ID: MRFR/CnM/4658-HCR | February 2021 | Region: Global | 185 pages
Medical Tubing Market Overview
The estimated projections for the medical tubing market size are expected to rise at USD 14.37 billion by 2028, incorporating a CAGR of 9.14% during the forecast of the medical tubing market share. The Valuation of the medical tubing market is held to be at USD 9.25 billion in 2021.
Medical tubing is an essential component for both the pharmaceutical and medical industries & the medical tubing market has a huge potential. Components that include medical tubing consist of plastic, rubber, or metal. Since the medical tubing market value revenue is not just a number but there is a huge usage & hence medical tubing market value is on a significant rise it is significant to know the use of medical tubing. Disposable catheters, Cannula & tubing are the byproducts that are born with the help of medical tubing. Drug delivery systems, peristaltic pumps & blood draining are the areas to build a presence in. There is a plastic version of it commonly used in medical and pharma equipment. Medical tubing market participants, however, have been engaged in vigorous research and development. The result of the R&D is building metal tubing out of silicone rubber to make it more flexible and attain a much more efficient way of developing metal tubing.
With the advent of Covid-19, the devastation was mammoth and freighting due to which many houses lost their loved ones. As a precaution the governments had imposed quarantine, social distancing norms, and lockdowns in due time intervals but that too has its limitations. But the price was paid by companies, small business owners, and industries including the medical tubing industry, many had to shut down their businesses, a few temporarily stopped it & some had to scale back operations. The exorbitant cost & fabrication of raw materials in the Medical Tubing market value resulting in companies passing on the cost to customers in order to cope up.
However, the medical and pharma industries are booming because of the developed & developing nations and that is due to the increase in the purchase of medical & health care by government and citizens in general. Medical Tubing Market Value is hence witnessing growth.
However, the other accommodating factor to the inflammable growth of this sector is that as people get older they need more nursing & medical care and people contributing to the world of fitness and becoming aware of their health.
Lubrication facilitates the insertion of these products. Implant manufacturers are therefore inclined to use it.
Plastic, Rubber, and Metal are the subdivision of the metal tubing segments.
Plaster is further classified and subdivided into Polyvinyl Chloride, Polyethylene, Polypropylene, Polyether Ketone, Poly-amide, Polytetrafluoroethylene, Perfluoroalkoxy, Fluorinated Ethylene Propylene, Polycarbonate, Bioabsorbable Polymers, Polyester, Polylactic Acid, and Ethylene-vinyl Acetate.
The rubber on the other hand is broken down into Silicone, Thermoplastic, Elastomer, and Polyurethane.
Based on their applications, this market can be divided into bulk disposable tubes, blood draining tubes, catheters and Cannula, and drug delivery systems. Additionally, bulk disposable tubing is further split into Dialysis and Intravenous.
Catheters and Cannula are also classified based on their cardiovascular, intravenous, and urinary applications.
Peristaltic pump, gas supply, smoke evacuation and feeding tubes constitute the subdivision of special applications.
There are a few different types of metals, including titanium, steel, aluminum, etc.
The different types of metal tubing include single-lumen, multi-lumen, co-extruded, tapered or bump, braided, balloon, heat shrink, thin-walled, coiled, and micro extruded tubing.
The vast Medical Tubing market is regionally spread out into North America, the European Union, Asia-Pacific, Latin America, and the Middle East and African region.
The market share is dominated by the North American region because the spending on healthcare is enormous by both the governments of Canada and America. Also, both the nation’s private and public firms in the insurance and medical sector are known to spend generously on healthcare. Also, the concentration of the elderly is growing at an alarming rate in both nations. In the entire globe, America and Canada both have the most prosperous aging populations due to social security payments by the government.
The Market Share in 2015 was dominated by America alone with a 40% share and the market Value was USD 140 billion in America in 2015.
The European Union is being taken off by robotic surgery & robotic-assisted surgery because of the minimized pain with these endoscopic techniques leading to remarkable and respectable growth in the Medical Tubing Market. Also, a trend of Europeans is that they tend to be interested in taking care of their severe and chronic illnesses like diabetes and incontinence at their homes so they love to do their self-care with easy & simple products as with the aging populations’ mindsets.
The rapidly accelerating market growth is the Asia-Pacific region especially India and China, partially because of the widespread expansion of Healthcare in these regions. This is primarily because of the multiplying middle-class population in India and China and hence the demand for minimally invasive techniques has risen with the advancement of efficient medical devices.
The Medical Tubing Market Growth is expected to surge in the Latin-American region due to the ubiquity of non-surgical and surgical products for cosmetic procedures. The demand is estimated to grow amongst the middle class. Brazil and Mexico are also catching up on the growth of this market.
The Medical Tubing Market Growth is expected to be driven in the Middle East and Africa by the increasing healthcare industry in the middle-class region. In developing countries, diseases like obesity are on the rise as they become wealthier.
This market stands to be highly intense and the market is highly profitable for companies to invest in as it is not easy to enter this market due to some inevitable barriers and this acts as a driving force. Research and development investment, mergers and acquisitions, and strategic partnerships are vital for corporations to survive.
The companies who think of expanding in this market have a perspective that their knowledge and base will expand when investment in research and development comes in place. The driving factor responsible for this is that the products developed and marketed by such companies are more useful and have practicality in their applications, hence the rising cost of these applications is logical because they are with upgraded technologies in the newer generations.
A leading brand named Lubrizol from America maintains a dominant position in the area of sustained competitive edge with exemplary research and development. Hence the company increased its prices to skim the market as their new generation products and services were at an edge with better applications, functions, skills, and understanding. Hence, the scope of earning is more there. Some of the great players in this market are:
The report aimed to carry a detailed analysis of the Medical Tubing Market in order to help companies and investors make informed decisions. The report indicates qualitative research on the Medical Tubing Market, Trends, Value, regional trends and the competitive advantage that they share. The report takes into consideration the ramification of the covid analysis on the Medical Tubing Market Trends and a proper segmentation that helps firms take active steps and logical decisions after exhaustive analysis.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, structure, applications|
|Geographies Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.|
|Key Vendors||Zeus Industrial Products, Inc. (U.S.), Saint-Gobain Performance Plastics (U.S.), Teleflex Incorporated (U.S.), Optinova (Finland), Fine Tubes Ltd. (UK), Davis Standard (U.S.), Tekni-Plex (Pennsylvania), RAUMEDIC AG (Germany), Lubrizol Corporation (U.S.), Nordson Corporation (U.S.), AP Technologies Group Pte. Ltd. (Singapore), and Putnam Plastics (U.S.).|
|Key Market Opportunities||Companies that make this medical tubing are seizing upon the moderately high CAGR and the lucrativeness of this Medical Tubing Market.|
|Key Market Drivers||The medical and pharma industries in developed and developing nations are growing dramatically.|
Frequently Asked Questions (FAQ) :
One of the biggest drivers of this global market is the rise of minimally invasive devices.
The International medical tubing market is hindered by government regulations the most.
The international medical tubing market will remain dominated by North America through 2023 due to the high healthcare expenditure of Canadian and American countries.
Medical tubing is extremely competitive in the global market with numerous players resorting to partnerships, expansions, collaborations, and acquisitions.
There are Saint-Gobain Performance Plastics, Nordson Corporation, RAUMEDIC AG, Teleflex Incorporated, Fine Tubes Ltd., Lubrizol Corporation, Tekni-Plex, and AP Technologies Group Pte. Ltd. Optinova, Putnam Plastics, Davis Standard, Zeus Industrial Products, and others are key players in this market.