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Medical Tubing Market size was valued at USD 11.07 billion in 2023 and is expected to exceed USD 31.59 billion by the end of 2036, expanding at over 8.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical tubing is evaluated at USD 11.81 billion.
The growth of the market can be attributed to growing demand for catheters and cannulas in hospitals around the world, and increasing availability of cost-competitive medical-grade plastics. Along with these, rising consumer access to healthcare supplies worldwide, and escalating demand for medical devices that incorporate tubing are also expected to drive market growth in the forthcoming years. Furthermore, rise in individual incomes, coupled with high occurrence of chronic disorders, and rapidly increasing geriatric population are projected to offer ample growth opportunities to the market in the near future. According to the World Health Organization, the total population of people aged 80 years or above was 125 million in 2018. By 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
8.4% |
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Base Year Market Size (2023) |
USD 11.07 billion |
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Forecast Year Market Size (2036) |
USD 31.59 billion |
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Regional Scope |
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The market is segmented by material into PVC, polyolefin, TPE & TPU, and silicone, out of which, the PVC segment is anticipated to hold the largest share in the medical tubing market. This can be accounted to the ability of PVC to meet the diverse requirements of the healthcare industry, and largescale usage of the product in medical tube manufacturing. Apart from these, the silicone tubing segment is also assessed to gather a significant share, which can be credited to the flexibility, high tensile strength, and superior chemical resistance of silicone. Additionally, on the basis of application, the drug delivery systems segment is projected to witness the highest CAGR during the forecast period owing to the increasing purchasing power and disposable income worldwide, and rising investments by governments to provide improved healthcare.
Our in-depth analysis of the global market includes the following segments:
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Material |
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Application |
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End-User |
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On the basis of geographical analysis, the medical tubing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific industry is set to account for largest revenue share by 2036, propelled by growing demand for medical tubing, and rise in government initiatives for providing premium-quality healthcare facilities.
In addition, high geriatric population is also expected to boost the region’s market growth in the future. Moreover, the market in North America is projected to occupy the largest share during the forecast period ascribing to the large healthcare spending, and strong presence of well-established medical facilities and major market players. As per the Centers for Medicare and Medicaid Services, U.S. health care spending grew 4.6 percent in 2019, reaching USD 3.8 trillion. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.
September 11, 2020- NewAge Industries announced its plan to recycle the waste generated from its silicone tubing and braid reinforced hose extrusion processes.
June 1, 2020- Nordson Corporation acquired Flurotek, Inc., to expand its medical tubing and other differentiated products offerings for complex medical devices.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
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