Global Medical Nonwoven Disposable Market to reach US$18.4 Billion by 2024: Rising Incidence of Epidemics Raises Demand, Observes TMR
According to the research report, the global medical nonwoven disposable market was valued at US$12.9 bn in 2015 and is expected to be worth US$18.4 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is expected to progress at a CAGR of 4%.
Technological Advancements Give Surgical Products a Significant Boost in Global Market
On the basis of product, the global market is divided into surgical products, incontinence products, and wound dressings. The surgical products segment is estimated to lead the global market in the coming years as it is set to account for a share of 52.0% in the global market. This segment is further divided into drapes, gowns, caps, masks, and others.
In terms of geography, North America is projected to acquire a share of 39.2% in the overall market. Despite a minor drop, the region is expected to dominate the global market due to a well-established healthcare infrastructure, awareness amongst patients about access to healthcare, and favorable reimbursement policies.
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Government Initiatives to Reduce Cross-contaminations to Ensure Swift Uptake of Medical Nonwoven Disposables
The primary growth driver for the global medical nonwoven disposable market is the stupendous rise in the number of geriatrics. The high susceptibility of this segment of the population to diseases and persistent care is expected to propel the demand for medical nonwoven disposables in the coming years. The market is also likely to benefit from the growing incidences of epidemic and pandemic diseases. The emergence of diseases such as Ebola, Chikungunya, H1N1 virus, and severe acute respiratory syndrome (SARS) have been key epidemics augmenting the demand for medical nonwoven disposables.
Technological demands in the manufacturing of nonwoven fabric that have added features such as high absorbency and anti-microbial properties to reduce cross-contamination is also expected to drive the growth of the global market. Furthermore, growing number of government initiatives to reduce the number of infections and improve the manufacturing technology has also benefited the global market to a significant extent. Lastly, the growing awareness about the hospital-acquired infections has also triggered a wave of using high quality medical nonwoven disposables.
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High Cost of Research and Development to Restrain Market Growth
The high cost of raw materials and research and development that is required for catering to the demand for newer demands is expected hamper market growth. Furthermore, the stringent regulatory scenario about disposal of these products is also expected to restrain several end users from using the products. Additionally, the unfavorable economic conditions are also anticipated to have a negative impact on the global market in the coming years.
This review is based on Transparency Market Research's report, titled "Medical Nonwoven Disposables Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The global medical nonwoven disposables market is segmented as follows:
Global Medical Nonwoven Disposables Market Revenue, by Product type
Global Medical Nonwoven Disposables Market Revenue, by Material
Global Medical Nonwoven Disposables Market Revenue, by End-Users
Global Medical Nonwoven Disposables Market Revenue, by Geography
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