The US medical tubing market size is expected to grow from USD 2.6 billion in 2020 to USD 2.9 billion by 2021, at a CAGR of 13.2%
NEW YORK, May 11, 2020 /PRNewswire/ --
Increasing demand from drug delivery and catheters and cannulas to drive the overall growth of the medical tubing market
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The US medical tubing market size is expected to grow from USD 2.6 billion in 2020 to USD 2.9 billion by 2021, at a CAGR of 13.2% during the forecast period. The medical tubing industry is driven by various factors, such as increasing consumption of medical tubing in various applications such as bulk disposable tubing, catheters & cannulas, drug delivery, and special application. Furthermore, the shift in consumer preference toward high-quality standard products in this pandemic situation is propelling the growth of the medical tubing market across the globe. However, factors such as restricting counterfeit products and fighting time from supply chain & logistics are likely to hinder the growth of the market.
Silicone segment to drive the global market during the forecast period
The medical tubing market has been segmented based on material as silicone, TPU & TPE, PVC, polyolefin, and others.Among these materials, silicone accounted for the largest share of the market during the forecast period.
The market growth in this segment is attributed to its unique properties such as resistance to high temperature, water resistance, mechanical strength, and durability. These factors are expected to drive the demand during the forecast period.
Drug Delivery segment expected to account for largest market share during the forecast period
The drug delivery segment is proliferating owing to the increased usage in the diagnosis of numerous diseases such as diabetes, kidney failure, heart diseases, and others.Furthermore, the demand for drug delivery system is increasing due to the rising incidence of COVID-19 cases, globally.
The market is also influenced by growing COVID-19 infection in people having existing medical conditions such as asthma and diabetics. This is fueling the sales of medical tubing for drug delivery application.
US is expected to record the highest growth rate during the forecast period
The US is expected to have the highest growth rate during the forecast period due to the COVID-19 outbreak.The pandemic has caused disruption to the US economy, with 273,808 confirmed patients and 7,020 deaths as of 5th April 2020.
Due to the sudden rise in the number of patients, the country is running short on medical supplies and life-supporting devices.The country requires drug delivery systems, IVs, and vaccines.
This will boost the market for medical tubing in the region. Furthermore, majority of the leading manufacturers of medical tubing have their headquarters in the US, which in turn, will drive the market during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the medical tubing market.
• By Company Type - Tier 1: 30%, Tier 2: 30%, and Tier 3: 40%
• By Designation - C Level: 30%, Directors: 50%, Others: 20%
• By Region – North America: 30%, Europe: 40%, APAC: 10%, Middle East & Africa: 10% and South America: 10%
The medical tubing market comprises major solution providers, such as Zeus Industrial Products (US), Saint Gobain Performance Plastics (France), Teleflex (US), Optinova (US), and Lubrizol Corporation (Vesta) (US), among others. The study includes an in-depth competitive analysis of these key players in the medical tubing market, with their company profiles and key market strategies.
Research Coverage:
The report covers the medical tubing market based on application, material, and country.This study aims at estimating the size and future growth potential of the market across various market segments.
It also includes an in-depth analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall medical tubing market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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