Global Medical Tubing Market is expected to reach USD 12.50 Billion by 2026, according to a new report by Reports and Data. Global Medical Tubing is a kind of tubing that comply with medical industry requirements and standards for various medical or pharmaceutical related applications. Global Medical Tubing is deployed for fluid management and drainage along with anesthesiology and respiratory equipment, IVs, catheters, and biopharmaceutical laboratory equipment, among others.
Increasing geriatric population is expected to drive the market demand in the forecast period. Elderly people face several health issues owing to reduced immunity strength and require various treatments that include the implementation of Global Medical Tubing. Increasing awareness pertaining to advancement in healthcare facilities and government initiatives to make subsidized medical facilities available to people is another driver causative of the market growth. Growing demand for medical devices that has Global Medical Tubing as a part of the equipment is pushing demand for the tubing. Increased healthcare spending to avoid future hazards and a large number of invasive surgeries are increasing the demand for Global Medical Tubing. Continuous customization of polymers and restructuring of the tubing has given various opportunities for the players in the market.
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Key players operating in the market:
Zeus Industrial products, Teleflex, Saint-Gobain Performance Plastics, Optinova, Lubrizol, Spectrum Plastics Group, Nordson Corporation, Raumedic, Putnam Plastics, and Tekni-Plex, among others.
Further key findings from the report suggest:
By application, catheters held a substantial market share in 2018 and are forecasted to grow at a rate of 8.9% in the forecast period. Medical catheters and tubing are like carriers, navigating intricate regions of the body to deliver or remove fluids and to treat or diagnose abnormalities. Their role is fundamental to several diagnostic procedures and treatments, such as medicine delivery and toxin removal, among other specific functions.
The market in the North America region dominated the market in 2018 and is projected to grow at a rate of 8.1% in the forecast period owing to initiatives taken by the governments in the region to offer superior medical facilities.
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Market Overview:
The materials and chemicals industry is rapidly gaining traction in the last few years and is expected to register significant revenue growth throughout the forecast period. Raw material and chemicals are widely used across various industrial sector such as biotechnology and pharmaceutical, paper and pulp, food and beverages, agriculture, chemical and medical. Revenue growth of the global Global Medical Tubing market is significantly driven by factors such as increasing investments by various market players to develop and launch enhanced products, rapid urbanization and industrial developments, rising per capita income and increasing adoption of green energy. In addition, rising funds by private and public organizations for equipment and rising adoption of biodegradable products due to increasing awareness about carbon emission concerns is further boosting market growth.
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Material Outlook
Plastics
Metals
Silicone
Application Outlook
Bulk Disposable Tubing
Biopharmaceutical Laboratory Equipment
Catheters
Others
Regional Segmentation:
North America
South America
Europe
Asia Pacific
Middle East Africa
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