SAN FRANCISCO, Oct. 27, 2021 /PRNewswire/ -- The global medical tubing market size is expected to reach USD 19.53 billion by 2028, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. Rising access to healthcare supplies worldwide, easy availability of cost-competitive medical-grade plastics, and increasing demand for medical devices that integrate tubing are the major factors driving the market. Increasing consciousness about Hospital-Acquired Infections (HAIs) along with increasing concerns about the spread of these infections are anticipated to boost the demand for disposable medical devices. Rising strategic alliances within the medical equipment industry across the globe are expected to drive the market.
Key Insights & Findings:
Bulk disposable tubing accounted for more than 35% of the global revenue share in 2020
The segment growth can be credited to the high emphasis on preventing the spread of infections from one patient to another and high robust investments in the healthcare sector in APAC countries
The fluoropolymers segment is estimated to grow at the fastest CAGR over the forecast period
This is due to the properties of fluoropolymers, such as high purity with low extractable, dielectric properties, chemical inertness, and usability in a wide range of temperatures
The Asia Pacific regional market is expected to witness the fastest CAGR of 8.4% from 2020 to 2028
The growth is credited to the rapid advancement in technology, increase in healthcare expenditure, and strict regulations about the medical device industry
Manufacturers are engaged in adopting various strategies including mergers & acquisitions, expansion, and geographical expansions to gain maximum market share
Medical device OEMs are coming up with various designs and materials to enhance the performance of the devices to sustain in the rapidly advancing medical equipment industry. OEMs demand medical tubing solutions that are easier to replace and reduce the risks of drug contamination and infection. A wide variety of specialized tubes, such as braided, balloons, and multi-layer, are introduced by key manufacturers to meet the varied requirements of end-users. Key manufacturers are setting up new manufacturing plants to increase the production capacity.
Grand View Research has segmented the global medical tubing market on the basis of product,application,and region:
Medical Tubing Product (Revenue, USD Million, 2017 - 2028)
Polyvinyl Chloride (PVC)
Medical Tubing Application Outlook (Revenue, USD Million, 2017 - 2028)
Bulk Disposable Tubing
Drug Delivery Systems
Biopharmaceutical Laboratory Equipment
Medical Tubing Regional Outlook (Revenue, USD Million, 2017 - 2028)
Syringes Market– The global syringes market size was valued at USD 13.5 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of8.5% from 2019 to 2026.
Needles Market– The global needles market size was valued at USD 5.97 billion in 2017. The market is projected to expand further at a strong CAGR of 6.6% over the forecast period.
Connected Drug Delivery Devices Market– The global connected drug delivery devices market size was valued at USD 214.10 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 46.7% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.