The global medical smart textile market is expected to exhibit a CAGR of 9.5% over the forecast period from 2018 to 2027, according to a new market research report from Market Research Future (MRFR). The global medical smart textile market is likely to be driven by the combination of a growing demand for new medical smart textile products to provide higher accuracy and higher performance parameters.
The growing demand for long-term monitoring of patients is likely to be a key driver for the global medical smart textile market over the forecast period. Medical smart textiles are textiles designed to respond to biomarkers and thus reveal the presence of certain physical malady. The growing use of smart textiles for diagnosis and tracking of the disease is likely to be a major driver for the global medical smart textile market over the forecast period. Medical smart textiles provide a cost-efficient and simple way to track the progression of a disease, rather than having to use complicated machinery and equipment for the same effect. This is likely to drive the global medical smart textile market over the forecast period.
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Increasing government support and investment in the development of advanced medical technology is likely to remain a major driver for the global medical smart textile market over the forecast period. The medical research sector has been driven by the growing recognition of the need to update the medical sector with technological upgrades. Increasing research into other areas related to the healthcare sector and increasing readiness of governments as well as private investors to take a punt on promising innovation is likely to be a major driver for the global medical smart textile market over the forecast period, as the medical smart textile market has a considerable scope for further innovation over the coming years and is likely to be driven by the growing demand for technological progress. The increasing disposable income of consumers, especially in North America and Europe, is also likely to be a major driver for the global medical smart textile market over the forecast period.
Competitive Analysis:
The global medical smart textile market is populated by companies from diverse operational fields, as medical smart textiles represent a convergence of several different sciences and are thus open to companies from various areas. Leading players in the global medical smart textiles market include Google Inc., International Fashion Machines, Interactivewear, Schoeller Textiles AG, Gentherm, Vista Medical Ltd., Sensoria Inc., Textronics Inc., and Intelligent Clothing Ltd.
Segmentation:
The global medical smart textile market is segmented based on technology, application, end use, and region.
- By Technology, the global medical smart textile market is segmented into smart fabric technology, textile sensors, and wearable and joining technology.
- By Application, the global medical smart textile market is segmented into surgery, hygiene, drug release, biomonitoring, therapy, and wellness.
- Based on End use, the global medical smart textile market is segmented into hospitals, clinics, and others.
Regional Analysis:
The global medical smart textile market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa on the basis of region.
The Americas segment leads the global medical smart textile market due to the strong support for advanced medical research in North America and is likely to remain the leading contributor to the global medical smart textile market over the forecast period thanks to the increasing demand for widespread incorporation of medical smart textiles in the U.S. and Canada.
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The growing demand for medical innovations that make life easier for physicians and patients is likely to be the major driver for the medical smart textile market over the forecast period. Most major market players are situated in North America, mainly the U.S., due to the presence of an advanced support infrastructure in the region. This is likely to be the major driver for the medical smart textile market in North America over the forecast period.
Europe is also likely to be a major regional market for medical smart textiles over the forecast period due to the increasing research and collaboration activities in the sector.
