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. Asia Pacific industry is poised to dominate majority revenue share by 2037, 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.