Global Medical Tubing Market By Region
The global medical grade tubing market is segmented in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2022, the contribution of North America was a ~% share of the total global market. The region is expected to contribute a ~% share to the global market by the end of 2028F. The majority of the market share is contributed by the North America region. Developing countries are expected to register strong growth in the adoption of medical grade tubing by the end of 2028F.
The North America region has one of the most technologically advanced healthcare systems globally. The region has a large base of medical grade tubing manufacturers and is the leading region within the global medical grade tubing market. North America consists of the U.S. and Canada. The presence of multiple established companies in the region is the primary propeller for the region’s growth.
Competition Scenario In Global Medical Tubing Market
The global medical grade tubing market is expected to witness significant growth during the forecast period 2022-2028F. The major companies operating in the market include Compagnie de Saint-Gobain S.A., TE Connectivity, Trelleborg Group, Berkshire Hathaway, Spectrum Plastic Group, and B. Braun Melsungen AG. The companies are currently focused on the development of tubing with smaller diameters, smaller wall thickness, and tight tolerance with enhanced performances. The demand for smaller medical devices has increased from the end-user market in response to minimally invasive surgeries.
What Is the Expected Future Outlook for the Overall Medical Tubing Market Across the Globe?
The global medical grade tubing market was valued at USD~ million in 2020 and is anticipated to reach USD~ million by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The global medical grade tubing market is driven by factors such as the increased geriatric population driving the need for surgeries requiring medical tubing, the growth in healthcare expenditure, and a shift toward minimally invasive surgeries. However, the market is constantly being influenced by rapid development in technology, product innovation, and diversification.
The emergence of minimally invasive surgeries as an alternative for conventionally used radiation therapy is boosting the demand for medical grade tubing. Patients prefer minimally invasive surgeries over conventional procedures, owing to a smaller incision, faster postoperative recovery, less pain, better precision, and higher efficacy due to the use of image-guided techniques. Patients recovering from minimally invasive surgeries do not require high doses of pain relievers and can resume normal activities sooner after surgery.
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The geriatric population base is expected to be one of the key drivers of the growth of the global medical grade tubing market. With the growing aging population, life expectancy tends to increase. In addition, the demand for medical tubing has increased during the COVID-19 pandemic due to the high requirement for respiratory devices which use medical tubing for the treatment of respiratory diseases and other diseases that effects the lung.
Global healthcare spending is expected to face headwinds during the forecast period as several countries have increased their focus on the upgradation of existing healthcare infrastructure due to the COVID-19 pandemic. The increase in healthcare spending is expected to be more prominent in countries in the Middle East and Africa region, Asia-Pacific, and Latin America. Healthcare expenditure as a percentage of gross domestic product (GDP) has increased in several countries during 2010-2019. Increased government backing is required for the growth in healthcare expenditure.
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