Global Medical Tubing Market To Grow Steadily With An Impressive CAGR Of 9.5% During The Forecast Period From 2019 To 2026: Proficient Market
According to a new report published by Proficient Market, titled, “Global Medical Tubing Market – Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″ The report has offered an all-inclusive analysis of the global medical tubing market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
According to the report, Global Medical Tubing Market in 2019 stood at USD 7.2 billion and is expected to reach USD 13.8 million by 2027 growing at a CAGR of 9.5% from 2020 to 2027.
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Medical tubing is used in the medical industry in various pharmaceutical or medical related applications to meet their requirements and standards. It is used for management of drainage and fluid. Medical tubing is also used with anesthesiology and respiratory equipment, IVs, peristaltic pumps, catheters, and biopharmaceutical laboratory equipment. Medical tubing usage is directly applicable to the human body; this is why for the manufacturing of medical tubing there is a need for certain certifications and a standard procedure. Specific materials with desired specifications are used to manufacture medical tubing.
Medical Tubing Market Key Players: The research study includes profiles of leading companies operating in the global medical tubing market. Key players profiled in the report include:
Zeus Industrial Products
Saint Gobain Performance plastics
W. L. Gore & Associates.
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Drivers for the Global Medical Tubing Market: The importance of less invasive medical procedures over conventional surgical procedures is increasing, as they ensure benefits such as low cost, quick recovery time, and lesser duration of hospital stays. In addition, the increasing prevalence of diseases such as arthritis, cancer, and cardiovascular diseases, which require complex surgical treatment, has increased the demand for minimally invasive procedure. This has boosted the consumption of plastic polymers, which are ideal for use in catheters and medical tubing. Moreover, medical tubing ensures cost efficiency and less time consumption. For instance, cardiac and urinary catheterization using catheter tubing significantly reduces the time taken for the concerned medical or surgical procedure. Therefore, the growing demand for minimally invasive medical procedure and the need for increasing the efficiency of this procedure play an important role in driving the demand for medical tubing.
Opportunities for the Global Medical Tubing Market: The healthcare industry is expected to grow rapidly in the next five years. Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. The healthcare industry in the developing countries is undergoing rapid developments because of changes in customer requirements, increase in healthcare awareness, and rise in aging population, which, in turn, provide many opportunities for the medical tubing market in the healthcare and medical device industries. The market in the developing countries is growing mainly because of the economic growth, increased spending by respective governments on healthcare facilities, and increased purchasing power of consumers. Therefore, the overall development and increase in investment in healthcare infrastructure will led to boosting the growth of the for the medical tubing market during forecasted times.
Restrains for the Global Medical Tubing Market: The manufacturing process of medical tubing requires high investment and time. Delay in regulatory approvals increases the overall development procedure, thus causing a decline in the investment in medical product development technology. The market is undergoing continuous product innovation to avoid technical and biocompatibility issues, which incur a lot of time and cost. For instance, selecting the ideal polymer for a particular medical application and scrutinizing the application areas for each polymer in medical tubing is essential, which requires intense R&D and technical expertise. Thus all these factors are hampering the growth of the medical tubing market.
Region Wise, Global Medical Tubing Market Analysis: Global Liquid biopsy market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global Liquid biopsy market share followed by North America & Europe. While the Asia Pacific leads the global Liquid biopsy market as the demand for medical tubing is high in developing economies such as China and India. The growth of the medical tubing market in Asia pacific region is mainly driven by the growing awareness and government initiatives to provide high-quality healthcare facilities and increase in aging population. Thus all these factors boost the market growth of medical tubing solutions in Asia pacific region.
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Global Medical Tubing Market: Product analysis
Polyvinyl chloride (PVC)
Thermoplastic polyurethane (TPU)
Thermoplastic elastomer (TPE)
On the basis of type, Silicone accounted for largest share of total revenue generated. Because, Silicone is the largest and fastest growing material owing to its flexible, has high tear & tensile strength, and a wide range of surface hardness, and ability to resist chemicals, solvents, and extreme temperatures. All these factors contribute to the growth of the silicone segment of the medical tubing market.
Global Medical Tubing Market: Application analysis
Bulk Disposable Tubing
Drug Delivery Systems
The demand of Global Medical Tubing Market is highest from Drug Delivery Systems as Drug delivery is a method or approach used to deliver drugs or medications to achieve a therapeutic effect in humans or animals. Growth of this segment in developing countries is exponential due to economic growth, increased disposable income and purchasing power, and increasing investments by governments into provide superior-quality healthcare facilities. Thus all these factors are boosting the growth of the market.
Global Medical Tubing Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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