The global medical tubing market size is projected to surpass USD 16.3 billion by 2030, exhibiting at a CAGR of 9.1% during the estimate period 2021 to 2030. The global medical tubing market size was accounted USD 8.6 billion in 2020.
Developments in manufacturing practices have led to the integration of bioactive constituents into extruded materials, together as a way to distribute drugs and to encourage healing. For instance, pharmaceutical elements can be blended with silicone to provide multiple benefits. Silicone has highly constant absorption characteristics. Ultraviolet light treatable silicones allow extruders to blend drugs into silicone and extrude drug entrenched tubing without affecting the efficiency of the medication. Such medications are predominantly antimicrobials or antibiotics that can be discharged at regulated rates. Medicinal tubing usage is used in multiple therapeutic procedures; therefore, the manufacturing of medical tubing requires some certifications and a standard technique. Distinct materials with chosen specifications are employed to produce medical tubing. Constant innovation in drug transfer systems is increasing the mandate for customizable medical tubes, which is expected to drive the need for medical tubes in medication delivery structures. Also, the preference for less invasive medicinal procedures over conservative surgical procedures is growing, as they offer benefits such as quick recovery period, low cost, and reduced length of hospital stays. Moreover, increasing modernizations in drug transfer systems such as photo-thermally triggered medication delivery, intra-cochlear medication delivery which employ nano-medical tubing, is likely to further propel industry growth over estimate period.
Crucial factors accountable for market growth are:
COVID-19 Impact on Global Medical Tubing Market
The COVID-19 pandemic is expected to drive the requirement for drug delivery systems, such as spacer devices, nebulizers, and nasogastric tubes among others. The Glass Shop of Mayo Clinic has experienced an upsurge in requirement for glass nebulizers, whereas other establishments are seeing augmented demand for equipment’s with tubing apparatuses, such as ventilators, because of the COVID-19 pandemic. Thus, the COVID-19 pandemic has had a positive impact on the global medical tubing market.
Significant Market Trends:
Cardiovascular Segment Reported Foremost Market Stake in 2020
The cardiovascular segment displayed a major share in the worldwide medical tubing market in 2020.High incidence of cardiovascular disorders and advancements in the minimally invasive surgical procedures are expected to boost the growth of the segment in the near future.
Urological medical conditions are expected to grow at highest CAGR within the forecast time-duration.
Disposable Tubing Dominated the Market Revenue By Application in 2020
Disposable tubing is procured in bulk for multiple medical procedures. Moreover, increasing awareness regarding hospital-acquired infections is anticipated to augment the demand for disposable tubing.
Polyvinyl Chloride (PVC) Will Dominate the Medical Tubing Market Revenue by Material Type
Based on material type segment, polyvinyl chloride (PVC) accounted for the largest revenue share majorly due to capability of PVC to withstand medical applications.
Polyolefin is expected to grow at highest CAGR within the forecast time-duration.
Hospitals Dominated the Medical Tubing Market Revenue By End-User
Hospitals segment displayed a major share in the worldwide medical tubing market in 2020 due to factors such as accessibility of latest equipment’s and availability of funds.
North America is Estimated to be the Largest Market for Medical Tubing
The comprehensive research account covers substantial projections and inclinations of medical tubing throughout chief regions encompassing Africa, Asia Pacific, Europe, Latin America, North America, Middle East, and. By region, medical tubing market is led by North America due to higher healthcare spending, presence of modern healthcare set-up, and availability of latest products. Asia Pacific accounted for successive highest stake primarily due to increasing healthcare expenditure, greater occurrence of chronic diseases, and growing incidence of urological ailments. Asia Pacific is also projected to advance at top-most CAGR predominantly due to growing incidence of cancer and gastrointestinal ailments, growing popularity of minimally invasive surgeries, and increasing number of hospital admissions. African, South America, and Middle Eastern region is expected to exhibit note-worthy growth in the projected time-frame.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global medical tubing market. Leading competitors contending in global medical tubing market are as follows:
In order to well recognize the present status of medical tubing, and policies implemented by the foremost nations, Precedence Research projected the future progress of the medical tubing market. This research report bids quantitative and qualitative insights on medical tubing market and valuation of market size and progress trend for probable market segments.
Major Market Segments Covered:
By Medical Condition
By Material Type
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