecast period. This is because hospitals and clinics extensively use smart textiles for surgery and patient monitoring.
Medical Smart Textiles Market Regional Insights
The global medical smart textile market is divided into several regions, namely North America, Latin America, Asia Pacific, Europe and the Middle East and Africa. North America is the largest market because of the region’s high demand for medical devices. Europe is the second-largest medical smart textile market. Asia Pacific region is projected to register the highest growth rate in the forecast period due to the rising burden of chronic diseases and increasing demand for advanced medical devices.
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Medical Smart Textile Industry News
Camira Fabric acquired Luna Textiles in July 2019. Luna Textiles manufactures smart medical textiles. Gentherm agreed with ThermoAnalytics Inc. ThermoAnalytics manufactures software for thermal prediction for humans.
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