CHICAGO, March 12, 2020 /PRNewswire/ -- According to the new market research report "FEP Heat Shrink Medical Tubing Market by shrink ratio (1.3:1, 1.6:1), Application (Drug delivery devices (catheters), Surgical and Vascular Instrument, Flexible Joints, Electrical Insulation) - Global Market Forecast to 2024", published by MarketsandMarkets™, the FEP Heat Shrink Medical Tube Market size is estimated to be USD 103 Million in 2019 and projected to reach USD 146 Million, by 2024, at a CAGR of 7.2%. FEP heat shrink medical tubing is used as a protective covering and coating of medical devices. The chemical inertness, high thermal resistance, and moisture resistance of this type of medical tubing are suitable for coating, encapsulation, and tube joining and covering of a surgical and vascular instrument. The demand for these instruments has risen since the demand for minimally invasive surgical procedures is on the rise.
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1.6:1 shrink ratio is the most demanded heat shrink ratio for the FEP heat shrink medical tubing market.
The 1.6:1 heat shrink ratio is the most preferred heat shrink ratio in the industry as it can cover more irregular shaped parts, and it also reduces the downtime required to apply on the medical devices. The use of 1.6:1 shrink ratio is more common in microcatheters, surgical and vascular instruments, and medical shafting, among others.
Drug Delivery Devices is the largest and fastest-growing application for the FEP heat shrink medical tubing market.
Drug delivery devices are the largest application for the FEP heat shrink medical tubing market. This can be attributed to its usage in microcatheters. Microcatheters are specialized, thin-walled, small-bore catheters, or delivery/access devices. FEP heat shrink medical tubing is being preferred for this application as it possess chemical resistance, moisture resistance and can withstand gamma sterilization.
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Shift in manufacturing facilities for medical devices from developed countries to APAC-the major driver of the FEP heat shrink medical tubing market.
APAC is estimated to be the fastest-growing market for FEP heat shrink medical tubing. The high growth rate of the market in the region is attributed to the shifting of medical device manufacturing facilities from developed countries to developing countries, especially in India and China. This shift is due to the availability of cheap labor, supportive government policies. The major countries covered for the forecast are China, Japan, and India. India is the fastest-growing market for the FEP heat shrink medical tubing market during the forecast period due to its significant growth in FDI and increased healthcare expenditure.
The key companies profiled in the FEP heat shrink medical tube market report are Zeus Industries products ltd. (US), TE Connectivity (US), Parker-Hannifin (US), Teleflex Inc. (US), Junkosha Inc. (Japan), Elringklinger Kunststofftechnik GmbH (Germany), Medical Extrusion Technologies, Inc. (US), Polyflon Technology Ltd (UK), Polyfluor Plastics bv (Netherlands), Tef-Cap Industries Inc (US), Optinova(US)
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