Medical Tubing Market Projected to Reach 5.85 Billion USD by 2021
The medical tubing market size is projected to witness a CAGR of 8.0% from 2016 to reach a market size of USD 5.85 Billion, by 2021. The market is mainly driven by minimally invasive surgery.
The report "Medical Tubing Market by Material (PVC, Polyolefin, TPE & TPU, Silicone, Others), Structure, Application (Bulk Disposable Tubing, Catheters & Cannulas, Drug Delivery Systems) - Global Trends & Forecasts to 2021", The medical tubing market is projected to witness a CAGR of 8.0% from 2016 to reach a market size of USD 5.85 Billion by 2021.
Browse 115 market data Tables and 37 Figures spread through 165 Pages and in-depth TOC on "Medical Tubing Market - Global Trends & Forecasts to 2021"
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This growth is mainly driven by the rapid growth of minimally invasive surgery and increasing aging population especially in developing countries.
Polyvinyl chloride (PVC) is projected to dominate the market during forecast period
PVC is projected to remain the dominant medical tubing during the forecast period. The major reason of PVC domination is the comparable functional properties and low cost as compared to other polymers that make the type suitable for all applications without making much technological changes.
Drug delivery systems segment is projected to witness the highest CAGR in the market among other applications during the forecast period
The medical tubing market in the drug delivery systems application is projected to witness the highest CAGR between 2016 and 2021. The rising awareness about healthcare and the government initiatives to improve the quality of the healthcare infrastructure are expected to influence the demand for medical tubing during the forecast period. Companies are expanding their production capacities to fulfill the demand for medical tubing in different regions across the globe.
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Asia-Pacific projected to witness the highest CAGR between 2016 and 2021
The medical tubing market in Asia-Pacific possesses immense growth potential. . Improving standards of living and increased government initiatives in the region are driving the growth of the medical tubing market in the region. Increase in demand for minimally invasive surgery is also expected to trigger the market growth in the region between 2016 and 2021. China, Japan, and Australia are some of the key countries in the region contributing towards the growth of the market in Asia-Pacific.
Some of the key participants in the market are Saint-Gobain Performance Plastics (U.S.), Freudenberg Medical, LLC (U.S.), W.L.Gore & Associates, Inc. (U.S.), and Dow Corning Corporation (U.S.). . Expansions and acquisitions & mergers & joint ventures were the major growth strategies adopted by the market players between 2011 and 2016 to enhance their regional footprint and meet the growing demand of medical tubing in the developing economies.
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MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of client
Nov 28, 2016