Medical grade tubing offers a wide range of applications in the bio-pharmaceutical and medical industry. The applications include administration of fluids, transfer of gases, and drug delivery, among others. The mechanical, thermal, and chemical properties of tubes can be used for a wide range of minimally invasive applications such as catheterization, delivery systems, and drug delivery systems.
Medical grade tubing market is an emerging market in the medical device ecosystem. The market has witnessed a rise in product sales due to the growing use of medical tubing in catheters and interventional cardiology. Furthermore, the market also offers advanced designs for customized products that would further improve the medical industry's needs. The major factors that positively impact the market's growth include high prevalence and growing incidences of congenital heart defects, rise in cardiac catheterization, and increase in interventional cardiology. There are a wide variety of materials associated with medical grade tubing, including fluoropolymers, polyolefins, PVC, and silicone, among others.
Medical Grade Tubing Market Report highlights that the market was valued at $4,407.7 million in 2020 and is expected to reach $6,255.9 million by the end of 2030. The market is expected to grow at a CAGR of 3.70% during the forecast period 2021-2030.
Medical Grade Tubing Market Drivers
The factors driving the growth of the market include an increasing geriatric population driving the need for surgeries requiring medical grade tubing, a shift toward minimally invasive surgeries, and the growing expenditure in the healthcare industry. The increasing prevalence of diseases (such as cardiovascular diseases) requires complex surgical treatment. This, in turn, has increased the demand for medical tubing required in minimally invasive surgeries. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Medical Grade Tubing Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for the global medical grade tubing market growth.
There is massive scope for medical grade tubing in developing countries. Countries such as China, India, Brazil, and Mexico possess populations with high prevalence and incidence rates of cardiovascular diseases, which drives the inclusion of interventional medical grade tubing for various treatments, which would surge the overall medical grade tubing market in these emerging countries.
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Key Questions Answered in the Report
- How has COVID-19 impacted the adoption of medical grade tubing in the market?
- What are the key regulations governing the medical grade tubing market in key regions?
- What technological developments are projected to have the maximum influence on the global medical grade tubing market?
- Who are the leading players holding significant dominance in the global medical grade tubing market?
- What are some of the growth opportunities which market players can capitalize on?
- What are the drivers and restraints for the global medical grade tubing market?
- Which region has the highest growth rate in the global medical grade tubing market?
- Which are the fastest growing countries in terms of the medical grade tubing market?
- What are the key strategies being adopted by market players in the medical grade tubing market?
- Who are the emerging companies in the global medical grade tubing market?
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