Yahoo Finance Medical Tubing Market Projected to Hit USD 15.7 Billion by 2028 with Strongest Growth in Asia Pacific Region
Medical Tubing Market
Dublin, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Tubing Market by Material (Plastics, Rubbers, Specialty Polymers), Application (Bulk Disposable Tubing, Catheters & Cannulas, Drug Delivery Systems, Specialty Applications), Structure, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global medical tubing market is poised to expand significantly, projected to reach USD 15.7 billion by 2028. This notable growth, at a compound annual growth rate (CAGR) of 8.2% from USD 10.6 billion in 2023, is driven by an influx of advancements in the medical industry, increased consumer demand from emerging economies, and a rising application in medical procedures.
Rubber Dominates Medical Tubing Material Segment
In terms of value, rubber medical tubing is expected to lead as the largest market segment during the forecast period. Renowned for its flexibility and adherence to sterilization methods, rubber tubing remains indispensable within healthcare settings. Types of rubber tubing, such as latex and silicone, continue to address industry needs for reliable fluid pathways, wound drainage systems, and more.
Drug Delivery Systems Propel Medical Tubing Applications
The fastest growing segment within the market in terms of value is drug delivery systems. The integration of these systems into medical tubing is essential for the targeted and controlled release of medication. Their pivotal role in enhancing patient outcomes is underlined by the demand for precision in the administration of treatment, making this segment one to watch closely.
Asia Pacific Experiences Swift Medical Tubing Market Expansion
Asia Pacific emerges as the fastest-growing region in medical tubing production, given the concentrated growth in China, India, and Japan. The surge in the region can be attributed to heightened demand in minimally invasive procedures and subsequent medical tubing requirements. This uptick is resonating through the market's various applications, from bulk disposable tubing to specialized segments like peristaltic pump and smoke evacuation tubing.
Insightful Research Encapsulating the Competitive Medical Tubing Landscape
The report offers a granular analysis of the competitive landscape, sharing insights into business overviews, strategic market maneuvers, and the prospective future of the medical tubing domain. Esteemed industry players, with product and service portfolios spanning various capacities, have been profiled to envisage the market's trajectory. The report lays out the benefits of the medical tubing market, like:
Key drivers such as rising demand for tube-based disposable medical devices and initiatives to enhance healthcare quality.
Challenges that include the rigorous and time-intensive approval processes impacting the market.
Opportunities for economic growth in the healthcare sector of emerging economies.
Diverse strategies and products courtesy of leading market players, granting a competitive assessment.
With this research, stakeholders can obtain a comprehensive understanding of the medical tubing market dynamics, strategically position themselves in high-growth areas, and identify untapped opportunities within this flourishing industry.
Key Attributes:
Report Attribute | Details |
No. of Pages | 242 |
Forecast Period | 2023 - 2028 |
Estimated Market Value (USD) in 2023 | $10.6 billion |
Forecasted Market Value (USD) by 2028 | $15.7 billion |
Compound Annual Growth Rate | 8.2% |
Regions Covered | Global |
Companies Mentioned
Atag SPA
Elkem ASA
Evonik Industries
FBK Medical Tubing, Inc.
Freudenberg Medical
Hitachi Cable America Inc.
ICO Rally
ICU Medical, Inc.
Kraton Corporation
Lubrizol Corporation
MDC Industries Ltd.
Microlumen
NewAge Industries Inc.
Nordson Corporation
NuSil Technology LLC
Optinova
Parker Hannifin Corp.
Raumedic AG
Saint-Gobain
Spectrum Plastics Group
TE Connectivity
Teel Plastics, Inc.
Teknor Apex
Vesta Inc.
W. L. Gore & Associates, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5fw409
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