Medical Tubing Market Is Expected to Grasp the Value of USD 11.71 Billion with Growing CAGR of 9.5% by 2030

 Medical Tubing Market Overview:

The anticipated revenue for the global medical tubing market is projected to be USD 5.20 billion in 2021, with a forecasted compound annual growth rate (CAGR) of 9.5% during the forecast period. The growth of the market can be attributed to several factors such as the increasing incidence of pulmonary and urologic diseases among individuals of all age groups, the widespread use of medical tubing in various medical equipment like catheters, ventilators, and others, the surge in respiratory disorders caused by COVID-19, the increasing popularity of minimally invasive surgical procedures, and the growing demand for medical tubing in administering fluids and medicines to patients.

According to the World Health Organization (WHO), Chronic Obstructive Pulmonary Disease (COPD) is the third leading cause of death globally, accounting for approximately 3.23 million deaths in 2019. There is a rapid increase in the occurrence of pulmonary diseases like asthma, bronchitis, and COPD among people of different age groups, leading to a surge in demand for medical tubing, which is widely used in respiratory devices to assist patients in breathing.

Medical Tubing Market Segments:

The base year for estimation is 2021, with historical data for the years 2019-2020, and the forecast period from 2022-2030. The quantitative units for measurement are revenue in USD Billion, with a CAGR calculated from 2021 to 2030.

The report on the global medical tubing market covers a wide range of aspects such as revenue forecast, company ranking, competitive landscape, growth factors, and trends. The market segments covered include Material Outlook, Application Outlook, and Regional Outlook.

Overall, the medical tubing market is expected to experience significant growth in the forecast period, with increasing demand for medical tubing in various medical devices and growing prevalence of respiratory diseases among people of different age groups being key drivers of the market's revenue growth.

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Medical Tubing Market: Strategic Developments

The global medical tubing market has witnessed several strategic developments in recent years, aimed at expanding market reach, enhancing product portfolios, and strengthening market position. Here are some of the significant strategic developments in the medical tubing market:

1.      Partnerships and Collaborations: In January 2021, Freudenberg Medical, a global manufacturer of medical devices, announced a partnership with Cadence Device, a leading provider of advanced products and services for the medical industry. The partnership aims to provide complete development and production solutions for minimally invasive surgical devices, including custom tubing and catheter assemblies.

2.      Product Launches: In October 2020, Nordson MEDICAL, a leading provider of engineered solutions for the medical market, launched a new line of value-focused silicone tubing products. The product line offers high-quality medical-grade silicone tubing at an affordable price point, providing customers with greater flexibility and cost-effectiveness in their product development.

3.      Mergers and Acquisitions: In August 2019, Tekni-Plex, a global manufacturer of medical tubing, announced the acquisition of Dunn Industries, a leading manufacturer of medical extrusion tubing. The acquisition aimed to expand Tekni-Plex's portfolio of medical tubing products and enhance its position in the medical tubing market.

4.      Investments in R&D: In February 2021, W. L. Gore & Associates, a global manufacturer of medical devices, announced a significant investment in its medical tubing operations. The investment aims to support the development of new medical tubing technologies, expanding Gore's product portfolio and strengthening its market position.

Overall, these strategic developments reflect the increasing competition and innovation in the medical tubing market, with companies looking to expand their reach and enhance their product offerings to meet the growing demand for medical tubing products.

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Medical Tubing Market: Competitive landscape

Competitive landscape of the global medical tubing market is fragmented with many key players operating on global and regional levels. These players are engaged in product development and strategic alliances to expand their respective product portfolio and gain a robust footing in the global market. Major players operating in the market include Asahitec Corporation, MDC Industries, Compagnie de Saint-Gobain S.A., Freudenberg Medical, LLC., The Lubrizol Corporation, Avient Corporation., Raumedic AG, DuPont de Nemours, Inc., Teknor Apex Optinova Holding AB, and Nordson Medical (Nordson Corporation)

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