The rising prevalence of minimal invasive medical procedures along with rising healthcare expenditure is prominently driving the growth of the global medical tubing market.
The Global Medical Tubing Market was estimated at USD 8.5 billion in the year 2020, and is expected to reach USD 14.7 billion by 2027. The medical tubing market is growing with a CAGR of 8.1 %, in the forecast period (2017-2027).
The major factor driving the growth in medical tubing market is the increasing prevalence of minimal invasive medical procedures. Minimal invasive medical procedures offer several benefits such as faster recovery times, shorter hospital stays and lower costs, thus gaining wider acceptance than the traditional surgical procedures. Additionally, the rising incidences of disorders including cardiovascular disease, arthritis, cancer has increased the need for extensive surgical treatment. The growing rate of these medical conditions has resulted in increasing the demand for minimal invasive procedures such as cardiovascular catheters, stent delivery systems and drug delivery. Most of these procedures require high performance medical tubing for transmission of solutions to or from the patient. As a result, the rising instances of such procedures is expected to boost the medical tubing industry across the globe.
Moreover, rising geriatric population across the globe is also expected to propel the medical tubing market demand. According to World Ageing Population report, in 2020, the population aging 65 and above was estimated at 727 million and is projected to reach 1.5 billion by the year 2050. The geriatric population face the issue of compromised immunity systems and often witness many health issues, thus require several treatments which involve the use of medical tubing. In addition, surge in the cases of hospital-attained infections has led to an immense rise in the use of pre sterilized single-use medical products which is thereby driving the market. Apart from this, growing healthcare awareness has led to people to spend more on their health concerns to avoid future hazards. The data released by WHO shows that spending on health across the globe reached US$ 8.3 trillion or 10% of global GDP during 2000-2018. Furthermore, increased focus on the improving of healthcare infrastructure in several developing nation and rising investment by key market players on research and development are also contributing in propelling the medical tubing market demand. All these aforementioned factors are positively driving the medical tubing industry across the globe.
Global Medical Tubing Market by Region Outlook (Revenue, USD Billion, 2017-2027)
Based on region, North America held the largest share in the medical tubing market in the year 2020. This high share is mainly attributed to higher healthcare spending, presence of latest products and availability of modern healthcare set-up. In addition, rising instances of cardiovascular disorders in the region is also positively impacting the market growth. According to American Heart, an estimated 2,300 Americans die each day due to cardiovascular diseases, which is an average of one death every 38 seconds. This high rate of CVD death has raised concern among people and increased their expenditure on cardiovascular catheter procedures which is eventually resulting in improved medical tubing market demand. Moreover, the data released by Center for Diseases Control and Prevention states that every year there are nearly 46.5 million procedures of surgeries performed in the U.S. As most of the surgeries have high application of medical tubing, the rising rate of these procedures is expected to propel the medical tubing industry in the region.
However, the Asia Pacific region is expected to attain the fastest growth in medical tubing market during the forecast period. Increasing healthcare awareness, growing prevalence of chronic ailments and rising incidence of urological ailments is driving the market growth in this region. In addition, growing geriatric population in countries such as Japan, China, India, Malaysia and South Korea among others is also responsible for driving the medical tubing industry in this region.
The Global Medical Tubing Industry Segmentation:
Global Medical Tubing Market Material Type Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Tubing Market Structure Outlook (Revenue, USD Billion, 2017-2027)
Global Medical Tubing Market Application Outlook (Revenue, USD Billion, 2017-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the medical tubing market are:
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