Medical Smart Textiles Market Size to Reach USD 2,735.06 Million in 2028 Growing at a CAGR of 25.6%, says Emergen Research
Emergen Research has published its latest report titled “Medical Smart Textiles Market, By Technology (Textile Sensors, Wearable Technology, Others), By Application (Surgery, Bio-monitoring, Therapy and Wellness, Others), By End-use (Hospitals & Clinics, Academic & Research Centers, Others), and By Region, Forecast to 2028”
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.
The global medical smart textiles market revenue growth is majorly attributed to factors such as increasing prevalence of acute and chronic diseases across the globe, rising rate of hospital admissions, rapid adoption of electronic textile (e-textile) technology in the manufacture of smart medical textiles, and rising government investments in the healthcare sector. Rising geriatric population worldwide, growing use of smart wearable medical devices, growing need for remote patient monitoring solutions, and rapid integration of AI, Internet of Things (IoT), nanotechnology, and other emerging technologies in the manufacture of e-textiles are some other key factors contributing to the global medical smart textiles market revenue growth.
Medical smart textiles are equipped with advanced sensors that are specifically designed to capture the various physiological changes taking place in the body of the wearer when in contact with it. These textiles are made of digitally enhanced fabrics and are ideal for use during hospital visits and regular check-ups, owing to their ease of use, convenience, and user-friendliness.
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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 global medical smart textiles market is segmented into textile sensors, wearable technology, and others. The wearable technology segment dominated other segments in terms of revenue share in the global market in 2020. Key factors contributing to revenue growth of this segment are rapid adoption of smart wearable medical devices, rising need for remote patient monitoring, integration of electronic sensors in medical textiles, and increasing expenditures on healthcare products.
Therapy and Wellness Application Segment to Register Fastest Revenue CAGR:
Based on application, the global medical smart textiles market is segmented into surgery, bio-monitoring, therapy and wellness, and others. The therapy and wellness segment is expected to register the fastest revenue CAGR in the global market over the forecast period, owing to factors such as rising prevalence of acute and chronic diseases, increasing rate of hospital visits, growing demand for smart medical textiles among healthcare professionals, and growing use of smart wearable medical devices in various therapies.
Asia Pacific to Account for Fastest Revenue CAGR:
Asia Pacific is expected to register the fastest revenue growth rate in the global medical smart textiles market over the forecast period. Primary factors driving the Asia Pacific market revenue growth are rising prevalence of chronic and acute diseases, increasing adoption of cutting-edge medical technologies, growing use of smart wearable medical devices, and presence of leading market players in the region, including AiQ Smart Clothing and Textronics Design Systems (I) Pvt. Ltd.
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Major Companies in the Global Medical Smart Textiles Market Include:
- Schoeller Switzerland
- Sensoria Inc.
- AiQ Smart Clothing
- CARRE TECHNOLOGIES INC
- Textronics Design Systems (I) Pvt. Ltd.
- ThermoSoft International Corporation
- ATEX TECHNOLOGIES
- Confluent Medical Technologies
- Cardinal Health
- Getinge AB
- KOB GmbH
- H.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
Application Outlook (Revenue, USD Million; 2018–2028)
- Therapy and wellness
End-use Outlook (Revenue, USD Million; 2018–2028)
- Hospitals & Clinics
- Academic & Research Centers
Region Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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