The global medical tubing market size is anticipated to around USD 12.0 billion by 2026, this market is anticipated to grow with 10.1% CAGR during the forecast time period. The Market is driven by increasing applications of medical tubing in several medical gadgets, for instance, diagnostic equipment, catheters, and disposable medical.
High penetration of the minimally invasive and single-use gadgets in the healthcare sector and increase in the need for high value-added products, for instance, tracheostomy tubes, cystoscopies, endotracheal tubes, and catheters also increased the need for on plastics. As a result, various specialty plastics manufacturers, for instance, Mitsui Chemicals, Solvay, Arkema AG, Eastman Chemical Company, and BASF SE, have flourished in the plastics manufacturing sector. The polymer materials growth in medical applications is quickening at a speedy pace. Such as, in angioplasty processes, flexible plastic tubes are substituting metal tubes to support damaged artery walls.
According to the National Health Services, England, the numeral of endoscopic processes is anticipated to rise from about 650,000 in 2011 to 900,000 till 2020. Numerous other surgical processes using minimally invasive gadgets are also anticipated to rise in the coming years, thus boosting the need for medical tubes. Increase in consumer disposable income in emerging countries, rising geriatric populace, and advances in healthcare facilities are some of the main parameters boosting the medical tubing market.
The extremely fragmented U.S. medical tubing market is seeing consolidation as main medical plastic producers and medical gadgets (OEM) Original Equipment Manufacturers are synergizing with numerous market players in the value chain. Such as, specialty plastics producers, for instance, PEXCO LLC; Kelcourt Plastics, Inc.; and PPC Industries Inc., merged and formed Spectrum Plastics Group. Nordson Corporation integrated horizontally forward across the value chain by acquiring Vention Medical AT In 2017. The Vention Medical is a U.S.-based manufacturer of minimally invasive delivery gadgets.
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Market By Geography
North America and Asia Pacific are the most alluring areas for the medical tubing makers. North America is a mature market while the emerging economies in Asia Pacific are relied upon to prosper with huge development openings driven by China and India. High item request in North America was driven by U.S. Starting at 2017, North America remained the biggest provincial market and is required to proceed with its predominance over the forthcoming years.
Starting at 2016, as indicated by the International Trade Administration, there are in excess of 6,500 restorative gadget producers in U.S. The medicinal gadget showcase in the nation is expanded and delivers a wide assortment of items for symptomatic and treatment purposes.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. The major players associated with themedical tubing areFreudenberg & Co.KG, Spectrum Plastics Group, TE Connectivity Ltd, Hitachi, Ltd., and Saint Gobain.
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