Market Overview:
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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Market@ https://www.marketresearchfuture.com/report/covid-19-impact-aluminum-extruded-products-market
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