Global Sterile Tubing Welder Market projected to grow at a CAGR of 4.8% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Sterile Tubing Welder Market by Type (Automatic Sterile Tubing Welder and Manual Sterile Tubing Welder), Application (Biotechnology, Pharmaceuticals, Blood Processing, Laboratories and others), End-users, Region and Global Forecast 2020-2027.
The global sterile tubing welder market is expected to grow from USD 2.26 billion in 2019 to USD 3.28 billion by 2027, at a CAGR of 4.8% during the forecast period 2020-2027. North America stands as a dominant region in terms of revenue. The rise in prevalence of chronic diseases in the area is the primary reason responsible for the market growth. Further, the increasing technological advancements are helping the demand factor. However, Asia-Pacific is another region which is projected to grow at the highest rate. The presence of significant number of manufacturers and increasing investment by multinational companies are expected to foster the market growth. Additionally, growth of pharmaceuticals and biotech companies in countries like India and China are increasing the demand of sterile tubing welder in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the sterile tubing welding market are G.E. Healthcare, MGA technologies, Flex Concepts Inc., Sartorius Stedim Biotech S.A., Shanghai Le Pure Biological Technology Co. Ltd, Terumo BCT Inc., VANTE Biopharm, Biomen Biosystems Company Ltd., Genesis BPS and others. In 2017, a leading player Terumo acquired vascular closure business and some assets of Abbott and St.Jude.
The type segment includes automatic sterile tubing welder and manual sterile tubing welder. Automatic sterile tubing welder accounts for the significant market share and is expected to grow at the highest rate. They are more efficient than the manual welders. They offer high welding speed, and the set-up time is minimal. It eliminates the risk of error caused by human labourers and delivers optimum output. Further, it also reduces the cost of production. The application segment includes biotechnology, pharmaceuticals, blood processing, laboratories and others. Blood processing constitutes the largest market share. The demand for blood products and blood is increasing, which has increased the use of sterile tubing welder in blood processing segment. The diseases related to blood disorder is also increasing. Further, the demand for personalized medicine and increasing cell therapies are boosting the market growth. The end-user segment includes hospitals, blood centres, research clinics and others. Hospitals are major end-user and are expected to grow at an impressive rate. The higher number of services offered requires more use of sterile tubing welding.
Sterile tubing welder safely connects the two tubes irrespective whether the tubing is dry or wet. It helps to maintain and function a closed system. It is widely used in hospitals as the risk of cross-contamination is minimal because wafers are discarded after every use. These welders are commonly used in blood centres to cater to the rise in demand for blood products. The increasing use of sterile tubing welder in end-user industries is fostering the market growth. The increase in investments by the government of many countries is helping the market to increase its fold. These are widely used in blood banks. The increasing use of single-use equipment is expected to fuel the market growth.
About the report:
The global sterile tubing welding market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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