Market Overview
According to the latest report published by Market Research Future (MRFR), the worldwide medical smart textile market is set to exhibit a CAGR of 7.51% over the forecast period of 2018-2027. The report utilizes available market data to offer a complete understanding of the medical smart textiles market’s present scenario and the future state. The medical smart textiles market has been segmented and presented in a detailed manner so that the readers can obtain a precise view of the market. The report also deals with the restraints and drivers likely to impact the market during the forecast period.
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Growing Demand for Wearable Devices Promises a Positive Influence on the Global Medical Smart Textile Market
Key Drivers
Improved scope for innovation in the healthcare sector along with the incorporation of smart devices into monitoring and tracking patient’s progress paves the way for higher demand of smart medical textile globally. Moreover, the burgeoning market for wearable devices can be expected to affect the global medical smart textile market positively.
Segmental Analysis
The worldwide medical smart textile market has been segmented on the basis of application, end-user, and technology.
As per the application, the global medical smart textile market has been segmented into hygiene, surgery, therapy, drug release systems, wellness, and biomonitoring. Based on end use, the global medical smart textile market has been segmented into clinics, hospitals, and others. According to technology, the global medical smart textile market has been segmented into wearable and joining technology, textile sensors, and smart fabric technology.
Regional Analysis
Based on region, the global medical smart textile market has been segmented into Europe, North America, South America, Africa, Asia Pacific, and the Middle East.
Presently, North America and South America collectively lead the global medical smart textiles market and can be expected to hold the lead over the forecast period. It can be attributed to the high level of technological competency in healthcare. In Americas, most of the market players are involved in constant technological developments in medical equipment for effortless monitoring, treatment, and diagnosis. Additionally, the increasing government aid aimed towards the wellbeing of the patient influences the medical smart textiles market positively.
Europe holds the second position in the global medical smart textile market. Like the Americas, the healthcare sector in Europe is actively focusing on innovation and technological advancements. The healthcare sector in Europe encourages productive research activities and innovation in the medical devices market that promises consistent progress of the medical smart textile market. Besides, the engagement of the market leaders in tactical collaborations and partnerships with the chemical industry plays is partly ushering in the development of novel medical smart textiles in Europe.
Asia-Pacific is viewed as a promising market for the global medical smart textile sector. This is owing to the growing incidence of diseases, wide-ranging need for innovative medical equipment, increasing application of know-how in the initial stages of diagnosis of conditions, and the increasing amount of healthcare centers. Additionally, the rising prevalence of aged population in the region contributes to further market development. India, Japan, and China are the key players in APAC. Asia-Pacific is expected to represent the fastest growing market for medical smart textiles goods during the forecast period.
The Middle East & Africa (MEA) region represents a relatively slimmer share of the global medical smart textile market, owing to the poor economic conditions and the stringent government policies.
Key Players
Key players in the global medical smart textile market include names such as Intelligent Clothing Ltd. (UK), Google Inc. (US), Interactivewear (Germany), Gentherm (US), Schoeller Textiles AG (Switzerland), Textronics, Inc. (US), Vista Medical Ltd. (Canada), International Fashion Machines (US), and Sensoria Inc. (US).
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