Medical Tubing Market Share

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.

Frequently Asked Questions (FAQ)

The major factors driving market growth are growing demand for catheters and cannulas in hospitals worldwide and increasing availability of cost-competitive medical-grade plastics.

The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 â€“ 2030.

Significant investments required for product development is estimated to hamper the market growth.

Asia Pacific will provide more business opportunities for market growth owing to the growing demand for medical tubing, and rising government initiatives for providing premium-quality healthcare facilities.

The major players in the market are Nordson Corporation, NewAge Industries, Inc., TE Connectivity Ltd., Freudenberg and Co. KG., RAUMEDIC AG, and others.

Medical Tubing Market Share