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The global healthcare fabrics industry generated $15.9 billion in 2019, and is projected to reach $37.4 billion by 2027, witnessing a CAGR of 13.0% from 2020 to 2027.Drivers, restraints, and opportunities:
Rise in consumer awareness regarding hygiene products and improved quality of healthcare fabrics drive the growth of the global healthcare fabrics market. However, increased carbon-footprint due to use of female hygiene products hinder the market growth. On the other hand, growing consumer awareness create new opportunities in the coming years.
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Covid-19 Scenario
• The outbreak of the pandemic led to increased demand for healthcare fabrics such as PPE kits, bed sheets, masks, and other items
• Surge in utilization of masks due to covid-19 has boosted the demand even more. Moreover, the high demand for healthcare fabrics is expected to increase even more owing to the second wave of covid-19 in various regions.
The polypropylene segment to maintain its lead position during the forecast period:
Based on raw material, the polypropylene segment accounted for the largest market share, contributing to nearly two-fifths of the global healthcare fabrics market in 2019, and will maintain its lead position during the forecast period. This is due to frequent usage and demand for baby diapers and skin wipes to avoid rashes on baby's skin. However, the viscos segment is projected to manifest a CAGR of 12.0% from 2020 to 2027.
The non-woven segment to maintain its dominance in terms of revenue during the forecast period:
Based on fabric type, the non-woven segment accounted for the highest share in 2019, holding more than four-fifths of the global healthcare fabrics market, and is projected to maintain its dominance in terms of revenue during the forecast period. This is owing to their softness, strength, comfort, stretch ability, cost, and high absorbing ability of liquids. However, the woven segment is expected to witness the highest CAGR of 11.7% from 2020 to 2027. This is due to application in hospital and surgical hosiery, wound contact layer, various types of bandages, artificial tendons, and others.
North America to exhibit the highest growth rate by 2027:
Based on region, the market across North America is projected to portray the fastest CAGR of 12.5% during the forecast period, owing to remarkable growth in end-use businesses including implantable goods and healthcare & hygiene products. On the other hand, the Europe region held the highest market share in terms of revenue in 2019, accounting for nearly two-fifths of the global healthcare fabrics market, and will maintain its dominance by 2027. This is attributed to high expenditure on healthcare and increased purchasing power.
Leading Market Players:
• Ahlstrom Munksjo OYJ
• Asahi Kasei Corporation
• Avgol Ltd
• Berry Global Group Inc.
• Carnegie Fabrics LLC
• Eximius Incorporation
• Freudenberg Group
• Kimberly-Clark Corporation
• Knoll Inc.
• Paramount Tech Fab Industries.
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