The global medical tubing market size is predicted to surpass US$ 16.3 billion by 2030, exhibiting at a CAGR of 9.1%, according to study by Precedence Research.
OTTAWA, Feb. 19, 2021 (GLOBE NEWSWIRE) -- The global medical tubing market size was accounted USD 8.6 billion in 2020.
Medical tubing can be described as a polymer-based tube manufactured by an extrusion process and employed in medication delivery systems, feeding tubes, and peristaltic pumps among others. These types of tubes have excellent chemical, thermal, and mechanical properties, and are employed in a wide array of minimally invasive crucial applications like stent delivery structures, cardiovascular catheters, drug delivery, and urological retrieval equipment’s. A tube is molded by pushing the extruded polymer over a circular die, cooling it in a water immersion and then snipping it or curving it up. The dual screw extruder is employed when the manufacturing of medical tubes needs a composite like silver salts. The creation of the tubes on a dual-screw extruder allows the amendment of the metering and the lessening of raw material stockpile. The pipes can be extruded either straightforwardly from the dual-screw extruder through a downstream melt pump, or else the dual-screw extruder can be employed as a second extruder in a co-extrusion arrangement.
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Increasing demand for medical devices, growing popularity of minimally invasive surgical procedures, increasing healthcare expenditure, and growing geriatric population are among major factors boosting growth of the global industry. Additionally, increasing prevalence of chronic ailments such as cardiovascular and urological disorders is fueling growth of the medical tubing market worldwide. Moreover, rapidly increasing awareness regarding hospital-attained infections is having positive impact on the growth of global industry. Further, increased focus on the improvement of healthcare infrastructure in developing regions and growing investment by major market players on research and development are other factors to boost growth of the global market during the forecast time frame.
Swift advances in technology have encouraged the use of plastics in an assortment of medical procedures. In the United States and Western Europe, existence of better healthcare has led to a higher share of both pediatric as well as aging populations, age groups that account for the larger part of those getting treatment by invasive and after-care practices. Together with the recent upsurge in infectious ailments, this inclination has led to a considerable increase in the usage of pre sterilized single-use medical products. Numerous medical procedures comprise the transmission of solutions to or from the patient, and use a wide variety of flexible tubing device. These factors are expected to propel the demand for extruded medical tubing products over the forecast timeframe.
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The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 38%. United States represented the highest share in the North America region primarily due to higher healthcare spending, presence of modern healthcare set-up, and availability of latest products. Moreover, growing incidence of cardiovascular disorders in United States and Canada is expected to have positive impact on the industry growth. Asia Pacific is expected to account for the second largest share in the medical tubing industry in terms of revenue in 2020. The growth in Asia Pacific region is attributed to increasing healthcare expenditure, high prevalence of chronic ailments, and growing incidence of urological ailments. Asia Pacific is also anticipated to grow at the highest CAGR during the projected time-duration majorly due to increasing incidence of cancer and gastrointestinal ailments, growing popularity of minimally invasive surgeries, and increasing number of hospital admissions. Growth in the research and development activities is a major factor that is projected to have optimistic impact on the growth of the target industry in Asian countries.
Key Market Players and Strategies:
The major companies functioning in the worldwide medical tubing are Teleflex Incorporated, W. L. Gore & Associates, The Lubrizol Corporation, Saint-Gobain Performance Plastics, Zeus Industrial Products, Inc., Freudenberg Medical, Tekni-Plex, Raumedic AG, The Dow Chemical Company , Nordson Corporation among others. Huge investment in the technological development of medical tubing along with business-related collaborations are the crucial business strategies started by the major players operating in the global medical tubing market.
Major Market Segments Covered:
By Medical Condition
By Material Type
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