Increasing incidence of chronic and acute diseases across the globe, rising geriatric population, and high usage of smart wearable medical devices are some key factors expected to drive global market growth
Increasing incidence of chronic and acute diseases across the globe, rising geriatric population, and high usage of smart wearable medical devices are some key factors expected to drive global market growth
According to Emergen Research, the global medical smart textiles market size was USD 252.7 million in 2019 and is expected to reach USD 2,177.6 million in 2027 and register a robust CAGR of 25.6% during the forecast period, 2020-2027.
Market Dynamics:
Medical smart textiles are intelligent fabrics that are used for monitoring and treating patients suffering from chronic diseases and illnesses. These textiles are equipped with sensors that can sense and react to environmental stimuli and are deployed inside activewear, pants, or t-shirts to monitor blood pressure, heart rate, and overall temperature changes. Medical smart textiles are easy to use, comfortable, and user-friendly and are rapidly gaining traction owing to increasing demand for smart wearable devices and growing adoption of remote patient monitoring.
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Factors such as rapid integration of Artificial Intelligence (AI), Internet of Things (IoT), and nanotechnology, rapid adoption of electronic textile technology, rising government initiatives to promote smart wearable devices and products, and increasing investments in the development of more advanced medical textiles are expected to drive global market growth.
However, factors such as high cost of certain medical smart textiles, rising issues of incompatibility with different types of electronic systems and smart textiles, and low awareness about the benefits of smart textiles in many developing countries are expected to hamper market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations/li>
- 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 to Account for Largest Revenue Share:
The wearable technology segment is expected to account for largest revenue share during the forecast period owing to increasing patient population across the globe, rapid adoption of remote patient monitoring, and rising demand for smart wearable medical devices.
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Therapy and Wellness Segment To Register Rapid Revenue Growth:
The therapy and wellness segment is expected to register rapid revenue growth between 2020 and 2027. Revenue growth of the segment can be attributed to factors such as rising incidence of acute and chronic diseases, growing adoption of smart textiles and wearable devices in hospitals and clinics, and rising preference for remote monitoring.
Asia Pacific To Register Rapid Revenue Growth:
Asia Pacific is expected to register rapid revenue growth during the forecast period increasing prevalence of chronic diseases, improving healthcare infrastructure, rapid adoption of advanced technologies, and increasing demand for cost-effective smart wireless sensors in the healthcare sector. In addition, growing adoption of home care settings, rising geriatric population, and increasing investments in developing advanced smart textiles and products are expected to drive Asia Pacific market growth during the forecast period.
Major Companies in the Market Include:
- AiQ Smart Clothing Inc.
- Schoeller Textiles AG
- Carre Technologies Inc.
- Vista Medical Ltd.
- Sensoria Inc.
- Siren
- Camira Fabrics
- Gentherm
- Pireta
- 3TEKS
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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; 2017–2027)
- Textile Sensors
- Wearable Technology
- Others
Application Outlook (Revenue, USD Million; 2017–2027)
- Surgery
- Bio-monitoring
- Therapy and Wellness
- Others
End-user Outlook (Revenue, USD Million; 2017–2027)
- Hospitals and Clinics
- Medical Academic and Research Center
- Others
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Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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