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|Title||Medical Grade Tubing Market Business Opportunities, Industry Trends, Future Scope|
|Category||Fitness Health --> News & Media|
|Meta Keywords||Medical Grade Tubing Market, Medical Grade Tubing Market report, Medical Grade Tubing Industry, Medical Grade Tubing Market size, Medical Grade Tubing Market value, Medical Grade Tubing Market growth|
The market for medical grade tubing is rapidly growing, with products used in medical applications such as drug delivery, IV tubing, catheters, and bulk disposable tubing. With the growing incorporation of medical tubing in various medical technologies, manufacturers are exploring to improve the capabilities of tubing in order to differentiate in the market. Medical grade tubing can be extruded from a wide range of materials such as fluoropolymers, polyvinyl chloride (PVC), silicone, and thermoplastics, among others.
The global medical grade tubing market report highlights that the market was valued at $4,407.7 million in 2020 and is expected to reach $6,255.9 million by the end of 2030. The market is expected to grow at a CAGR of 3.70% during the forecast period 2021-2030 .
The market has witnessed a rise in product sales due to the growing use of medical tubing in catheters and interventional cardiology. Furthermore, the market also offers advanced designs for customized products that would further improve the medical industry's needs.
Medical Grade Tubing Market Market Segmentation
Global Medical Grade Tubing Market (by Material)
The global medical grade tubing market, based on material, has been segmented into Fluoropolymers (Fluorinated ethylene propylene (FEP), Polyvinylidene fluoride (PVDF), Polytetrafluoroethylene (PTFE), Ethylene Tetrafluoroethylene (ETFE), Other Fluoropolymers), Polyolefins (Polypropylene (PP), Polyethylene (PE), (High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Linear-Density Polyethylene (LLDPE), Polyvinyl Chloride (PVC), Silicone, Thermoplastic Elastomers (Polyether block amide (PEBAX) and Other TPEs), and Other Materials (Polyamide (PA), Polyether Ether Ketone (PEEK), Polyester, etc.).
The silicone medical grade tubing has excellent sterilization and microwave properties. The increasing demand for silicone material owing to high dielectric strength and semi permeability for various medical applications is expected to drive the demand for silicone material during the forecast period.
Global Medical Grade Tubing Market (by Product)
The global medical grade tubing market, based on product type, has been segmented into single lumen tubing and multi-lumen tubing. Single lumen extrusions serve a wide range of medical applications, including IV therapy, catheters, and feeding tubes. Multi-lumen tubing can be made from any thermoplastic material depending upon the application and medical device.
Global Medical Grade Tubing Market (by Application)
The global medical grade tubing market, based on application, has been segmented into abrasion protection, drug delivery, bulk disposable tubing (IV tubing and dialysis tubing), catheters, special applications (peristaltic pump tubing, gas supply tubing, smoke evacuation tubing, feeding tubes, and other applications (arthroscopy, endoscopy, laparoscopy, etc.)
The demand for tubing in catheter applications is expected to increase significantly. For instance, tubing can be used to drive catheters in cardiac catheterizations to test for heart disease and locate narrowing blood vessels. Thus, the wide use of catheters application in the healthcare industry will drive various growth opportunities for medical tube manufacturers.
Global Medical Grade Tubing Market (by End Market)
The global medical grade tubing market, based on end markets, has been segmented into medical, bio-pharmaceutical and life science, and clinical testing.
The growing use of medical tubing for biopharmaceutical and medical-related applications such as management and drainage of fluids is expected to boost the growth of the medical grade tubing market.
Global Medical Grade Tubing Market (by Region)
The different regions covered under the global interventional oncology devices market include North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
North America is expected to be the most lucrative region for the global medical grade tubing market due to advanced healthcare infrastructure and a high focus on research and development activities. The Asia-Pacific interventional oncology devices market is one of the lucrative markets with immense potential for expansion by key players of the global medical grade tubing market. The Asia-Pacific medical grade tubing market is expected to grow at the fastest rate during the forecast period. This can be attributed to the massive geriatric population base, driving the demand for minimally invasive and non-invasive surgical procedures.
Medical Grade Tubing Market Drivers
The factors driving the growth of the market include an increasing geriatric population driving the need for surgeries requiring medical grade tubing, a shift toward minimally invasive surgeries, and the growing expenditure in the healthcare industry. The increasing prevalence of diseases (such as cardiovascular diseases) requires complex surgical treatment. This, in turn, has increased the demand for medical tubing required in minimally invasive surgeries. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Medical Grade Tubing Market Restraints
The factors restraining the growth of the global medical grade tubing market include the stringent government regulations on medical tubing products and the high cost associated with medical tubing products. Delay in regulatory approval for the products due to the stringent government regulations concerning medical grade tubing hinders the market's growth. Another major restraint for the global medical grade tubing market is the high cost associated with the medical grade tubing market. For instance, choosing the ideal material for a particular medical application requires high investments and intense RD expenditures.
Global Medical Grade Tubing Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for the global medical grade tubing market growth.
There is massive scope for medical grade tubing in developing countries. Countries such as China, India, Brazil, and Mexico possess populations with high prevalence and incidence rates of cardiovascular diseases, which drives the inclusion of interventional medical grade tubing for various treatments, which would arise the overall medical grade tubing market in these emerging countries.
Impact of COVID-19 on the Global Medical Grade Tubing Market
During COVID-19, the growth of the medical grade tubing market was positively impacted. The market has witnessed an increase in the growth of nasogastric tubes, nebulizers, spacer devices, and others. The market is projected to witness considerable growth during the forecast period 2021-2030. The increasing innovations and product designs in the global market and the growing use in emerging economies are the driving factors for the growth of the market.
Key Market Players and Competition Synopsis
Some key players operating in the global medical grade tubing market include AP Technologies Group Pte Ltd., AP Extrusion Incorporated., ASAHITEC Corporation, ATAG spa, B. Braun Melsungen AG, Compagnie de Saint-Gobain SA, Cook Group Incorporated, FBK Medical Tubing Inc., Freudenberg Medical, MDC Industries, MicroLumen Inc., Nordson Corporation, Optinova Group, TE Connectivity, and Trelleborg Group.
Some strategies covered in this segment are funding activities, mergers and acquisitions (MAs), partnerships, alliances, business expansion, regulatory and legal activities, and new offerings.
How This Report Can Add Value
The report will be most beneficial for manufacturers of medical grade tubing.
Assuming that the reader is a manufacturer of medical grade tubing, the report will assist them in the following ways:
• Understand their position compared to other key players in the market
Key Questions Answered in the Report
• How has COVID-19 impacted the adoption of medical grade tubing in the market?
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