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
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 surge 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 products 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.
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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
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on medical grade tubing and the entry barriers for new companies
• Gain insights into end-user perception concerning the medical grade tubing market
• Identify some key players in the market and understand their valuable contribution
Key Questions Answered in the Report
• How has COVID-19 impacted the adoption of medical grade tubing in the market?
• What are the key regulations governing the medical grade tubing market in key regions?
• What technological developments are projected to have the maximum influence on the global medical grade tubing market?
• Who are the leading players holding significant dominance in the global medical grade tubing market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global medical grade tubing market?
• Which region has the highest growth rate in the global medical grade tubing market?
• Which are the fastest growing countries in terms of the medical grade tubing market?
• What are the key strategies being adopted by market players in the medical grade tubing market?
• Who are the emerging companies in the global medical grade tubing market?
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