The Role of Medical Textiles in the Future
• Medical Textiles play an important role in the modern world regarding pharmaceutical and individual wellbeing.
• The modern medical textile market has a very high growth rate, with a forecast to grow 5% YoY over the next 10 years.
After the COVID-19 pandemic has been around for 3 years, the sight of everyone wearing a mask in public areas have become common. The widespread of the virus has encouraged the people to be more mindful of their health and hygiene. Consequently, the market for medical textiles is growing as well.
But first, let's learn more about “Medical textiles” since these may sound unfamiliar to Thai consumers when compared to the trending words like cryptocurrency or metaverse. However, medical textiles are becoming more and more relevant in our daily lives, as well as one of the world’s most important trends that cannot be ignored.
Medical textiles refer to fabrics that are specially manufactured for medical use such as treating wounds, surgical masks, medical gloves, PPE suits and bandages, for examples.
Now, let’s discuss how medical textiles will be projected in the future. Back before the spread of the COVID-19 disease, seeing someone wearing a mask walking on the street was very uncommon. Fast-forward to today, everyone is aware of the mask’s protective ability against viruses and is also more conscious about taking measures to protect their health.
If we look at the current global market, there have been forecasts by investors that this market value is likely to grow by 5% YoY from 2022 to 2032. It is also predicted that the market value in 2022 will be 12 billion USD dollars, while the accumulated value estimated until the year 2032 is approximately 17 billion USD.
In addition, due to more investment flowing into the medical textile market, it is predictable that innovations related to medical textiles will be developed even further. The foreseeable growth of this market has motivated countries with huge capital such as the USA and China to speed up their competitiveness to get ahead in the race.
In summary, the medical textile market is very dynamic and has a very high potential in the context of the modern world. Therefore, it offers a very lucrative opportunity for well-informed investors who are interested in the medicine and health industries to keep their eye on the development of this trend.
Sources
• 'Medical Textile' a business to keep an eye on
https://www.bangkokbiznews.com/business/900286
• Medical textile: A potential segment to grow
https://www.textiletoday.com.bd/medical-textile-potential-segment-grow/
• Global Biomedical Textiles Market Outlook (2022-2032)
https://www.factmr.com/report/biomedical-textiles-market