3 Key Insights on US$ 21 Bn Opportunity in Global Medical Tubing Market: Ken Research
Driven by the advancement in drug delivery systems and robotic surgery systems coupled with surging demand for minimally invasive medical procedures, the Global Medical Tubing Market is Forecasted to reach nearly US$ 21 Bn by 2028 says Ken Research Study.
Medical tubing is designed for a variety of medical or pharmaceutical-related applications and it allows clinicians to administer devices and fluid or liquid and gas flow. It can be made from different materials such as polyvinyl chloride (PVC), silicon, polyethylene, and others.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Medical and Pharma Industries have Witnessed a Rapid Surge in Advanced and Unique Medical Tubing Products
Medical tubing products are essential for the management of fluids and their drainage and are used with respiratory equipment, catheters, peristaltic pumps, anesthesiology, biopharma laboratory equipment, and others. The advancement in robotic surgery procedures coupled with the increased focus of manufacturers on research and development on medical tubing are propelling the growth of the global medical tubing market. However, delay in approvals for medical tubing increases the overall time for development procedures, which is anticipated to hamper the growth of the market.
The technological advancement in medical tubing solutions along with the increase in healthcare investments is creating immense opportunities for the growth of the Global Medical Tubing Market.
According to Ken Research estimates, the Global Medical Tubing Market – valued at around US$ 7 Bn in 2017 and estimated to reach nearly US$ 11 Bn by 2022 – is expected to grow to around US$ 21 Bn opportunity by 2028.
2. Minimal Invasive Procedures, a Dynamic Area of Innovation is Driving the Market Growth
The increased preference for minimum invasive surgeries due to their benefits including quick-recovery period, low cost, and reduced hospital stay is anticipated to augment the growth of the market. The rising geriatric population who are more susceptible to diseases like cardiovascular, respiratory, digestive, and other diseases is also expected to boost the demand for medical tubing to perform less invasive surgical procedures.
- According to Cleveland Clinic, approximately 13 million laparoscopic surgeries, a minimally invasive surgical technique used in the pelvic and abdomen areas and done through one or more small incisions and with the help of small tubes and tiny cameras, and surgical instruments, are performed globally every year.
The increasing adoption of minimally invasive procedures including laparoscopic surgery and others over conventional surgery is anticipated to propel the growth of the market in the near future.
The below graph depicts the adoption of minimally invasive surgery and the progressive replacement of open procedures.
3. Significant Investment and Time Required for Medical Tubing Products are the Most Significant Barriers to the Growth of the Market.
The selection of raw materials for medical tubing and its manufacturing process requires high investment and time. The extensive research and development and requirement of a significant amount of investment for new product innovation and to avoid biocompatibility and technical issue may incur a lot of time, which is anticipated to hinder the growth of the market.
- The intensive R&D and technical expertise required to select the ideal material for a particular medical application, and scrutinizing the application areas for each material in medical tubing is essential to avoid any serious problems. The selection process of material to be used in medical tubing is an extensive process that delays the overall development procedure.
- In addition, the regulatory approval process from various regulatory bodies including the United States Food and Drug Administration (FDA), and others, make it difficult to market and commercialize the products.
- This delay in the development procedure and challenges for commercialization make it difficult for the patients and healthcare facility providers to act urgently and accordingly as per the patient treatments. According to World Health Organization (WHO), in 2019, approximately 17.9 million people died from cardiovascular diseases and 17 million people died from noncommunicable diseases including rheumatic heart disease, coronary heart disease, cerebrovascular disease, and other conditions.
For more information on the research report, refer to the below link:-
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