Medical Tubing Market Driven by its Increasing Neurological and Surgical Applications
The global market for medical tubing systems is expected to reach $13.38 billion by 2026 growing at a CAGR of 16.5% By 2026 . This growth is attributed to several influential factors, such as the expansion of the healthcare sector across the globe. There is a notable increase in healthcare expenditure, and technological advancements taking place in the industry which are leading to remarkable breakthroughs in the offered products and services, including the medical devices subsector. Moreover, the increase in the global geriatric population and the growing awareness among consumers regarding high-quality healthcare services and products are also expected to have a positive impact on the global medical tubing market growth over the review period. On the other hand, the increasing cases of non-invasive medical procedures for treatment are expected to hinder the market growth.
The demand for medical tubing systems is increasing in surgical implant procedures, and is consequently expected to rise owing to its properties of biocompatibility and lubricity. This is primarily due to the growing product penetration in the developing nations across the globe. Furthermore, the increasing demand for medical tubing systems in healthcare operations involving technologically advanced medical devices to meet the several neurological and surgical applications is expected to contribute substantially towards the global medical tubing market in the forecast period.
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Some of the key players profiled in the report include -:
Vention Medical Inc.
Freudenberg Medical, LLC
Tecknor Apex Co.
W.L. Gore & Associates, Inc.
DOW Coning Corporation
Bluestar Silicones International (Elkem Group)
Saint-Gobain Performance Plastics
FBK Medical Tubing, Inc.
Teel Plastics Inc.
Geographically, the North American region is the largest region in terms of value, in the global medical tubing market and is expected to account for the largest market share over the review period. This significant growth is influenced by several factors such as the well-established healthcare sector, with constant government investments and early adoption of the continually advancing medical technology. Moreover, the presence of major market players that are working consistently towards improving their business strategies to meet the demand of a large patient population in the region is also expected to drive the medical tubing market in the region over the evaluation period. The U.S and Canada are the major contributors towards the North American medical tubing market.
Europe is also one of the significant regions of the global medical tubing market and is expected to acquire a substantial market share over the assessment period. This is owing to the increasing government expenditure towards research and development activities, along with the developed healthcare sector in countries such as Germany, France, and the UK, among others. The rapid adoption of advanced medical devices, including medical tubing systems, is likely to drive the European medical tubing market over the forecast period.
The Asia Pacific is also one of the major regions of the global medical tubing market, in terms of value and is expected to record a remarkable growth rate over the review period. The growth of the market in this region is attributed to the improving economic conditions and increasing initiatives of the governments in developing countries such as India, and China, to meet the demands of the large patient population. Moreover, the expansion of healthcare infrastructure and the adoption of modern medical technologies, products, and services is expected to contribute substantially towards the growth of the medical tubing market in the Asia Pacific over the assessment period.
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