The Medical Tubing Industry is growing at a rapid pace; mainly due to the rising demand for minimally invasive procedures and advanced medical devices in the burgeoning healthcare sector. Moreover, the augmenting demand in surgical implants owing to biocompatibility and lubricity of the product is escalating the market on the global platform.
Acknowledging the spurting growth, the market is perceiving currently and the potential this market holds to grow further, a leading research firm ‘Market Research Future’ (MRFR) in its recently published study report asserts that the global Medical Tubing Industry will garner exponential valuation by 2023 registering a noteworthy CAGR over the assessment period (2018 to 2023).
Additional factors driving the market include increasing per capita healthcare expenses and the rising awareness towards healthcare, and growing geriatric population. Furthermore, the increasing number of non-invasive medical procedures for treatment alongside the growing demand from technically advanced medical devices to meet various neurological and surgical applications fosters the growth of the market.
Global Medical Tubing Industry – Segments
For enhanced understanding, the market has been segmented into four key dynamics: -
By Material : Plastic, Rubber, and Metal
By Structure : Single-lumen, Multi-lumen, Co-extruded, Tapered/ Bumped, Braided, Balloon, Heat Shrink, High-pressure, Thin-walled, Coiled, and Micro-extrusion among others.
By Application : Bulk Disposable Tubing, Draining Blood, Catheters & Cannulas, Drug Delivery Systems, and Special Applications among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Medical Tubing Industry – Regional Analysis
The North American region heading with its one of the world's best medical facilities, dominates the Medical Tubing Market. The increasing product consumption in the proliferating healthcare sector predominantly drives the growth of the regional market. The US, among other North American countries led by the huge technological advancements and high per capita healthcare expenditures, leads the Medical Tubing Industry in the region.
Additionally, the presence of well-established healthcare infrastructure and skilled professionals alongside the availability of technologically advanced medical devices are impacting the growth in the regional market positively.
The Medical Tubing Industry in the European region stands the second-largest position, globally. Factors such as the government support that encourages manufacturers of medical tubing to develop new and better tubing devices and the resurging economy that is availing the best possible healthcare, increasing healthcare expenditures, substantially, are propelling the growth of the regional market.
Moreover, factors such as demand for minimally invasive surgery and the development of robot technology and endoscopic techniques foster the growth of the market in the region.
The Asia Pacific Medical Tubing Industry with rapidly improving healthcare infrastructure has emerged as a profitable market, globally.
Moreover, factors such as the spreading awareness towards the availability and benefits of these tubing devices among the medical practitioners along with the rapidly increasing population that is dictating the demand for quality healthcare is positively impacting the growth in the regional market. Rapidly developing economy is providing immense opportunities in the Medical Tubing Industry in the region. Furthermore, the demand for minimally invasive procedures and advanced medical devices is propelling the growth of the regional market.
Besides, factors such as the increasing adoption of advanced technologies are impacting the growth of the regional market, positively. Also, growing healthcare concerns are increasing the size of the Medical Tubing Industry in the APAC region.
Medical Tubing Industry - Competitive Analysis
Fiercely competitive, the Medical Tubing Industry appears fragmented with the presence of many large and small-scale players. To maintain their market positions, these players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch to gain a competitive edge. To develop advanced tubing materials, advent technology, and to acquire promising firms in the rapidly developing regions, they invest substantially in R&D to meet their expansion plan.
High growth opportunities that the market demonstrates are in turn, intensifying the competition in the already highly competitive market, attracting several new entrants to the market, further. Also, the competition based on the product and technology launch is trending among the well-established players in the market. Every such product launches results in getting the competition intensified in the market further.
Industry/ Innovation/ Related News:
February 13, 2019 --- Polygon Company, Inc. (the US), a leading global engineered materials company, manufacturing and supplying composite laparoscopic, surgical tubing, and dielectric motor insulation among other materials unveiled its new high-performance PolyMed® Composite Tubing for surgical applications. PolyMed provides an alternative to steel tubing. The unique ability of these composites to be tailored as per the demand makes them the material of choice.
The new composite tubing is suitable for use in a diverse array of demanding medical applications such as placement on electro-surgical devices, surgical ablation tools, robotic surgery technologies, suction irrigation or trocar cannula, and endoscopic/ laparoscopic instruments and others.
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