New Delhi: A market research report projects the global biomedical textiles market to have a positive outlook, expanding at a CAGR of above 5% across the 2021-2031 forecast period. As per the report, over 40% demand for biomedical textiles is stimulated by non-implantable application.
Biomedical textiles refer to fabric materials that are primarily designed and produced for the use of medical purposes and applications such as implants, surgeries, first-aid procedures, and clinical treatments. These textiles are commonly used in the medical field as surgical apparel such as masks, caps, operating gowns, patient clothing, operating drapes, sterilization packs, dressings, and orthopedic pads.
These textiles allow the materials to protect users against bacterial effects from blood, urine, bodily fluids, saline, and other chemicals during a surgery. Surgeons and clinicians are increasingly turning to biomedical textiles to replace and aid damaged body parts.
The healthcare industry, focused on providing better facilities and advancing technologies for better treatments, is demanding more biomedical textiles. As such, demand for biomedical textiles is showing sufficient promise for the years ahead.
Key Takeaways from Market Study
Global biomedical textiles market to top US$ 6 Bn by 2031.
Non-biodegradable, one of the segments, is projected to reach around US$ 4.5 Bn by 2031.
Non-woven fabric to record 3% CAGR over the forecast period of 2021- 2031.
China forecast to reach a projected market size around US$ 3 Bn by the year 2031.
The market in Japan is projected to expand at above 4% CAGR through 2031.
“Augmenting preference for biomedical textiles for soft tissue repair, extracorporeal implants, and healthcare and hygiene products is projected to boost market growth over the years to come,” says a Senior Research Analyst.
Product launch and product approval strategies are commonly adopted by companies to expand their footprints and product portfolios worldwide, and meet the growing demand. Players operating in the market adopt the strategy of expansion to enlarge their customer base, which permits them to maintain their brand name globally.
In 2017, Smith & Nephew acquired Rotation Medical Inc. (US), a developer of a novel tissue regeneration technology for shoulder rotator cuff repair for US$ 125 Mn. This acquisition will help Smith & Nephew invest in innovative technologies that meet unmet clinical needs.
In 2018, Ethicon launched SURGICEL POWDER ABSORBABLE HEMOSTAT, which is designed to help surgeons control disruptive bleeding more efficiently.
In 2021, due to rising competition in the market, companies have engaged in adopting several market strategies such as mergers and acquisitions, collaborations or partnerships, launching new products, R&D activities, and expansion of units to enhance their business portfolios and market competency.