July 19, 2024
Healthcare Fabrics Market

Healthcare Fabrics Market Is Estimated To Witness High Growth Owing To Rising Healthcare Expenditure

The Healthcare Fabrics market is estimated to be valued at US$ 24.4 Bn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:a
Healthcare fabrics refer to specialized textiles that are used in hygiene and medical applications. Some common examples include surgical drapes, gowns, bedding, gowns, apparel, etc. These fabrics provide features like liquid repellency, abrasion resistance, thermal insulation, antimicrobial properties, comfort etc. which make them suitable for various medical uses.

Market Dynamics:
The healthcare fabrics market is driven by rising healthcare expenditure globally. As per data by World Bank, global health expenditure rose from 8.5% of GDP in 2000 to 9.9% of GDP in 2016. Higher spending on healthcare allows better investments in medical facilities, equipment and consumables like healthcare fabrics.
Secondly, the demand for non-woven healthcare fabrics is growing due to their advantages over woven fabrics. Non-woven fabrics provide better liquid repellency and microbial barrier. They are also more cost effective than woven fabrics. The rising demand for technically advanced fabrics is thus expected to boost the overall healthcare fabrics market over the forecast period.

SWOT Analysis

Strength: Healthcare fabrics have various properties that make them suitable for medical applications. Their antibacterial properties help prevent the spread of infections. They also have high absorbency and quick drying capabilities. Their lightweight and flexible nature enhance patient comfort.

Weakness: Developing new healthcare fabrics with advanced properties requires high research and development investments. Raw material prices volatility can increase production costs.

Opportunity: Rising healthcare expenditure in developing regions offers significant growth prospects. Growing demand for single-use surgical drapes and clothing during the COVID-19 pandemic is an key opportunity.

Threats: Stringent regulatory approval process for new materials can delay product launches. Intense competition from local players impacts profit margins.

Key Takeaways:

The Global Healthcare Fabrics Market Growth is expected to witness high growth, exhibiting CAGR of 9.8% over the forecast period, due to increasing investment in healthcare infrastructure and innovation. North America is projected to lead the regional growth due to presence of major manufacturers and rapid technological advancements.

The Asia Pacific region is forecast to emerge as the fastest growing market for healthcare fabrics market. This can be attributed to increasing medical tourism, rising affordability, and growing focus on preventive healthcare in countries such as India, China, and Indonesia. The increasing demand for quality healthcare along with growing elderly population base will continue to support the regional market expansion through 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. The players adopt strategies such as new product development, partnerships, and mergers & acquisitions to gain competitive edge and meet the growing demands from end-use industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it