June 24, 2020
As per the report titled ‘Global Medical Tubing Market Size study with COVID-19 Impact, by Material (PVC, TPE & TPU, Polyolefin, and Silicone), by Application (Drug Delivery, Bulk Disposable Tubing, Catheters & Cannulas, and Special Applications) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global medical tubing market was worth USD 2.3 billion in 2019 and is projected to register a CAGR of 13.2% through 2026.
Increasing geriatric population who are more prone to various health issues, rising awareness regarding advanced medical facilities and subsidized healthcare by the government are fueling the growth of global medical tubing market. Moreover, sustained demand for medical devices with tubing mechanism such as drug delivery systems and ventilators will continue to foster the industry growth, cites the report.
For those uninitiated, medical tubing is a polymer-based tubing manufactured using extrusion process in compliance to medical standards. These are developed based on specific requirements for medical or pharmaceutical applications such as ventilators, oxygen masks, delivery systems, peristaltic pumps, and feeding tubes.
With the COVID-19 outbreak, the demand for ventilators is rising at an unprecedented rate due to increasing number of patients suffering from respiratory failure. This has led to an upsurge in production and procurement of ventilators around the world as ventilator tubing kits are provided as single use breathing circuits in hospitals, thus, boosting the industry growth.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2663605/
Citing an instance, as of May 1, the Indian government revealed that the country requires 75,000 ventilators in its fight against the pandemic but only 19,000 ventilators were available. Also, in April 2020, Medtronic Inc. announced its plans to ramp-up ventilator production through technology partnering and government support with an aim to manufacture 400 ventilators per week by the end of April, increasing the production by 40%. It is further planning to produce 700 ventilators per week by end of May and over 1000 ventilators per week by June-end. Likewise, in April 2020, Philips launched a new emergency use ventilator and was planning to produce 15,000 units per week by the end of month. Hence, large product backlog along with new product launches and innovations in ventilators with an emphasis on affordability are positively impacting the business landscape. However, high R&D expenditure and stringent government regulations pose a challenge for the industry.
Considering the regional outlook, North America currently holds strong position in global medical tubing market, owing to high demand of medical tubes for various medical applications. Presence of a robust industrial base and large number of established manufacturers in the region will stimulate North America market.
Asia Pacific medical tubing market, on the contrary, is expected to showcase a remarkable growth over the assessment period, attributable to burgeoning population along with increased pervasiveness of various diseases in the region.
Prominent industry players include Freudenberg Medical, W. L. Gore & Associates, Tekni-Plex, Raumedic AG, Nordson Corporation, Lubrizol Corporation (Vesta) (US), Teleflex (US), Saint-Gobain Performance Plastics (France), and Zeus Industrial Products (US).