The Latest Medical Tubing Industry Statistics Explained
The global medical tubing market size was valued at USD 7.96 billion in 2020.
The statistic provided indicates that the global medical tubing market had a total value of USD 7.96 billion in the year 2020. This figure represents the total revenue generated by the sales of medical tubing products worldwide during that period. Medical tubing is an essential component in various medical devices and equipment used in healthcare settings, such as catheters, IV sets, and respiratory tubes. The value of the market size reflects the demand for these products within the healthcare industry and highlights the significant role that medical tubing plays in delivering patient care and facilitating medical procedures globally.
The medical tubing market is forecasted to grow at a CAGR of 7.2% from 2021 to 2028.
The statistic “The medical tubing market is forecasted to grow at a compound annual growth rate (CAGR) of 7.2% from 2021 to 2028” indicates that the market for medical tubing, used in various healthcare applications such as intravenous tubing and catheters, is projected to experience steady and consistent growth over the specified time period. A CAGR of 7.2% implies that the market size is expected to increase by an average of 7.2% annually during this period. This forecast suggests that there is a growing demand for medical tubing products, likely driven by factors such as technological advancements, increasing healthcare expenditure, and a rising global population requiring medical care, leading to opportunities for companies operating in this industry to expand their market share and revenue.
Silicone is anticipated to be the fastest growing material segment with a CAGR of almost 8% from 2021 to 2028.
This statistic indicates that silicone is projected to experience the highest growth rate among all material segments, with a Compound Annual Growth Rate (CAGR) of nearly 8% from 2021 to 2028. This suggests that the demand for silicone-based products is expected to steadily increase over the forecast period, driven by factors such as technological advancements, expanding applications across various industries, and growing awareness about the benefits of silicone materials. The significant CAGR of 8% points to a substantial potential market opportunity for silicone manufacturers and signals a positive outlook for the silicone industry in the coming years.
The US based medical tubing market has reached $1.98B in 2018.
The statistic indicates that the market for medical tubing in the United States generated $1.98 billion in revenues in the year 2018. This figure serves as a measure of the size and economic significance of the medical tubing industry within the country during that specific timeframe. The data implies that there is a substantial demand and market for medical tubing products in the US, likely driven by factors such as advancements in medical technology, increasing healthcare needs, and growing awareness about the importance of high-quality medical equipment. This statistic provides valuable insight for stakeholders in the healthcare industry, including manufacturers, investors, and policymakers, regarding the market dynamics and potential opportunities within the medical tubing sector.
Heat shrink tubing segment is expected to witness the highest growth rate of 9.5% from 2021 to 2028.
The statistic indicates that the heat shrink tubing segment is projected to experience a significant growth rate of 9.5% from 2021 to 2028. This suggests that there is a growing demand for heat shrink tubing products, likely driven by factors such as increasing industrialization, technological advancements, and a greater emphasis on product safety and protection in various industries. Companies operating in the heat shrink tubing sector may benefit from this growth trend, leading to opportunities for expanding their market presence, developing innovative products, and potentially increasing their profitability over the forecast period.
Drug delivery systems were the major application segment, accounting for over 22% of the total market revenue in 2019.
The statistic indicates that drug delivery systems were the dominant application segment within the market in 2019, representing more than 22% of the total market revenue. This highlights the significant importance and contribution of drug delivery systems to the overall market performance during that time period. The high share of market revenue attributed to drug delivery systems suggests that they were in high demand and played a crucial role in delivering therapeutic agents effectively to the targeted sites in the body. This statistic underscores the relevance and impact of drug delivery systems within the broader market landscape in 2019.
Medical tubing materials market for PVC is expected to account for the larger share of revenue.
This statistic means that within the medical tubing materials market, PVC (Polyvinyl chloride) is projected to generate a higher proportion of the total revenue compared to other materials. This indicates that PVC is likely to be the preferred material choice for medical tubing applications, potentially due to its favorable properties such as flexibility, durability, and cost-effectiveness. By capturing a larger share of the market revenue, PVC is expected to dominate the competition with other materials in serving the needs of the medical tubing sector.
The surgical application segment of the medical tubing market is projected to grow at the highest CAGR between 2017 and 2022.
This statistic indicates that the surgical application segment within the medical tubing market is expected to experience the highest Compound Annual Growth Rate (CAGR) from 2017 to 2022 compared to other segments. This suggests that there is a significant and increasing demand for medical tubing specifically used in surgical applications, which could be driven by various factors such as advancements in surgical procedures, increasing healthcare expenditure, and a growing aging population requiring surgical interventions. The projected growth in this segment implies opportunities for industry players to capitalize on this trend, potentially leading to increased innovation, investment, and market share for medical tubing products tailored for surgical use.
The North American region led the medical tubing market in 2016.
The statistic stating that the North American region led the medical tubing market in 2016 indicates that North America had the highest market share or generated the highest revenue compared to other regions in the medical tubing industry that year. This suggests that North America was a key player in the production and distribution of medical tubing products, potentially due to factors such as technological advancements, large healthcare infrastructure, or strong market demand in the region. This statistic highlights the significant presence and competitive advantage of North American companies within the medical tubing market during the specified year.
The plasticizers market, often used for flexibility in medical tubing, is expected to reach $18.5 billion by 2020.
This statistic indicates that the market for plasticizers, which are commonly utilized to enhance flexibility in medical tubing, is projected to grow significantly and reach a value of $18.5 billion by the year 2020. The substantial growth forecast for the plasticizers market suggests a rising demand for these compounds, likely driven by the increasing need for flexible and durable materials in the medical industry. This trend may reflect advancements in medical technology and an expanding healthcare sector requiring high-quality and adaptable tubing materials. Overall, the statistic highlights the market’s anticipated growth and the crucial role of plasticizers in meeting the industry’s evolving demands for medical tubing applications.
