Biomedical Textiles Market to Reach $30.3 Billion, Globally, by 2032 at 6.2% CAGR: Allied Market Research

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18 Aug, 2023, 10:15 ET

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The biomedical textiles market is driven by the rising healthcare expenditure, population growth, increasing healthcare needs, and advancing medical technologies.

PORTLAND, Ore., Aug. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "The biomedical textiles market is segmented on the basis of fiber type, fabric type, application, and region. On the basis of fiber type, the market is categorized into non-biodegradable fiber, biodegradable fiber, and others. On the basis of fabric type, the market is categorized into woven, non-woven, and others. On the basis of application, it is divided into implantable, non-implantable, and others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global biomedical textile industry generated $16.6 billion in 2022, and is estimated to reach $30.3 billion by 2032, witnessing a CAGR of 6.2% from 2023 to 2032.

Biomedical textiles have been in routine clinical use to ease healing for a very long time. These are widely used in neurovascular products, orthopedic sutures, orthopedic implants, heart valves, vascular grafts, annuloplasty rings, catheter-based delivery systems, pledgets, small joint repair, tissue scaffolds, scoliosis treatment, cerclage cables, spinal stabilization products, and an array of robotic surgery products.

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Prime determinants of growth

The rising healthcare expenditure, driven by population growth, increasing healthcare needs, and advancing medical technologies, is a significant driver for the biomedical textiles market. In addition, healthcare systems are investing more in advanced medical treatments and technologies, due to which the demand for specialized biomedical textile materials has increased in various medical applications. This factor is anticipated to drive the market during the forecast period. However, the biomedical textiles industry is subject to strict regulatory standards and compliance requirements to ensure patient safety and product efficacy.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$16.6 billion

Market Size in 2032

$30.3 billion

CAGR

6.2 %

No. of Pages in Report

317

Segments covered

Fabric Type, Fiber Type, Application, And Region.

Drivers

Emergence of technology in biomedical textiles.

Rapid growth of aging population

Opportunities

Rise in use of biomedical textiles in medical industry

Restraints

High production cost and complexity in design manufacturing

The woven fabric type segment to maintain its leadership status throughout the forecast period

Based on fabric type, the woven fabric type segment held the highest market share in 2022, accounting for nearly half of the global biomedical textile market revenue and is estimated to maintain its leadership status throughout the forecast period. Woven fabrics have a long history of use in medical and healthcare applications, and many woven biomedical textiles have already undergone regulatory approvals and meet relevant standards. This regulatory compliance and acceptance facilitate faster adoption and integration of woven fabrics into medical devices and therapies. All these factors are creating the most remunerative opportunities for the market. However, the non-woven fabric segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032.

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The biodegradable fiber type segment to maintain its leadership status throughout the forecast period

Based on fiber type, the biodegradable fiber type segment held the highest market share in 2022, accounting for nearly half of the of the global biomedical textile market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 6.4% from 2023 to 2032. There is an increasing demand from healthcare professionals, patients, and consumers for more sustainable and environmentally conscious products. Biodegradable fiber-based biomedical textiles can enhance the reputation and market position of healthcare providers and manufacturers by demonstrating their commitment to sustainability and eco-friendly practices. These factors are anticipated to offer most lucrative opportunities for the market.

The implantable application segment to maintain its lead position during the forecast period

Based on application, the implantable segment accounted for the largest share in 2022, contributing to more than half of the global biomedical textile market revenue, and is estimated to maintain its leadership status throughout the forecast period. Biomedical textiles are used in cardiovascular implants such as stents, heart valves, and vascular grafts. Textile-based stents provide support and maintain vessel potency after angioplasty, while textile-covered heart valves and vascular grafts offer durability, biocompatibility, and improved hemodynamics. In addition, Biomedical textiles can be engineered to incorporate drug delivery functionalities. They can be designed to release drugs or therapeutic agents over time, allowing for controlled and localized delivery to specific implant sites. This factor is expected to boost market growth during the forecast period. The non-implantable segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global biomedical textile market revenue and is estimated to maintain its leadership status throughout the forecast period. The U.S. is a leading market for surgical procedures, and biomedical textiles are extensively used in surgical drapes, gowns, sutures, and other surgical products. The demand for advanced surgical textiles that offer superior infection control, comfort, and protection drives market growth. Furthermore, Canada emphasizes healthcare innovation, research, and development. The country has a strong presence of academic institutions, research organizations, and industry players that collaborate to develop advanced medical textiles and drive market growth. The Asia-Pacific region is projected to manifest the highest CAGR of 6.8% from 2023 to 2032.

Leading Market Players: -

The report provides a detailed analysis of these key players in the global biomedical textile market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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