NEW YORK, July 27, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global biomedical textiles market is forecast to expand by 1.4X, surpassing a valuation of US$ 17 billion by the end of 2031, as per a study by Fact.MR. Steered by ongoing technological innovations in healthcare and rising awareness regarding advanced medical facilities across the globe, biomedical textiles sales will surge at a CAGR of 5% over the forecast period from 2021 to 2031.
This will present a steady growth over expansion at 4% CAGR registered between 2016 and 2020. Biomedical textiles is extremely crucial and are designed to address demand for improved patient care in healthcare and medical sectors.
Rising number of road accidents and frequent incidents of spread of infection are the primary factors driving the market. According to the World Health Organization, around 20 to 50 million people across the globe encounter non-fatal injuries due to road traffic crashes.
As biomedical textiles are often used in medical care administered during first-aid procedures, surgeries, implants, and clinical treatments, their demand will continue strengthening over the assessment period.
Ongoing medical advancements in healthcare will present attractive opportunities for growth. For instance, tissue engineering and soft-tissue repair require specially designed bio-medically engineered fabric to form new tissues around them. With increasing application of these biomedical fabrics in medical technologies, the market is set to register impressive growth over the coming years.
Fact.MR Analysis finds rapid adoption of biomedical textiles for non-implantable applications. Owing to the increase in use of biomedical textiles in the manufacturing wound care products such as adhesive bandages, cohesive bandages, and gauzes, the segment account for over 40% of the demand in the market.
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"Manufacturers are increasingly investing in research & development (R&D) activities to provide innovative biomedical materials for upcoming technologies. Their efforts also are intended towards catering to the increasing demand in surgical treatments and other healthcare applications," says the Fact.MR analyst.
Key Takeaways from Biomedical Textiles Market Survey
- The North America market is expected to occupy nearly 30% of the global market share, with the U.S. contributing around US$ 3.5 billion of revenue sales in the region.
- Owing to the rising incidence of road traffic crashes and cardiovascular diseases, the market in China is estimated to reach a valuation of US$ 3 billion by 2031.
- Non-woven fabric segment is likely to account for over 30% of the market share, growing at a CAGR of 3% over the forecast period.
- The market in Japan is anticipated to expand at a CAGR of more than 4% through 2031, favored by the ongoing technological advancement in medical healthcare.
- Based on fiber, non-biodegradable segments are predicted to reach a valuation of nearly US$ 4.5 billion by 2031.
- Rising incidence of road traffic crashes is spurring the demand for biomedical textiles in non-implantable applications.
- Increasing application of biomedical textiles in first-aid procedures, implants, and surgeries is driving the market growth.
- Ongoing technological advancement in surgical treatments and implants is fueling the demand for biomedical textiles.
- Surging investment in medical healthcare is expected to bolster the market growth.
- Volatility in the cost of raw material is hampering the growth of the biomedical textiles market.
- High cost in the production of biomedical textiles is a factor restraining the market growth.
- Marketing of biomedical textiles is one of the biggest challenges for the manufacturers restraining the market growth.
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Companies operating in the biomedical textiles landscape are emphasizing on product launch and product approval strategies to expand their product portfolio. Besides this, some of the market players are aiming at acquiring other companies to enlarge their customer base. For instance,
- In 2018, Ethicon, an America based company, launched its new product, SURGICEL POWDER ABSORBABLE HEMOSTAT. The product is designed to help surgeons to efficiently control disruptive bleeding.
- In 2017, Smith & Nephew, a British multinational medical equipment manufacturing company, acquired Rotation Medical Inc., a developer of a new tissue regeneration technology. The acquisition assisted the company to invest in innovative technologies that meet unmet clinical needs
.Some of the prominent players operating in the biomedical textiles market profiled by Fact.MR are:
- Royal DSM
- Confluent Medical Technologies
- Cardinal Health
- Johnson & Johnson Services Inc.
- B. Braun Melsungen AG
- Smith & Nephew
- Meister & Cie AG
- Medline Industries Inc.
- ATEX TECHNOLOGIES
- Integra LifeSciences Corporation
- Paul Hartmann AG
- BSN Medical
More Valuable Insights on Biomedical Textiles Market
Fact.MR, in its new report, offers an unbiased analysis of the global biomedical textiles market, analyzing forecast statistics through 2019 and beyond. The survey reveals growth projections on in the biomedical textiles market with detailed segmentation
- Non-woven Biomedical Textiles
- Woven Biomedical Textiles
- Knitted Biomedical Textiles
- Biodegradable Biomedical Textiles
- Non-biodegradable Biomedical Textiles
- Biomedical Textiles for Implantable Applications
- Biomedical Textiles for Non-implantable Applications
- Biomedical Textiles for Surgical Sutures Applications
- End Use
- Biomedical Textiles for Ophthalmology
- Biomedical Textiles for Neurology
- Biomedical Textiles for General Surgery
- Biomedical Textiles for Orthopedics
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Key Questions Covered in the Biomedical Textiles Market Report
- The report offers insight into biomedical textiles demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the biomedical textiles market between 2021 and 2031
- Biomedical textiles market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Biomedical textiles market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
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