Showing posts with label Global Medical Tubing Market Demand. Show all posts
Showing posts with label Global Medical Tubing Market Demand. Show all posts

Tuesday, December 6, 2022

Global Medical Tubing Market Expected to Reach Market Size of US$ 21 billion by 2028: Ken Research

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Medical tubing is designed for a variety of medical or pharmaceutical-related applications that allows clinicians to administer devices and fluid or liquid and gas flow. Medical tubes are made from different materials such as polyvinyl chloride (PVC), silicon, polyethylene, and others and are available in a variety of shapes and sizes to meet the demand for medical tubing in various applications.

The type of material used to manufacture medical tubing plays an important role as incompatibility of material can lead to chemical alteration of medicines or drugs, binding of chemical or drug delivery to the patient, and other serious issues. Medical tubing has become the most supportive apparatus in the modern medical and healthcare industry.

According to Ken Research Analysis, the Global Medical Tubing Market is expected to record a positive CAGR of ~11% during the forecast period (2022-2028) and is expected to reach nearly US$ 21 billion by 2028, owing to an increase in advancement in drug delivery system along with the rising prevalence of various diseases such as cardiovascular, respiratory, and other diseases.

global-medical-tubing-market-revenue

The growing demand for minimally invasive procedures and the rising prevalence of diseases are some of the factors driving the market growth.

  • The increasing demand for minimally invasive medical procedures over conventional surgical procedures, as these ensure benefits like low cost, quick recovery time, and lesser duration of hospital stays, is likely to boost the demand for the medical tubing market globally.
  • The rising cases of various diseases including respiratory disease, cardiovascular diseases, digestive disorders, and others increase the demand for medical tubing as it requires complex surgeries, which is expected to aid the growth of the global medical tubing market.

The global medical tubing market faces challenges due to significant investments and delays in regulatory approvals for medical tubing.

  • The requirement of high investment for manufacturing medical tubing and intensive research and development process along with stringent regulation on medical tubing and delay in regulatory approvals is the most significant barrier to the growth of the global medical tubing industry.

The COVID-19 pandemic positively impacted the medical tubing market as the demand for equipment with tubing apparatus including infusion pumps, ventilators, and others increased along with the high prevalence of COVID-19 illness, which affected the lungs and other respiratory problems and significantly boosted the demand for medical tubing. In September 2020, according to World Health Organization (WHO), more than 32.7 million COVID-19 cases and 991,000 deaths had been reported.

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Key Trends by Market Segment

By Material:  Polyvinyl Chloride (PVC) segment held the largest share of the Global Medical Tubing Market in 2021, owing to its wide usage with several medical devices as PVC is inert, non-toxic, versatile, and easy to manufacture.

  • PVC medical tubes are comparatively more flexible and can be sterilized using the ethylene oxide sterilization method or using irradiation.

According to PVCMed Alliance, PVC offers excellent chemical resistance, durability, affordability, and low maintenance cost and is known as the most versatile material. In addition, one of the main applications of medically approved PVC is flexible medical tubing.

global-medical-tubing-market-revenue-share-by-material

By Structure:  Single-lumen segment held the largest share of the Global Medical Tubing Market in 2021, attributed to the wide application of single-lumen structures of medical tubing in drainage catheters, intravenous lines (IV), urology, delivery of anesthesia, and others.

  • Single-lumen medical tubing is best for decompression. An increase in research on the use of single-lumen tubing in medical cases is anticipated to propel the growth of the segment in the market.
  • In January 2021, according to National Center for Biotechnology Information (NCBI), a research study showed that usage of a single lumen tube (SLT) along with extraluminal bronchial blockers is a convenient option for fiber optic bronchoscope examination, sputum suction, and management of one-lung ventilation (OLV) in severe tracheal stenosis cases.

By Application: The bulk disposable tubing segment held the largest share of the Global Medical Tubing Market in 2021, due to increased focus on the prevention of the spread of infection from one patient to another.

  • The demand for bulk disposable tubing suddenly increased during the COVID-19 pandemic to decrease the risk of infection by using disposable products including medical tubing.
  • In November 2020, Olympus launched single-use Procedure Kits and Hybrid Tubing. The new product launch aimed to offer products that reduce the chances of cross-contamination and prevent infection in patients.

