The market’s growth is primarily driven by factors such as rising geriatric population base, technological advancements in surgical devices and equipment, increasing number of surgeries, increasing cases of chronic diseases, growing demand for minimally invasive surgeries (MIS), rapid urbanization, and availability of cheaper labor. Globally, the United States dominates the medical tubing market closely followed by India. The medical tubing market is highly fragmented with a large number of players operating in it. Some of the key players in the market are Cook Medical, Terumo Corporation, Becton Dickinson and Company, Baxter International Inc., Medtronic plc., and C.R. Bard, Inc.
Asia Pacific is Home to Large Number of Players Active in Medical Tubing Market
In this present day, tubing is the most important item that used in medical field. In India there are large numbers of players engaged in production of Medical Tubing. And it is also known to all that tubing play a vital role because it helps the equipment and machines used to handle various fluids or gases. The use of tubing has been found long back but as time gone by its use has increased significantly and rising demand for the same shows no sign of slowing down any time soon due to increasingly competitive nature of business environment prevailing nowadays.
Most of the players are having their production units across Asia Pacific as the region has several countries such as India, China, Indonesia, and Thailand with large number of skilled workforces thus helping to companies to manage their production with ease. Another important factor which encourages players to set up their manufacturing plant in India is cheap labor costs. It can be observed that there are many reasons why tubing industry has attracted high number of players globally but the main reason being its growth potential both on short term and long-term basis. From the data it can be easily inferred that a large number of players are competing to grab a pie of Medical Tubing market. This is mainly because this industry provides good opportunities for growth with stable demand in future. Some of the reasons for this are rapid advancements in medical technology, increasing demand from emerging markets, and proliferation of medical devices.
On the other hand, currently, all major global players have increased their presence in advanced economies such as US and Canada whereas they have reduced or completely shut down their manufacturing plants at China and other developing countries. This is mainly because of the challenging economic conditions and rising labor costs in those countries.
Implantable Medical Tubing to Dominate Medical Tubing Market
Implantable medical tubing is inserted into patients to help them recover from surgery or other medical procedures. It is also used to administer medication and other treatments to patients. The demand for implantable medical tubing is growing rapidly due to the increasing number of surgeries and other medical procedures being performed each year. In addition, the use of implantable medical tubing is becoming more common in outpatient clinics and home health care settings. There are a variety of different types of implantable medical tubing available, including drainage tubes, feeding tubes, and catheters.
Today, implantable medical tubing is made from a variety of materials, including plastic and silicone. The tubing is designed to be safe and biocompatible, meaning that it does not cause any adverse reactions in the body. It is also flexible and can be bent or curved to fit around organs or other body parts. This flexibility helps ensure that the tubing does not cause any damage to the tissues it comes into contact with and speed up the recovery time.
Increasing Income and Aging Population to Boost Overall Spending on Healthcare
Spending on healthcare around the globe is projected to increase by an average of 5.7% annually between 2018 and 2025. Healthcare spending growth has been slightly faster than the long-term historical average over the last five years, averaging 6.1% per annum, with some variation across countries. Wherein, the spending is expected to grow at a somewhat faster rate in emerging market economies (EMEs) over the next five years compared with the past five years—but still considerably slower than that of most OECD countries—with China’s slowdown being especially notable. In fact, despite being the second-largest economy in the world, China is only expected to experience a 5.5% healthcare spending compound annual growth rate (CAGR) over 2018-2025, down from 8.0% over 2013-2018. Conversely, countries such as Australia and Canada are expected to see their healthcare spending grow at above-average rates of 6.7% and 7.2%, respectively.
The main drivers for the growth of medical tubing market will be population aging and increasing income levels, which are pushing up demand for health services and products in most countries around the world. In addition, technological advancements are resulting in more expensive treatments and higher costs for medical procedures.
Demand for Silicon-based Tubing is Rapidly Increasing
One of the major advantages of silicon-based tubing is that it can be produced in a variety of diameters and wall thicknesses to meet specific application requirements. It has excellent bio compatibility, thermal stability, and chemical resistance. In addition, it is non-toxic and easy to sterilize. These features have made silicon-based medical tubing one of the most popular choices for a wide range of medical applications.
Vendor Landscape of Medical Tubing Market
Some of the key players active in the global medical tubing market are Freudenberg Medical LLC. (US), Saint-Gobain (France), L. Gore and Associates Inc. (US), Raumedic AG (Germany), Avient Corporation (US), Lubrizol Corporation (US), Dow Corning Corporation (US), Elkem ASA (Norway), and Teknor Apex (US).
Key Elements Included In The Study: Global Medical Tubing Market
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