The biomedical textiles market is estimated to be USD 10.99 billion in 2017 and is projected to reach USD 14.50 billion by 2022, at a CAGR of 5.7% between 2017 and 2022
Aug 01, 2018, 13:36 ET
NEW YORK, August 1, 2018 /PRNewswire/ -- The biomedical textiles market is projected to grow at a CAGR of 5.7% from 2017 to 2022, in terms of value.
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The biomedical textiles market is estimated to be USD 10.99 billion in 2017 and is projected to reach USD 14.50 billion by 2022, at a CAGR of 5.7% between 2017 and 2022. The increasing demand for biomedical textiles in bandages, surgical sutures, implants, and extracorporeal devices is one of the most significant factors driving the growth of the biomedical textiles market. The rise in the number of aging population and the increasing number of surgeries have also contributed to the growth of the biomedical textiles market. However, the need for high R&D investments is restraining the growth of the biomedical textiles market.
The non-woven fabric segment is projected to lead the biomedical textiles market during the forecast period.
Based on fabric type, the non-woven fabric segment accounted for the major share of the biomedical textiles market in 2016 and is also projected to grow at the highest CAGR during the forecast period owing to the high demand from non-implantable applications, such as gauze, cohesive, adhesive, tubular, and triangular bandages.Non-woven fabrics are unique, high-tech, and engineered fabrics used across a wide range of applications and products.
Increasing awareness and the benefits of using this fabric type in the healthcare industry is expected to propel its demand between 2017 and 2022.
The non-implantable application segment is projected to grow at the highest CAGR during the forecast period.
Based on application, the non-implantable segment of the biomedical textiles market is expected to register the highest CAGR between 2017 and 2022.The demand for biomedical textiles in the non-implantable application is mainly driven by an increase in consumption of wound care products, such as gauzes, adhesive bandages, cohesive bandages, and others.
The increasing number of accidents and surgeries is driving the market for biomedical textiles in non-implantable applications.
The non-biodegradable fiber segment is projected to grow at the highest CAGR during the forecast period.
Based on fiber type, the non-biodegradable segment is estimated to dominate the biomedical textiles market in 2017.The dominance can be attributed to the growing demand for non-biodegradable fibers, such as polypropylene, polyethylene, polyamide, and polyester, in non-implantable applications.
These fibers are also widely used in many surgical sutures, implants, and extracorporeal devices.
The biomedical textiles market in the Asia Pacific region is projected to grow at the highest CAGR between 2017 and 2022.
The Asia Pacific (APAC) biomedical textiles market is projected to grow at the highest CAGR during the forecast period.Companies manufacturing biomedical textiles have ample growth opportunities in this market owing to the availability of cheap labor and raw materials.
The consumption of biomedical textiles is also high in this region due to densely populated countries, such as India and China.Additionally, the increasing government expenditure on healthcare facilities and rising income are also propelling the growth of the biomedical textiles market in APAC.
Furthermore, the initiative taken by the Indian government to indigenously manufacture products under the "Make in India" initiative, is also expected to contribute to the growth of the APAC biomedical textiles market.For instance, the state government of Gujarat (India) is setting two new Technical Textile (TT) zones to be developed in Ahmedabad and Surat districts.
The growth in technical textiles will directly influence the growth of the biomedical textiles market in the APAC region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted as follows:
• By Company Type- Tier 1 - 10%, Tier 2 - 25%, and Tier 3 - 65%
• By Designation- C level - 10%, Director level - 30%, and Others - 60%
• By Region- Asia Pacific - 45%, North America - 20%, Europe - 15%, South America - 11%, and Middle East & Africa - 9%
This report provides a comprehensive analysis of key companies listed below:
• Royal DSM (Netherlands)
• Covidien (Ireland)
• Integra Life Sciences (US)
• Johnson & Johnson (US)
• Smith & Nephew (UK)
• Medline Industries (US)
• B. Braun Melsungen (Germany)
• Cardinal Health (US)
• Paul Hartmann (Germany)
• BSN Medical (Germany)
Research Coverage
This report covers the biomedical textiles market and forecasts the size of the market till 2022.The report includes the segmentation of the biomedical textiles market based on fabric type, fiber type, application, and region.
Porter's five forces analysis and key market dynamics, such as drivers, restraints, challenges, and opportunities influencing the growth of the biomedical textiles market have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the biomedical textiles market.
Benefits of Buying the Report:
The report is expected to help market leaders/new entrants in the biomedical textiles market in the following ways:
• This report segments the biomedical textiles market and provides the closest approximation of revenues for the overall market and its subsegments across different verticals and regions.
• The report helps stakeholders understand the pulse of the market and provides information on key drivers, restraints, challenges, and opportunities of the biomedical textiles market.
This report is also expected to help stakeholders understand their competitors and gain insights into improving their position in the biomedical textiles market. The competitive landscape section includes an ecosystem of competitors and detailed information on new product developments, expansions & investments, agreements & partnerships, and acquisitions.
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