CHICAGO, April 30, 2020 /PRNewswire/ -- Based on MarketsandMarkets™ report, "COVID-19 Impact on Medical Tubing Market by Material (PVC, TPE & TPU, Polyolefin, and Silicone), Application (Drug Delivery, Bulk Disposable Tubing, Catheters & Cannulas, and Special Applications) and Country - Forecast to 2021", published by MarketsandMarkets™, the COVID-19 Impact on the global Medical Tubing Market size is expected to grow from USD 2.6 billion in 2020 to USD 2.9 billion by 2021, at a CAGR of 13.2%.
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The major factors driving the medical tubing industry include increasing demand from various applications such as drug delivery and growing usage in ventilators.
Silicone to dominate the global medical tubing market during the forecast period
The medical tubing industry has been segmented based on material into silicone, PVC, TPU & TPE, polyolefin, and others. The silicone segment accounted for the largest share of the market in 2020. Silicone is in high demand from various medical applications because of its versatility, high dielectric strength, and semi-permeability to certain materials, making it useful for use in drug-eluting applications.
Drug delivery application to dominate the global medical tubing market during the forecast period
The market has been segmented based on application as drug delivery, catheter & cannulas, bulk disposable tubing, and special application. The drug delivery segment dominates the market in 2020 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to the growing usage of medical tubes as a device or channel of delivery in drug delivery systems. The demand for drug delivery system is increasing due to the rising incidence of COVID-19 cases, globally. The market is also influenced by growing COVID-19 infection in people having existing medical conditions such as asthma and diabetics. There is considerable growth in the demand for drug delivery devices and equipment such as nasogastric tubes, nebulizers, spacer devices, and others. These factors are expected to drive the demand during the forecast period.
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US expected to have the largest market for medical tubing during the forecast period
The US is projected to be the leading medical tubing market during the forecast period. The growth in the US can be attributed to the rising demand for medical tubing applications such as drug delivery, catheter & cannulas, bulk disposable tubing, and special application. The presence of a robust industrial base, favorable government policies, and large number of established players for medical tubing in the country are strengthening the medical tubing industry in the country.
Zeus Industrial Products (US), Saint Gobain Performance Plastics (France), Teleflex (US), Optinova (US), and Lubrizol Corporation (Vesta) (US), among others, are the key players operating in the medical tubing market.
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