The global medical tubing market is estimated to reach a market size of US$8.224 billion in 2025 from US$5.075 billion in 2019, growing at a CAGR of 8.38%. Medical tubing holds an important role in the medical industry, it is used for a variety of applications for fluid management and drainage among others. Also, medical tubing is utilized in pharmaceutical laboratory equipment applications. The growing medical industry is burgeoning the market demand in the forecast period. The government investments for providing better healthcare facilities worldwide is further driving the market growth over the next five years. The increasing prevalence of chronic diseases, the presence of the older population at the global level, above 65 years of age, are further fueling the market growth in the forecast period. There is a high prevalence of people diagnosed with heart diseases. According to the World Health Organization (WHO), 17.9 million people die each year due to cardiovascular diseases (CVDs), an estimated 31% of all deaths worldwide. Increasing consumption of tobacco, unhealthy diet and physical inactivity are raising the risk of heart attacks and strokes. According to Centres for Disease Control and Prevention, heart disease has been the major cause of death in the United States in which coronary heart disease is the most common type of heart disease. Obesity is one of the major causes of a heart attack. All these factors are driving the growth of medical tubing market across the globe with the surging number of cardiac patients. The medical professionals are focusing on a combination of risk factors for these diseases, implementing medical screening for the individuals at risk, and then providing effective treatment to prevent disability and death while improving quality of life. Many cardiac devices are designed to help control irregular heartbeats of a patient with heart rhythm disorders. The rising ageing population is boosting the demand for various efficient healthcare facilities. This due to the fact that this demographic shift is putting a burden on the health expenditure worldwide, further increasing the growth prospects of the medical tubing market in the forecast period. Factors such as increased life expectancy and declining fertility are the key factors behind the growing ageing population across the globe. According to the United Nations statistics, the number of people aged 60 years or above is projected to increase from 962.3 million in 2017 to 2,080.5 million by 2050. Since aged people are most susceptible to diseases, the demand for medical tubing holds strong growth chances, thus, this is estimated to put a positive impact on the market growth in the forecast period and in the upcoming years.
The growing polymer industry is significantly contributing to the market growth with a huge application of polymers in healthcare. Furthermore, with the growing drug delivery industry, the market is propelled to grow with high application in the targeted drug delivery. Moreover, with the growing adoption of minimally invasive surgical procedures, the market is projected to grow at a significant pace in the forecast period and in the upcoming years. Geographically, North America is projected to hold a significant market share followed by the European region. While the Asia Pacific region is projected to be the fastest-growing in the forecast period owing to the favourable government initiatives for providing better healthcare facilities in the region.
The presence of dedicated healthcare services which includes remote patient monitoring and management is driving the market demand in the forecast period.
Remote patient monitoring refers to keeping a track record of a patient’s health even when outside the conventional clinical settings (at home). It is highly helpful in the case of patients suffering from chronic diseases like CVDs and may require access to care which may eventually decrease healthcare delivery costs. Key features include effective monitoring while at home, trend analysis of physiological parameters, early detection in case of any fluctuation from a normal condition, reduction in the number of emergency visits and hospital stay duration. This further allocates enough time to the healthcare providers in order to connect and communicate well with their patients. Patients with complex diseases such as heart diseases are provided with a mobile phone and commercial home-based medical devices for measurements like blood pressure monitoring, weight scale, and others. In case of any abnormality an alert is sent to the concerned clinicians and the patient and the necessary action is taken care of accordingly.
Healthcare facilities, on the basis of disease severity are provided to the patients, these include primary, secondary, tertiary, and quaternary care. Secondary and tertiary care are required for the treatment of serious illnesses, while, the quaternary is an extension of tertiary care and are less prevalent than the other services. These deliver specialized and advanced services for highly specialized treatments and care.
The growing drug delivery industry is driving the market demand where the key market players with certain strategic objectives are developing innovative drug delivery systems, further propelling the market growth in the forecast period.
The companies’ key strategic priorities and objectives include: to achieve scientific leadership by focusing science on three therapy areas and accelerating the pipeline, in addition to transforming the way of working, returning to growth by focusing on the growth platforms and transforming the business through specialty care, devices, and biologic medicines; a targeted business development which strengthens the company’s efforts, to be a great place to work and this will be achieved by evolving company culture and simplifying company business. Furthermore, the companies aim to attract and retain the best talent, in addition, to do business sustainably, and achieving group financial targets. Increasing revenue growth by focusing on the company’s core products, services, and solutions that deliver greater benefits to patients, healthcare workers and researchers. Supplementing the company’s internal growth through strategic acquisitions. Continuing of investments in research and development for platform extensions and innovative new products, to make investments in growing company operations in emerging markets, improving operating effectiveness and balance sheet productivity, in addition to driving an efficient capital structure and strong shareholder returns.The strengthening of category leadership, expansion into high growth adjacencies, to drive global expansion, fund the journey to fuel growth, and development of key capabilities.The execution of these strategic imperatives is poised to drive innovation, accelerate profitable revenue growth, and increase stockholder value in addition to bolstering the companies’ leadership position in the medical device industry.
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