New York, United States , Nov. 03, 2022 (GLOBE NEWSWIRE) -- The Global Medical Tubing Market Size is projected to grow from USD 7.6 billion in 2021 to USD 17.34 billion by 2030 at a CAGR of 9.6% during the forecast period. The medical tubing market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. North America is expected to be the largest market.
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Medical tubing is a hollow cylindrical pipe that is used to transmit liquid and gas. It is mostly manufactured using silicone, polyethylene, polyvinyl chloride (PVC), nylon, and thermoplastic elastomers (TPE) to make it safe to be used. It does not cause allergies and reactions to the human body. As it is highly pure, it has the capacity to survive extremely harsh medical conditions. It is commonly used in hospitals, clinics, and ambulatory surgery centers. Furthermore, U.S. Food and Drug Administration (FDA) grants standards to the medical tubing system depending on the particular applications required to be done by the medical tube. The increasing incidences of chronic diseases such as cancer, cardiac diseases, respiratory diseases such as asthma, lung cancer, pulmonary fibrosis, etc., are expected to boost the market’s growth. Medical tubing is essential to respiratory devices, such as ventilators, that facilitate breathing and propel the market’s growth. However, the manufacturing process of medical tubing requires a longer time and high investment. The increasing healthcare expenditure is expected to provide lucrative growth opportunities during the forecast period. Teleflex is an American giant which has invested in the manufacture and marketing of advanced and safe medical tubing with impeccable features when compared to the previous versions of medical tubes manufactured by the same manufacturer.
This research report categorizes the market for medical tubing based on various segments and regions and forecasts revenue growth and analysis trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges that influence the medical tubing market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included in order to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the medical tubing market. Get more details on this report
Based on the Material Type, the medical tubing market is categorized into Polyvinyl Chloride (PVC), Thermoplastic Elastomer (TPE), Thermoplastic Polyurethane (TPU), Silicone, Polyolefins (Polyethylene (PE), and Polypropylene (PP)), and Others. The polyvinyl chloride (PVC) segment will account for the greatest revenue in the market as it can be easily sterilized using ethylene oxide and irradiation sterilization methods. Furthermore, it is transparent, biocompatible, and resistant to chemicals, making it the most preferred material for manufacturing medical tubes. Furthermore, the increasing demand for single-use pre-sterilized medical devices propels the segment's growth.
Global Medical Tubing Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Polyvinyl Chloride (PVC)), Thermoplastic Elastomer (TPE), Thermoplastic Polyurethane (TPU), Silicone, Polyolefins (Polyethylene (PE), and Polypropylene (PP)), and Others), By Application (Bulk Disposable Tubing, Catheters & Cannulas, Drug Delivery Systems, and Special Applications), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030
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Based on region, the medical tubing market size is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. North America is expected to be the largest market. This is mostly due to several small and medium enterprises rising R&D activities to develop medical healthcare facilities in the healthcare sector. Furthermore, the U.S has kept its R&D tax credit low which increases the demand for medical tubing in the market. Also, the population of elderly people in the region is rising at an alarming rate; however, America and Canada have the most prosperous aging populations due to social security payments by the government. For instance, the Nordson Corporation launched a Polyurethane Tubing named 80 Durometer medical tube to be used for medical applications.
The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing demand for several applications such as catheters & cannulas, drug delivery systems, bulk medical tubing, and other special applications (smoke evacuation tubing and peristaltic pump tubing). In addition, the increase in healthcare accessibility and the rapidly growing demand for minimally invasive medical procedures adds impetus to the market’s growth in the region. The multiplying middle-class population in China and India increases the demand for minimally invasive techniques. There is an advancement in the efficient medical devices in the region coupled with the increasing interest of people in taking care of elderly people at home with easy & simple products.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Saint-Gobain, Freudenberg Medical LLC., W.L. Gore and Associates Inc., Avient Corporation, Raumedic AG, Lubrizol Corporation, and Elkem ASA are some of the most well-known players in the global Medical Tubing Market. These firms have used various growth strategies such as new product launches, expansion, agreements, mergers, and acquisitions to maintain a competitive market position in the globe. New product introduction is the most popular growth strategy, accounting for more than half of all growth strategies, followed by expansion.
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