Medical Tubing Packaging Market is Forecast to Register a CAGR of 6.4% During 2018 – 2026
Monday, February 11, 2019
Latest report titled – “Medical Tubing Packaging Market - Global Industry, Size, Share, Growth, Trends and Forecast, 2018–2026”, delivers key insights on the use of different materials and processes used for medical tubing, along with various end uses and applications. According to TMR, the global medical tubing packaging market is projected to clock a CAGR of 6.4%, during 2018-26, which is attributed to several factors, on which, the report provided thorough insights and forecast. The Asia Pacific medical tubing packaging is expected to take the cake in terms of CAGR.
Medical tubing is referred to as tubing that complies with the set medical standards and is fit to be used for a variety of medical and pharmaceutical applications. For the same, medical tubing packaging manufacturing processes must comply with Good Manufacturing Practice (GMP) and Current Good Manufacturing Practice (cGMP) protocols.
TMR suggests that the increasing prevalence of urinary incontinence is expected to be a key driving force for growth of medical tubing packaging globally. Plastic has been found to be the most widely used material for medical tubing packaging. Out of several plastics, PP, PVC, TPE, and PA are expected to witness maximum use for medical tubing packaging. These four plastics are estimated to account for more than 70% of the global plastic medical tubing packaging market by value. The TMR study analyses the medical tubing packaging market in several regions and focuses on the key dynamics affecting the medical tubing packaging market, globally. It has been observed that there has been a growth in the geriatric population across the globe, leading to an increased prevalence of age-related ailments, the treatment for which requires high performance medical tubing packaging. Several urinary disorders such as urinary rotation, urinary retention, and others are prevalent in the global aged population and is expected to fuel demand for medical tubing packaging. As the global aged population is poised to account for almost 1/5th of the total population in the next three decades, there is expected to be a surge in demand for medical tubing packaging, wherein, the innovation will be in terms of the materials used to improve performance and efficiency. TMR also states that growing demand for minimally invasive surgical procedures is something to look out for in the next eight years, as it will have a huge impact on the evolution of medical tubing packaging requirements. Overall, in terms of materials used, silicone is expected to witness growth in demand, especially in demanding and long-term applications requiring utmost efficiency and consumer convenience, such as urinary catheterization. One of the key factors which might restrain growth in demand for silicone for medical tubing packaging is its high cost.
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The production of medical tubing packaging might be hampered by more manufacturers opting for manual assembly of medical tubing. Automated machinery have to be specially calibrated to account for changes in the wind radius of the tubing. According to TMR, many manufacturers may refrain from adopting automated equipment as the return on investment is less satisfactory.
Key market participants have been eyeing mergers and acquisitions to enhance capabilities and production capacity. This also aids companies in leveraging the expertise of acquired companies to enhance their product and services portfolio. The acquisitions by Tekni-Plex, Inc. and Resonetics, LLC have been pointed as good examples for the same. Growth in healthcare expenditure, especially in growing economies of the Asia-Pacific region is expected to facilitate growth of the Asia Pacific medical tubing packaging market.
Key players which have been profiled in the report include – Nordson Corporation, Raumedic AG, Duke Extrusion, MicroLumen, Inc., Freudenberg Medical, FBK Medical Tubing, Inc. W.L. Gore & Associates, Inc., AlkorDraka Group, Kent Elastomer Products, Inc., Sunlite Plastics, Inc., Polyzen, Inc., and Optinova Group. Apart from these, key medical tubing packaging material suppliers such as PolyOne Corp., Wacker Chemie AG, and Shin-Etsu Chemical Co. Ltd. have also been profiled in the global medical tubing packaging report.