Medical Tubing Market to Surpass 18.66 Billion by 2030 Drives Due to the Technological Advancements
SkyQuest projects that the medical tubing market will attain a USD 18.66 billion value by 2030, with a CAGR of 6.2% over the forecast period (2023-2030). The medical tubing market is being driven by continuous technological advancements. Innovations like antimicrobial coatings and biocompatible materials are enhancing patient safety and infection control, boosting demand for medical tubing in healthcare settings.
Westford,USA, Jan. 22, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, increasing global healthcare expenditure is a significant driver for the medical tubing market. Growing investments in healthcare infrastructure, both in developed and emerging markets, are fueling the demand for medical tubing products used in various medical procedures.
Browse in-depth TOC on the “Medical Tubing Market”
- Pages – 157
- Tables – 68
- Figures – 77
With a rising aging population worldwide, there is a growing need for medical devices and equipment, including tubing, for conditions such as cardiovascular diseases and diabetes. This demographic shift is a key driver, as medical tubing finds extensive use in diagnostic and treatment applications for these age-related ailments.
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Prominent Players in the Medical Tubing Market
- Saint-Gobain S.A. (France)
- Tekni-Plex, Inc. (United States)
- Nordson Corporation (United States)
- Zeus Industrial Products, Inc. (United States)
- Teleflex Incorporated (United States)
- Freudenberg Group (Germany)
- Lubrizol Corporation (United States)
- W. L. Gore & Associates, Inc. (United States)
- Raumedic AG (Germany)
- Trelleborg AB (Sweden)
- Freudenberg Medical, LLC (United States)
- Vention Medical, Inc. (United States)
- Putnam Plastics Corporation (United States)
- MDC Industries, Inc. (United States)
- Teknor Apex Company (United States)
- Scapa Group plc (United Kingdom)
- Optinova Group (Finland)
- Medtronic plc (Ireland)
- Tekni-Plex Europe NV (Belgium)
- Spectrum Plastics Group (United States)
- GMMI S.p.A. (Italy)
- MicroLumen, Inc. (United States)
Polyolefins Segment is Expected to Grow the Market Due to their Affordability, Durability, and Ease of Processing
Polyolefins, including materials like polyethylene and polypropylene, are experiencing rapid growth in the medical tubing market. Their affordability, durability, and ease of processing make them ideal for disposable medical tubing, single-use devices, and fluid transfer applications, driving their adoption and market expansion.
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North America holds dominance in the medical tubing market due to its robust healthcare infrastructure, high healthcare expenditure, and advanced medical technologies. The region’s stringent quality standards and a well-established pharmaceutical industry drive substantial demand for medical tubing products across various applications.
Silicone Segment is Expected to Dominate the Market Due to its Exceptional Biocompatibility
Silicon-based medical tubing is a dominant segment due to its exceptional biocompatibility, flexibility, and resistance to extreme temperatures. It’s widely used in medical applications like catheters and IV lines, offering excellent performance and safety, making it a preferred choice for critical medical procedures.
Regional markets in the Asia Pacific region is witnessing rapid growth in the medical tubing market, propelled by increasing healthcare investments, a burgeoning population, and rising healthcare awareness. Manufacturers are expanding their presence in this region to tap into its expanding healthcare sector, making it a promising hub for medical tubing market growth.
A comprehensive analysis of the major players in the medical tubing market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in the Medical Tubing Market
- In August 2023, Johnson & Johnson announced a $2.5 billion investment in its manufacturing facilities to expand the production of vaccines and other critical healthcare products.
- In September 2023, Boston Scientific acquired Nuvaira, a medical technology company, to further develop its portfolio of minimally invasive therapies for respiratory diseases, in a deal valued at $275 million.
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Key Questions Answered in Medical Tubing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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