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By End-User: The hospital segment accounted for the largest share of the Global Medical Tubing Market in 2021, owing to the accessibility of the latest equipment and increasing cases of cardiovascular, respiratory, and digestive diseases, and other diseases.

  • In April 2020, hospitals and governments raised the alarm regarding the shortage of ventilators due to the widespread use of breathing machines for COVID-19 patients. The COVID-19 patients were on respiratory support and the lack of ventilators has increased its demand along with medical tubing to offer them proper patient care.

global-medical-tubing-market-revenue-share-by-end-users

By Geography: North American region accounted for the largest share of the Global Medical Tubing Market in 2021, due to the presence of a large number of medical tubing manufacturers in the region along with the increase in the geriatric population, especially in the USA and Canada.

  • An increase in government expenditure for developing and upgrading healthcare infrastructure is anticipated to augment the growth of the region in the market.
  • In July 2022, DuPont opened a new biopharma tubing manufacturing site named DuPont Liveo Healthcare in the USA. The company aims to cater to the rising healthcare demand of the end-users in the country.

Asia-Pacific is the fastest-growing region in the Global Medical Tubing Market due to the rising prevalence of diseases such as chronic diseases, urological ailments, gastrointestinal diseases, and others along with the increase in healthcare expenditure and growing popularity of minimally invasive treatments.

global-medical-tubing-market-major-regions

Competitive Landscape

The medical tubing market is highly competitive with ~250 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in medical tubing.

Regional players comprise ~40% of the total competitors and also hold the largest share of market revenues, while the global players hold the second largest share of the market revenues. Some of the major players in the market include Compagnie de Saint-Gobain S.A., Teleflex Incorporated, Optinova, Zeus Company Inc., The Lubrizol Corporation, Nordson Corporation, Putnam Plastics, RAUMEDIC AG, Tekni-Plex, Inc., and Smith Group plc. among others.

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The leading global medical tubing companies such as Compagnie de Saint-Gobain S.A., Nordson Corporation, Teleflex Incorporated, and Tekni-Plex, Inc. are highly focused on inorganic strategies including acquisition, partnerships, and others to hold their position in the market.

global-medical-tubing-market-competitive-landscape

Key Topics Covered in the Report

  • Snapshot of the Global Medical Tubing Market
  • Industry Value Chain and Ecosystem Analysis of the Medical Tubing Market
  • Market size and Segmentation of the Global Medical Tubing Market
  • Historic Growth of the Overall Global Medical Tubing Market and Segments
  • Competition Scenario of the Medical Tubing Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of the Global Medical Tubing Industry
  • Overview, Product Offerings, and Strategic Developments of Key Competitors
  • COVID-19 Impact on the Overall Global Medical Tubing Market
  • Future Market Forecast and Growth Rates of the Global Medical Tubing Market and by Segments
  • Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
  • Analysis of the Medical Tubing Market in Major Regions
  • Major Production / Consumption Hubs in the Major Regions
  • Major Production/Supply and Consumption/Demand Hubs in Each Region
  • Major Country-wise Historic and Future Market Growth Rates of the Total Medical Tubing Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Major Region

Major Companies Profiled in the Report

  • Compagnie de Saint-Gobain S.A.
  • Teleflex Incorporated
  • Optinova
  • Zeus Company Inc.
  • The Lubrizol Corporation
  • Nordson Corporation
  • Putnam Plastics
  • RAUMEDIC AG
  • Tekni-Plex, Inc.
  • Smith Group plc.

