Selbyville, Delaware: The Medical Tubing market dynamics, forces, companies and trends have been determined after conducting a detailed study of the industry for this newly released research report now available with Market Study Report.
Global Medical Tubing Market is valued approximately at USD 2.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 13.2% over the forecast period 2020-2026. Medical Tubing is the tubing as per the medical standards and requirements made specifically for medical or pharmaceutical related applications such as Ventilators, Oxygen masks. These are polymer-based tubes produced by an extrusion process and are used in drug delivery systems, peristaltic pumps, feeding tubes. Rising number in geriatric population which witness many health issues due to reduced immunity strength need of various treatments that involve the use of medical tubing which drives the market towards growth. Growing awareness among the people related to advancement in medical facilities and government schemes that provide subsidized health care facilities is also a factor responsible for the growth of medical tubing market.
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Rising demand for medical devices that has medical tubing as a part of the equipment is fostering demand for the tubing namely, drug delivery systems and Ventilators. As with the spread of the COVID-19 Pandemic the demand for Ventilators has increased. This increase in demand has brought a surge in ventilator production and procurement across the globe as Ventilator tubing kits are supplied to hospitals as single-use breathing circuits. Thus, boosting the market growth. As per the government of India, the country requires 75 thousand ventilators to battle the Pandemic but only 19 thousand ventilators are available hence the country has placed orders for 60 thousand ventilators. Also, Medtronic Inc. in April 2020 announced to increase its ventilator production though technology partners and government support. The company by the end of April aimed to manufacture more than 400 ventilators a week increasing the production by more than 40%. And over 700 per week by the end of May and targets to produce over 1000 ventilators per week by the end of June. Additionally, new product launches and innovations in the ventilators making them affordable further fuels the market growth. As in April 2020, Philips launched a new emergency use ventilator. The company plans to quickly scale up its manufacturing with a goal of producing 15,000 units per week by the end of April 2020. However, stringent government regulations and high R&D expenditure impedes the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Medical Tubing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing usage in various medical applications and presence of a robust industrial base and large number of established manufacturers of medical tubing in the country. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rising population and increasing prevalence of diseases would create lucrative growth prospects for the Medical Tubing market across Asia-Pacific region.
Major market player included in this report are:
Zeus Industrial Products (US)
Saint Gobain Performance Plastics (France)
Lubrizol Corporation (Vesta) (US)
- L. Gore & Associates
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
TPE & TPU
Bulk Disposable Tubing
Catheters & Cannulas
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