Medical grade silicone is projected to be the fastest-growing type of medical tubing over the next five years.
The statistic indicates that medical grade silicone is expected to experience the highest rate of growth among different types of medical tubing in the coming five years. This could be attributed to various factors such as the increasing demand for medical devices that use silicone tubing due to their biocompatibility, flexibility, and durability. Additionally, advancements in silicone technology, along with the growing medical industry and aging population, may further drive the demand for medical grade silicone tubing. As a result, manufacturers and suppliers in the medical tubing industry may focus more on producing and supplying silicone tubing to meet the projected demand and capitalize on the anticipated growth opportunities in the market.
Polyolefin type medical tubes are projected to be the second fastest growing type with a projected CAGR of 6.8% by 2024.
The statistic “Polyolefin type medical tubes are projected to be the second fastest growing type with a projected compound annual growth rate (CAGR) of 6.8% by 2024” indicates that within the medical tubes market, polyolefin type tubes are expected to experience significant growth. A CAGR of 6.8% means that the revenue generated by these tubes is anticipated to increase by an average of 6.8% annually between the base year and 2024. This growth rate suggests high demand for polyolefin tubes, potentially driven by factors such as technological advancements, increasing healthcare facilities, and a growing aging population that requires medical care. Overall, it forecasts a strong market potential for polyolefin type medical tubes in the coming years.
Thermoplastic market for medical tubing is expected to record highest CAGR of nearly 6% from 2020–2027.
The statistic indicates that the thermoplastic market for medical tubing is projected to experience the highest Compound Annual Growth Rate (CAGR) of close to 6% between the years 2020 and 2027. This forecast suggests a steady and significant growth in demand for thermoplastic materials used in medical tubing applications over the specified time frame. Factors driving this growth could include increasing usage of medical tubing in various healthcare procedures, advancements in medical technology requiring specialized tubing materials, and a rise in healthcare infrastructure development globally. The high CAGR indicates a promising market opportunity for manufacturers and suppliers within the thermoplastic medical tubing industry, highlighting the potential for expansion and innovation in this sector.
Among the end use industries, the hospital segment held largest market share in 2020, contributing more than half of the total market share.
The statistic indicates that in 2020, within the broader market context being considered, the hospital segment was the dominant player among end use industries, holding the largest share of the market. Specifically, the hospital segment contributed more than half of the total market share, showcasing its significant influence and importance within the industry. This highlights the major role that hospitals played in the market during that period, suggesting a strong presence and impact on market dynamics. The statistic underscores the substantial market position of hospitals compared to other end use industries in 2020.
The catheters and cannulas segment held largest market share in 2020, contributing more than one-third of total market share.
In 2020, the catheters and cannulas segment of the market had the highest market share compared to other segments, accounting for more than one-third of the total market share. This indicates that catheters and cannulas were the most widely used products in the market during that period, likely owing to their crucial role in various medical procedures such as IV administration, blood transfusions, and catheterization. The significant market share held by this segment suggests a high demand for these products, potentially driven by factors such as increasing incidences of chronic diseases, advancements in healthcare technology, and growing healthcare infrastructure. The dominance of the catheters and cannulas segment underscores its importance in the healthcare industry and highlights its substantial contribution to the overall market.
The Europe medical tubing market is expected to reach $10.4 billion by 2027.
The statistic indicates that the Europe medical tubing market is forecasted to grow to a value of $10.4 billion by the year 2027. This projected growth signifies a significant increase in the demand for medical tubing products in the European region over the coming years. Factors contributing to this growth may include advancements in medical technologies, an aging population requiring increased healthcare services, and an expanding medical device industry. The market expansion suggests lucrative opportunities for manufacturers, suppliers, and other stakeholders in the medical tubing sector, highlighting a positive outlook for the industry in Europe.
The global medical tubing market has a highly competitive landscape, having more than 100 players.
The statistic indicating that the global medical tubing market has a highly competitive landscape with over 100 players suggests that the market is characterized by a large number of companies actively competing in the production and distribution of medical tubing products. This level of competition can be attributed to factors such as the increasing demand for medical tubing due to growth in the healthcare industry worldwide, technological advancements leading to more specialized tubing products, and relatively low barriers to entry in manufacturing medical tubing. With such a significant number of players in the market, businesses are likely facing intense competition in terms of pricing, product innovation, quality, and market share, ultimately driving continuous improvements and developments within the industry.
The medical device industry in Europe is expected to reach $208 billion by 2023, a marker of potential growth for the medical tubing sector.
The statistic indicates that the medical device industry in Europe is projected to grow significantly, reaching a market value of $208 billion by the year 2023. This forecast suggests strong potential for growth in the medical tubing sector within the industry. As advancements in healthcare technology continue to drive innovation and demand for medical devices, the market for medical tubing is expected to expand alongside it. The projected growth highlights opportunities for businesses operating in the medical tubing sector to capitalize on the increasing market demand and cater to the evolving needs of the healthcare industry in Europe.
The antimicrobial-treated medical tubing is gaining popularity, with a new forecast predicting growth from $4.6M in 2019 to $6.4M by 2026.
The statistic highlights the increasing popularity of antimicrobial-treated medical tubing as indicated by a forecasted growth in revenue from $4.6 million in 2019 to $6.4 million by 2026. This growth projection suggests a positive trend in the market demand for these specialized medical devices, likely driven by a growing emphasis on infection control and prevention in healthcare settings. The rising adoption of antimicrobial-treated medical tubing signals a shift towards innovative solutions that offer added protection against microbial contamination and infection risks, reflecting the industry’s commitment to enhancing patient safety and healthcare outcomes.
References
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