Notable Emerging Companies Mentioned in the Report

  • Freudenberg Medical
  • Braun Medical Inc.
  • Spectrum Plastics Group
  • Bentec Medical
  • Trelleborg AB

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Pharmaceutical Manufacturers
  • Medical Device Manufacturers
  • Pharmaceutical Suppliers
  • Medical Device Suppliers
  • Medical Tubing Manufacturers
  • Medical Tubing Distributors
  • Pharmaceutical Associations
  • Healthcare Products Regulatory Bodies
  • Ministries and Departments of Healthcare
  • Healthcare Investors
  • Pharmaceutical Logistics Service Providers
  • Potential Investors in Medical Tubing Companies
  • Medical Tubing R&D Companies
  • Raw Material Suppliers for Medical Tubing Companies

Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022E-2028F

For more insights on the market intelligence, refer to the link below:-

Global Medical Tubing Market

Thursday, October 13, 2022

3 Key Insights on US$ 21 Bn Opportunity in Global Medical Tubing Market: Ken Research

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Driven by the advancement in drug delivery systems and robotic surgery systems coupled with surging demand for minimally invasive medical procedures, the Global Medical Tubing Market is Forecasted to reach nearly US$ 21 Bn by 2028 says Ken Research Study.

Medical tubing is designed for a variety of medical or pharmaceutical-related applications and it allows clinicians to administer devices and fluid or liquid and gas flow. It can be made from different materials such as polyvinyl chloride (PVC), silicon, polyethylene, and others.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1.    Medical and Pharma Industries have Witnessed a Rapid Surge in Advanced and Unique Medical Tubing Products

Medical tubing products are essential for the management of fluids and their drainage and are used with respiratory equipment, catheters, peristaltic pumps, anesthesiology, biopharma laboratory equipment, and others. The advancement in robotic surgery procedures coupled with the increased focus of manufacturers on research and development on medical tubing are propelling the growth of the global medical tubing market. However, delay in approvals for medical tubing increases the overall time for development procedures, which is anticipated to hamper the growth of the market.

The technological advancement in medical tubing solutions along with the increase in healthcare investments is creating immense opportunities for the growth of the Global Medical Tubing Market.

According to Ken Research estimates, the Global Medical Tubing Market – valued at around US$ 7 Bn in 2017 and estimated to reach nearly US$ 11 Bn by 2022 – is expected to grow to around US$ 21 Bn opportunity by 2028.

Global Medical Tubing Market Revenue Forecast

2.    Minimal Invasive Procedures, a Dynamic Area of Innovation is Driving the Market Growth

The increased preference for minimum invasive surgeries due to their benefits including quick-recovery period, low cost, and reduced hospital stay is anticipated to augment the growth of the market. The rising geriatric population who are more susceptible to diseases like cardiovascular, respiratory, digestive, and other diseases is also expected to boost the demand for medical tubing to perform less invasive surgical procedures.

  • According to Cleveland Clinic, approximately 13 million laparoscopic surgeries, a minimally invasive surgical technique used in the pelvic and abdomen areas and done through one or more small incisions and with the help of small tubes and tiny cameras, and surgical instruments, are performed globally every year.

The increasing adoption of minimally invasive procedures including laparoscopic surgery and others over conventional surgery is anticipated to propel the growth of the market in the near future.

The below graph depicts the adoption of minimally invasive surgery and the progressive replacement of open procedures.

Share of Open Vs Laparoscopy Appendectomy Treatment

3.    Significant Investment and Time Required for Medical Tubing Products are the Most Significant Barriers to the Growth of the Market.

The selection of raw materials for medical tubing and its manufacturing process requires high investment and time. The extensive research and development and requirement of a significant amount of investment for new product innovation and to avoid biocompatibility and technical issue may incur a lot of time, which is anticipated to hinder the growth of the market.

  • The intensive R&D and technical expertise required to select the ideal material for a particular medical application, and scrutinizing the application areas for each material in medical tubing is essential to avoid any serious problems. The selection process of material to be used in medical tubing is an extensive process that delays the overall development procedure.
  • In addition, the regulatory approval process from various regulatory bodies including the United States Food and Drug Administration (FDA), and others, make it difficult to market and commercialize the products.
  • This delay in the development procedure and challenges for commercialization make it difficult for the patients and healthcare facility providers to act urgently and accordingly as per the patient treatments. According to World Health Organization (WHO), in 2019, approximately 17.9 million people died from cardiovascular diseases and 17 million people died from noncommunicable diseases including rheumatic heart disease, coronary heart disease, cerebrovascular disease, and other conditions.

Global Number of Deaths from Noncommunicable and Cardiovascular Diseases

For more information on the research report, refer to the below link:-

Global Medical Tubing Market

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