Global Medical Smart Textile Market size boosting at a CAGR 7.31%

Introduction

Smart textiles, called e-textiles, are fabrics with embedded electronic components and conductive threads. There are two types of intelligent textiles: passive and active. Smart textiles consist of materials incorporating technologies that enhance the wearer's functionality. It detects environmental indicators or stimuli, including those from chemical, magnetic, thermal, and mechanical sources, and responds appropriately. The textiles incorporate sensors that interface continuously with the human body and can detect physiological changes. As a result of these benefits, smart textiles are widely utilized in various industries, including the military, healthcare, transportation, entertainment, sports, and fitness.

Market Dynamics

Rising Burden of Diseases Drives the Global Market

The prevalence of diseases continues to increase globally. According to the 2017 Global Burden of Disease Study, the leading causes of early mortality between 1990 and 2017 were ischemic heart disease, diarrhea, lower respiratory infections, neonatal illnesses, chronic obstructive pulmonary disease (COPD), and stroke. In 2017, these diseases were accountable for a global mortality rate of over one million.

New products are introduced in the wellness and healthcare industries due to the rapid development and study of sensor technology. For instance, San Francisco-based health technology company Siren has developed Neurofabric, a Diabetic Sock and Foot Monitoring System with embedded microsensors. Thus, the increasing global disease burden encourages the use of smart textiles that can detect early warning signs of the disease.

Technological Advancement in Healthcare Practices Creates Tremendous Opportunities

Smart textiles have the potential to revolutionize healthcare, and their ubiquitous use to monitor health or aid in treatment could reduce the reliance on expensive instruments. E-textile is a novel concept intended to be simultaneously skin-friendly and functional. These smart fabrics are woven with conductive fibers and electronic elements such as microcontrollers, biomedical sensors, fiber optics, and ubiquitous antennas like Mouser's Internet of Things System.

For instance, GPS monitoring in e-textiles can be used to monitor elderly family members with diseases such as Alzheimer's or Dementia. The most recent technical advancements in intelligent textiles can help diagnose disease by continuously monitoring health profiles. This presents opportunities for new market participants to develop medical smart textiles with the most recent technological advances. Thus, the research and development of e-textiles will continue to generate more market growth opportunities.

Regional Analysis

Americas is the most significant global medical smart textile market shareholder and is estimated to exhibit a CAGR of 6.54% during the forecast period. In the Americas, the global market for medical smart textiles has been divided into North America and Latin America. North America is anticipated to dominate the market in this region. This region's market growth is primarily attributable to the extensive use of medical devices and engineering applications to monitor vital health indicators. According to the Consumer Technology Association, approximately 46.12 million wearable devices were shipped in the United States in 2018. Thus, the expanding use of wearable electronic devices for disease diagnosis is anticipated to create new opportunities for the medical smart textile market in the region. The government of the United States provides significant improvements to the healthcare system for the well-being of patients, which drives the expansion of the market.

Europe is anticipated to exhibit a CAGR of 7.63% over the forecast period. Europe retains a substantial share of the global market for medical smart textiles. The increased government expenditure on the healthcare industry can be attributed to the growth of the European market. In 2016, the cost of healthcare per person in Luxembourg (5,600 EUR), Sweden (5,100 EUR), and Denmark (5,000 EUR) was at least 5,000 EUR, according to Eurostat. This is because the per capita cost of healthcare in Europe is extremely high and consistently increasing. Due to Europe's high healthcare costs, the population can implement advanced medical diagnosis techniques using medical smart textiles.

Several prominent medical smart fabric industry companies, such as Schoeller Switzerland, Pireta, and Camira, are also headquartered in Europe, which has propelled medical smart textiles. Thus, Europe is anticipated to fuel market growth during the review period due to its increased adoption of medical smart textiles.

Key Highlights

• The global medical smart textile market size was valued at USD 1580.63 Billion in 2023. It is projected to reach from USD 1696.18 Billion in 2024 to USD 2982.59 Billion by 2032, growing at a CAGR of 17.10% during the forecast period (2024-2032).
• Based on technology, the global medical smart textile market is divided into wearable technology, textile sensors, and others. The wearable technology segment is the highest contributor to the market and is projected to grow at a CAGR of 7.74% over the forecast period.
• Based on application, the global medical smart textile market is bifurcated into bio-monitoring, surgery, therapy, and wellness, and others. The bio-monitoring segment dominates the global market and is predicted to exhibit a CAGR of 6.82% during the forecast period.
• Based on end-users, the global medical smart textile market is bifurcated into hospitals, clinics, and others. The hospitals and clinics segment owns the largest market share and is projected to exhibit a CAGR of 7.53% over the forecast period.
• Americas is the most significant global medical smart textile market shareholder and is estimated to exhibit a CAGR of 6.54% during the forecast period.

Competitive Players

1. Schoeller Switzerland
2. Gentherm
3. Siren
4. Vista Medical Ltd
5. Sensoria Inc.
6. Pireta
7. AiQ Smart Clothing
8. Camira Fabrics
9. Carre Technologies Inc.
10. 3teks

Recent Developments

Recent Developments

• August 2023- Nufabrx® and Enventys Partners collaborated to create HealthWear®. This platform technology allows for the faster-than-ever introduction of innovations to the general public by delivering medication, health, and wellness to consumers through clothes. This patented platform for smart textiles incorporates active ingredients directly into textile products.
• August 2023- Nufabrx, a textile startup based in Conover, agreed to sell its HealthWear brand and retail business to a Charlotte-based brand consulting firm. Tallayne, a company with headquarters in Charlotte that assists early-stage businesses in finding commercial success, bought Nufabrx to increase the product accessibility of its "HealthWear" range.

Segmentation

1. By Technology
   1. Wearable Technology
   2. Textile Sensors
   3. Others
2. By Applications
   1. Bio-Monitoring
   2. Surgery
   3. Therapy and Wellness
   4. Others
3. By End-User
   1. Hospitals and Clinics
   2. Others