Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWS· September 11, 2020- NewAge Industries announced its plan to recycle the waste generated from its silicone tubing and braid reinforced hose extrusion processes.
· June 1, 2020- Nordson Corporation acquired Flurotek, Inc., to expand its medical tubing and other differentiated products offerings for complex medical devices.
The global medical tubing market is estimated to garner a sizeable revenue and grow at a CAGR of ~9% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to growing demand for catheters and cannulas in hospitals around the world, and increasing availability of cost-competitive medical-grade plastics. Along with these, rising consumer access to healthcare supplies worldwide, and escalating demand for medical devices that incorporate tubing are also expected to drive market growth in the forthcoming years. Furthermore, rise in individual incomes, coupled with high occurrence of chronic disorders, and rapidly increasing geriatric population are projected to offer ample growth opportunities to the market in the near future. According to the World Health Organization, the total population of people aged 80 years or above was 125 million in 2018. By 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015.
The market is segmented by material into PVC, polyolefin, TPE & TPU, and silicone, out of which, the PVC segment is anticipated to hold the largest share in the global medical tubing market. This can be accounted to the ability of PVC to meet the diverse requirements of the healthcare industry, and largescale usage of the product in medical tube manufacturing. Apart from these, the silicone tubing segment is also assessed to gather a significant share, which can be credited to the flexibility, high tensile strength, and superior chemical resistance of silicone. Additionally, on the basis of application, the drug delivery systems segment is projected to witness the highest CAGR during the forecast period owing to the increasing purchasing power and disposable income worldwide, and rising investments by governments to provide improved healthcare. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global medical tubing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing demand for medical tubing in China and India, and rise in government initiatives for providing premium-quality healthcare facilities. In addition, high geriatric population is also expected to boost the region’s market growth in the future. Moreover, the market in North America is projected to occupy the largest share during the forecast period ascribing to the large healthcare spending, and strong presence of well-established medical facilities and major market players. As per the Centers for Medicare and Medicaid Services, U.S. health care spending grew 4.6 percent in 2019, reaching USD 3.8 trillion. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.
The global medical tubing market is further classified on the basis of region as follows:
Our in-depth analysis of the global medical tubing market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing demand for catheters and cannulas in hospitals worldwide and increasing availability of cost-competitive medical-grade plastics.
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2030.
Significant investments required for product development is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing demand for medical tubing, and rising government initiatives for providing premium-quality healthcare facilities.
The major players in the market are Nordson Corporation, NewAge Industries, Inc., TE Connectivity Ltd., Freudenberg and Co. KG., RAUMEDIC AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material, application, end user, and by region.
The PVC segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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