Burlingame, Aug. 20, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Australia Medical Tubing Market is estimated to value at US$ 599.47 Million in the year 2024, and is anticipated to reach a US$ 1,068.02 Million by 2031, with growing at a CAGR of 8.6% during forecast period 2024-2031. The demand for medical tubing in Australia is expected to increase significantly over the coming years due to the rising popularity of minimally invasive surgeries among medical professionals and patients. Minimally invasive surgeries such as laparoscopic surgeries require extensive use of medical tubing for various purposes like guiding instruments, supplying irrigation fluids, aspirating fluids and tissues etc. According to a recent industry report, the number of laparoscopic procedures performed in major hospitals across Australia has grown by over 15% annually in the past 5 years.
Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2024: | US$ 599.47 Million |
| Estimated Value by 2031: | US$ 1,068.02 Million |
| Growth Rate: | Poised to grow at a CAGR of 8.6% |
| Historical Data: | 2019–2023 |
| Forecast Period: | 2024–2031 |
| Forecast Units: | Value (USD Million/Billion) |
| Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered: | By Material, By Application |
| Geographies Covered: | Australia |
| Growth Drivers: | • Rising Prevalence of Diabetes |
| • Technological Advancements in CGM Devices | |
| Restraints & Challenges: | • High Device Costs |
Market Dynamics:
The growth of the Australia medical tubing market is attributed to the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes across Australia. According to Australian Institute of Health and Welfare, around 4 million Australian adults had some form of heart disease in 2019. Moreover, ongoing research and development activities for new product development by key players operating in the market is another factor expected to propel the market growth over the forecast period.
Key Market Takeaways:
- The Australia medical tubing market size is anticipated to witness a CAGR of 8.6% during the forecast period 2024-2031, owing to the growing demand for minimally invasive surgical procedures and rising healthcare expenditure in the country.
- On the basis of material, the stainless steel segment is expected to hold a dominant position, owing to its excellent corrosion resistance and biocompatibility.
- By application, the catheters & cannulas segment is expected to hold the largest share due to high utilization of various types of catheters in cardiovascular procedures, urology and other applications.
- Regionally, North America is expected to hold the largest share in the Australia medical tubing market over the forecast period, due to well-established healthcare infrastructure and increased adoption of advanced medical technologies.
- Key players operating in the Australia medical tubing market include Abbott, Dexcom, Inc., Medtronic, Senseonics, Inc., F. Hoffmann-La Roche Ltd., GLUCOVATION, INC., Nemaura Medical Inc., GlySens, GlucoModicum, and Signos, Inc. These players are focusing on new product launches and regulatory approvals to strengthen their market position.
Market Trends:
Increasing adoption of minimally invasive surgical procedures - Minimally invasive surgery uses small incisions and specialized surgical tools instead of large incisions. This leads to less pain, scarring, and quicker recovery times. The adoption of such surgical procedures is increasing in Australia which is expected to drive the demand for high quality medical tubing used in minimally invasive surgeries over the forecast period.
Rising geriatric population - The geriatric population in Australia is growing at a faster rate. As per the Australian Bureau of Statistics, people aged 65 years and over are projected to outnumber those under 15 years of age by 2031. The aged population is more prone to chronic illnesses which is expected to augment the demand for medical devices including tubing used in their treatment.
Get a detailed analysis on regions, market segments, and companies: https://www.coherentmi.com/industry-reports/australia-medical-tubing-market
Market Opportunities:
Stainless Steel Segment - The stainless steel segment is expected to hold a dominant position in the Australia medical tubing market, owing to its high corrosion resistance, biocompatibility and durability. Stainless steel finds wide application in the manufacturing of catheters, guidewires, surgical instruments and other medical devices where strength and longevity is required.
Catheters & Cannulas Segment - The catheters & cannulas segment is anticipated to dominate the market by application during the forecast period. Increased prevalence of chronic diseases such as cardiovascular disorders and rising geriatric population undergoing various surgical and diagnostic procedures are driving the demand for medical catheters and cannulas in Australia.
Australia Medical Tubing Market Segmentation:
- By Material
- Stainless Steel
- Titanium
- Nitinol (NiTi)
- Others
- By Application
- Catheters & Cannulas
- Drug Delivery Systems
- Dentist Equipment
- Robotic Surgery
- Others
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The Research Provides Answers To The Following Key Questions:
- What is the estimated growth rate of the market for the forecast period 2024-2031? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Australia Medical Tubing market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Australia Medical Tubing market?
- What are the prominent market trends influencing the development of the Australia Medical Tubing market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Australia Medical Tubing market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
Key insights provided by the report that could help you take critical strategic decisions?
➞ Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
➞ Reports provide opportunities and threats faced by suppliers in the Australia Medical Tubing industry around the world.
➞ The report shows regions and sectors with the fastest growth potential.
➞ A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
➞ The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
➞ This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
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