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Global Medical Tubing Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Medical Tubing Global Market Report 2024
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According to The Business Research Company's, The medical tubing market size has grown rapidly in recent years. It will grow from $11.95 billion in 2023 to $13.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to medical device manufacturing, infection control, cardiovascular procedures, surgical applications, miniaturization and microfluidics.
The medical tubing market size is expected to see rapid growth in the next few years. It will grow to $21.03 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to precision medicine, telemedicine services, biodegradable materials, global health initiatives, geriatric population. Major trends in the forecast period include neurology and brain monitoring, drug delivery innovation, diagnostic advancements, biocompatibility, tissue engineering.
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Market Drivers and Trends:
The rising cases of respiratory diseases are driving the growth of the medical tubing market. Respiratory diseases such as asthma, lung cancer, pulmonary fibrosis, and others are caused by tobacco smoking, air pollution, allergens, and occupational risks. Increasing respiratory diseases are expected to strengthen the demand for medical tubes as they are an essential component of ventilators that facilitate breathing. For instance, according to the study published in the Centers for Disease Prevention and Control, the percentage of COPD, emphysema, or chronic bronchitis, among adults aged above 18 years in the USA increased from 4.6% in 2020 to 5.0% in 2021. Thus, the rising cases of respiratory diseases will propel the growth of the medical tubing market.
Product innovation is a key trend gaining popularity in the medical tubing market. Key players are focusing on launching new innovative medical tubes with innovative features to improve the outcome of the usage. The companies are utilizing advanced manufacturing processes and the latest technologies to launch innovative medical tubes, which are unique and designed to be effective and efficient. The braided medical tube is one of the most distinctive innovations now in use. The peculiarity of the braided tube's design ensures and expands the capabilities of catheters and medical tubing. A braided tube is an excellent approach for improving the flexibility and strength of existing medical equipment. Braided tubing is utilized in various medical operations including cardiovascular and neurovascular surgery and endoscopic treatments involving the gastrointestinal digestive system. For instance, In January 2021, Zeus Industrial Products, Inc., a South Carolina-based provider of polymer solutions launched braid and coil-reinforced polyamide tubing, which assists design engineers in utilizing key properties such as torque ability, flexibility, and strength in the development of new catheter designs.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Saint-Gobain S.A., Freudenberg Medical LLC, W.L. Gore & Associates Inc., Avient Corporation, Raumedic AG, Micro-Tek Corp., NewAge Industries Inc., Axiom Medical Inc., NovoSci Corp., Vanguard Products Corp., Zeus Industrial Products Inc., Absolute Custom Extrusions Inc., Petro Extrusion Technologies Inc., Pexco LLC, GSH Industries Inc., Teleflex Medical OEM LLC, Putnam Plastics Corporation, Tekni-Plex Inc., Nordson Corporation, Qosina Corp., Vesta Inc., Lubrizol Life Science Health, Grayline LLC, Trelleborg Healthcare & Medical, Spectrum Plastics Group Inc., Merit Medical Systems Inc., Applied Plastics Co. Inc., Duke Empirical Inc., Biomerics LLC, Polyzen Inc., Resonetics LLC
Medical Tubing Market 2024 Key Insights:
• The medical tubing market size is expected to see rapid growth in the next few years. It will grow to $21.03 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Escalation Of Respiratory Ailments To Fuel Medical Tubing Market
• Innovative Product Development Reshaping The Medical Tubing Market
• North America was the largest region in the medical tubing market in 2023
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