The Healthcare Fabrics Market is estimated to be valued at US$ 24.4 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Healthcare fabrics are specialized textiles that are used extensively in the healthcare industry. These fabrics are used to manufacture apparel such as uniforms, patient gowns, drapes, beddings etc. Healthcare fabrics have properties such as fluid resistance, breatherability, high absorbency and quick drying which make them ideal for healthcare application. Given the hygienic requirements in hospitals and clinical set ups, these fabrics help prevent infections and offer comfort to patients.
Market Dynamics:
The healthcare fabrics market is driven by the growing awareness about hospital acquired infections and increasing hygiene standards in healthcare facilities. It is estimated that hospital acquired infections affect hundreds of millions of patients annually worldwide. Textile woven with healthcare-specific fabric help regulate moisture and reduce surface contamination, there by preventing infections. Moreover, nonwoven healthcare fabrics characterized by high liquid absorption capacity are widely used in applications such as surgical gowns and drapes which require absorbency and barrier properties. Increasing healthcare expenditures and demand for superior quality medical products is also fueling the adoption of specialized healthcare textiles. However, price fluctuations of raw materials may hinder the market growth.
Segment Analysis
The Global Healthcare Fabrics Market Growth is dominated by the medical textiles segment. Medical textiles refer to fabrics used for medical purposes, such as surgical drapes, clothing for doctors and nurses, bandages, masks and other personal protective materials. This segment currently holds more than 60% market share as these textile materials assist in patient hygiene, examination, protection from infection and bacteria and aid the overall healthcare process. Its ability to serve varied purposes across the healthcare industry has made it the leading segment.
PEST Analysis
Political: Government policies and regulations related to healthcare infrastructure development and healthcare sector spending are the key political factors. Supportive regulations around medical textile standards ensure quality and safety.
Economic: Growing healthcare expenditure per capita, aging population driving higher demand for medical care, increase in lifestyle diseases necessitating more healthcare services are major economic growth drivers.
Social: Changing lifestyles and increasing health awareness has boosted demand for advanced healthcare facilities and services. Growth in hygiene consciousness post pandemic is also positively impacting the market.
Technological: Introduction of advanced fabrics that are highly breathable, antimicrobial, liquid repellent etc. help address various requirements of healthcare professionals as well as patients. Robust R&D is expanding application areas.
Key Takeaways
The global healthcare fabrics market is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period of 2023-2030. Population growth, rising health awareness, robust R&D diversifying applications and rapid infrastructure modernization are key growth drivers expected to augment the size of the market to US$ 24.4 Bn by 2023.
Regional analysis indicates Asia Pacific as the fastest growing market for healthcare fabrics due to increasing healthcare spending, healthcare reforms and spreading infrastructure modernization in major economies like China and India. Supported by rising middle class and growing disease burden, APAC is anticipated to capture over 35% market share by 2030.
Key players operating in the healthcare fabrics market are Knoll Inc., Freudenberg Group, Avgol Ltd., Carnegie Fabrics LLC, Eximius Incorporation, Berry Global Group Inc., Asahi Kasei Corporation, Ahlstrom Munksjo OYJ, Kimberly-Clark Corporation, and Paramount Tech Fab Industries, among others. Major players are collaborating with medical device manufacturers as well as focusing on developing innovative, high-performance fabrics catering to evolving requirements of various end-use segments within the industry.
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