In a recent published report, Kenneth Research has updated the market report for Medical Smart Textile Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Smart Textile Market products.
Kenneth Research has recently added a report titled Medical Smart Textile Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
Recently, a significant growth in healthcare spending have been observed in the low- and middle-income nations. In the middle-income nations, healthcare spending rose by 6.3% a year between 2000 and 2017, while the economy rose by 5.9% a year. Additionally, health spending in low-income countries also observed a growth by 7.8% a year in the same period. The growth in the healthcare spending of these nations can be attributed to the increasing focus of the governments in these nations to meet the laid down targets of the Sustainable Development Goals (SDGs) of 2030. Such factors are anticipated to drive the growth of the Medical Smart Textile Market during the forecast period.
Market Analysis
Medical smart textile is a new field of research and is the most widely used healthcare sector. Sensors are embedded in the textiles, in constant contact with the human body, and could intercept the physiological modifications within the body. The demand for medical smart textiles is increasing due to the rising burden of diseases, evolving methods of diagnosis, and the widespread use of wearable medical devices. These factors are anticipated to stimulate the growth of the global medical smart textile market. Though, the high cost of smart textiles is anticipated to hinder market growth. The Global Medical Smart Textile Market is forecast to register a CAGR of 7.51% to reach 2,105.32 Million by the year 2027.
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During the forecast period, the increasing burden of diseases is projected to feed the growth of the global medical smart textile market. As per the Global Burden of Disease Study in the year 2017, from 1990 to 2017, the major causes of premature deaths were neonatal disorders, ischemic heart disease, lower respiratory infections, diarrhoea, chronic obstructive pulmonary disease (COPD), and strokes. These diseases represent more than 1 million deaths worldwide in the year 2017. Moreover, the Global Burden of Disease Study in 2017, stated that there was a change in the mortality rate due to excess drug-resistant tuberculosis from the year 2007 to 2017.
The global medical smart textile market has been segmented into technology, application, and end user. The market, on the basis of technology, has been split into wearable technology, textile sensors, and others. Depending on application, the medical smart textile market has been segregated into bio-monitoring, surgery, therapy, and wellness and others. The global medical smart textile market, based on end user, has been split into hospitals and clinics and others. The hospitals and clinics held a share of 67.3% in the year 2018.
Market Segmentation
Global Medical Smart Textile Market has been by Technology, Application, End-User and Region. Based on technology the market has been segmented into Wearable Technology, Textile Sensors and Others. Based on application the Global Medical Smart Textile Market has been segmented into Bio-Monitoring, Surgery, Therapy and Wellness and Others. Based on End User the market is segmented into Hospitals and Clinics and Others.
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Geographically, the Global Medical Smart Textile Market has been split into different regions like Americas including North America (US & Canada) and Latin America, Europe including Western Europe (Germany, UK, France, Italy, Spain and Rest of Western Europe) and Eastern Europe, Asia-Pacific including Japan, China, India, Australia, South Korea, Rest of Asia-Pacific and Middle East & Africa.
Regional Analysis
Regionally, the global medical smart textile market has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas probably prevails in the global medical smart textile market. The growth in this region could be attributed to the widespread use of medical devices. Europe held a considerable share in the global medical smart textile market. This may be due to the increase in government expenditure to promote the healthcare sector in the region. Asia-Pacific is anticipated to be the fastest-growing region in the global market.
This is due to the widespread demand for advanced medical devices and the growing applications of technology in the early diagnosis of diseases fuelling the growth of the medical smart textile market in the region. The medical smart textile market in the Middle East & Africa is forecast to witness a modest market growth rate from the year 2019 to 2027. The Middle East will lead the market growth in this region. Raise awareness for medical smart textiles are expected to steer market growth during the assessment period.
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Major Players
The proposed spectators in the Global Medical Smart Textile Market are huge corporates, SMEs, distributors and wholesalers, Investors and trade experts, Governments, associations and industrial bodies, etc. The major companies functioning in the Global Medical Smart Textile Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Medical Smart Textile Market are Contract research manufacturing organizations, Research & development organizations, Academic institutes and Pharmaceutical companies. 3teks, Schoeller Switzerland, Sensoria Inc., AiQ Smart Clothing, Camira Fabrics, Carre Technologies Inc, Gentherm, Siren, Vista Medical Ltd and Pireta are some of the major players in the global medical smart textile market. Innovation, product development, and acquisition & mergers were some of the key strategies followed by players active in the global medical smart textile market. Gentherm signed a partnership agreement with ThermoAnalytics, Inc., a market-leading thermal modelling software development firm for the promotion of human thermal comfort predictions in February 2019.
Pireta developed into a unique process that adds conductive metallic pattern directly into textile clothing without altering fabric feel. These wearable smart garments and e-textile made it possible for physicians to diagnose diseases in its early stages and offer better treatment options. The launch of this device would help the company to boost its revenue in the future in June 2019. Camira Fabric procured Luna Textiles, a US-based company that manufactures fabric for healthcare, hospitality, and other lounge seating purposes. This achievement helped Camira Fabric to increase its revenue in July 2019.
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