Global Surgical Tubing Market: Overview
The global surgical tubing market is set to demonstrate significant growth over the period of 2019 to 2027. The impressive CAGR (Compound Annual Growth Rate) that the market is set to chart will create lucrative growth opportunities for market worth. It will also pull up the market worth significantly.
While there are a number of growth factors, propelling the market on a high trajectory, the most prominent ones are rise in geriatric population and a marked shift towards medical procedures that are minimally invasive. Besides, governments are getting serious towards improving medical outcomes, particularly in developing economies.
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Global Surgical Tubing Market: Competitive Landscape
The global surgical tubing market is witnessing developments that are not just shaping the competitive landscape but also determining how the market would operate over the coming years. A glimpse can be found below:
The market has a decent number of players but mergers and acquisitions are creating a slightly more consolidated future. Key players in the global surgical tubing market are Zeus Industrial Products (US), Saint-Gobain Performance Plastics (France), Teleflex (US), Raumedic (Germany), Tekni-Plex (US), L.Gore & Associates (US), Kent Elastomer Products, Inc. (US), P. Extrusion (US), Freudenberg Group (Germany), Grayline (US), Microlumen (US), Polyzen (US).
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Global Surgical Tubing Market: Key Trends and Drivers
Certain factors are shaping the growth curve for global surgical tubing market. They are paving the way for how market would operate over the coming years. A glimpse is shared below.
An increase in geriatric population is driving growth in the global surgical tubing market. As per a recent study, by the end of 2050, one in six people in the world will be of the age 65 and over. The situation is more pronounced in Europe and North America where the number would be one in four. Already the year 2018 has witnessed the population of this age group surpass that of population aged 5 and less. This rising demographics of aged people will need healthcare facilities and this in turn, would help the global surgical tubing market to take to a higher trajectory.
World, over aging population is not the only growth factor observed in the global surgical tubing market. There is also a rise in chronic diseases. And, to fight the double issue of geriatric population and high incidence of chronic diseases, governments, particularly in developing economies are investing in medical infrastructure and insurance to help people afford healthcare when needed. To add on, as these economies do better, they create incomes that improve the standard of living of millions. As a result, there are more people willing to shell out money and thus, growth can be predicted in the global surgical tubing market.
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Global Surgical Tubing Market: Geographical Analysis
Region-wise, North America will hold prominence as it is home to countries which have one of the most robust infrastructure for healthcare – Canada and the United States. Beside, as mentioned earlier, it will see a spike in people aged 65 and above, followed by Europe. To add on people are more aware and focused on their well-being owing to high disposable incomes. It is pertinent to note here that Europe’s second largest share can also be attributed to presence of some of the most prominent players in the market landscape.
Another region that will be worth setting eyes on is the Asia Pacific (APAC). It will be the fastest growing market and will owe surge in demand owing to government efforts in improving healthcare infrastructure, and thus, outcomes. Besides, a rise in chronic diseases in the region will also contribute positively to the growth of global surgical tubes market.
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