Nonwovens / Technical Textiles
New IQ4I report on BioTextiles - Global Market estimated to be worth $7,390.4 million by 2023
The biotextiles can be derived from natural fibres or synthetic fibres, extruded from polymeric or metallic biomaterials and are very versatile products manufactured from bioabsorbable or non-bioabsorbable materials that can be customized into unique anatomical shapes and incorporate various drug coatings to hasten healing process and reduce potential complications. There are ideal options for creating bioabsorbable and drug eluting implant products in two dimensional or three dimensional forms in large number of configurations. An ideal biotextiles should posses properties like biocompatibility (non-toxic and non-carcinogenic), Biostability (chemically inert), Tribological properties (wear and corrosion resistant), etc.
According to IQ4I analysis, the BioTextiles global market is expected to grow at mid single digit CAGR to reach $7,390.4 million by 2023. The increasing aging population, increasing demand for minimally invasive procedures, increasing research and development investments, growing demand for plastic surgery, miniaturization of implant devices, advance technologies and reimbursements offered by Center for Medicare and Medicaid Services (CMS) are the factors driving the biotextiles global market. However, limitations of biotextiles based products, stringent regulations imposed on biotextiles based products, and complications due to implant rejection, cytotoxicity, and corrosion of biotextiles implant are restraining the growth of biotextiles global market.
Biotextiles market by region is classified in to North America, Europe, Asia-Pacific and Rest of the World. Geographically, North American regions held the largest market share. North America market is expected to show a strong growth due to the high advanced healthcare facilities, increasing ageing population, rapid adoption and awareness about the technological advancements, availability of Medicare and third party insurance facilities, easy availability of skilled personnel are driving the market growth. Europe region held the second largest market share. Asia-Pacific biotextiles market is expected to grow at a high single digit CAGR. Rest of the World biotextiles market is the second fastest growing region and expected to grow at a high single digit CAGR.
The biotextiles based on manufacturing techniques are classified as Woven Textiles, Non-Woven Textiles, Braided Textiles and Knitted Textiles. The Braided Textiles are dominating the market by occupying a largest share and woven textiles are expected to grow at a highest CAGR. The biotextiles based on materials are classified into Non-bioabsorbable textiles and Bioabsorbable textiles. The Non-bioabsorbable textiles dominated the market by occupying largest share and Bioabsorbable textiles are expected to grow at a highest CAGR.
The biotextiles based on applications are segmented as Cardiovascular, Orthopedic, Gynaecology & Urology, General Surgery and Other Applications. Among these, General Surgery applications are dominating the biotextiles market by occupying a largest share and cardiovascular applications are expected to grow at a highest CAGR.
Rise in demand for cardiovascular and orthopedic products is encouraging implant device manufacturing companies to invest more in research and development and launch new products. Miniaturization of implant devices and increasing minimally invasive surgery, technological advancements in fibres and fabrication methods and increasing use of bioabsorbable textiles are contributing to the biotextiles market growth. However, stringent and complex regulatory procedures and high cost of surgical procedures are restraining the market growth.
Some of the major companies operating in the biotextiles market are ATEX Technologies, Inc. (U.S.), C.R.Bard, Inc. (U.S.), Confluent Medical Technologies (U.S.), Culzean Textile Solutions Ltd. (U.K.), Getinge Group (Maquet) (Sweden), J-Pac Medical (U.S.), Medtronic PLC (Ireland), Poly-Med, Inc. (U.S.), RUA Medical (U.K.), Terumo Corporation (vascutek) (Japan), U.S. Biodesign (U.S.), W.L. Gore & Associates Inc. (U.S.).http://www.iq4i.com/reports-category/medicaldevices/r/165:p]