Coextruded Medical Tube Market: Introduction
- Coextruded tubes are composed of different types of polymers and materials. Extrusion is a process in which a desired material or component is fixed in a cross-section of an object. In case of medical tubes, coextrusion technique is used to create two or multiple layers of a desired tube component materials. Coextrusion technique is use for achieving certain characteristics of a medical tube including flexibility on outer surface or lubricant on inner surface.
- Choice of material for coextrusion and its process differs from material to material and application areas
- Inclination toward minimally invasive surgeries is anticipated to drive the global coextruded medical tube market
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Key Drivers and Opportunities of Global Coextruded Medical Tube Market
- Prevalence of cardiovascular and neurovascular diseases has increased from the past few decades. For instance, as per the World Health Organization (WHO), globally, estimated 17.9 million people and approximately 31% deaths are caused due to cardiovascular diseases each year.
- According to an article published in the Journal of the American College of Cardiology, in 2015, estimated 422.7 million cases of cardiovascular disease were reported globally
- According to the Brain Aneurysm Foundation, each year, estimated 30,000 people suffer from aneurysm in the U.S.
- Increase in geriatric population with chronic diseases is likely to fuel the growth of the market
- Rise in demand for minimally invasive procedures due to increase in prevalence of chronic diseases such as cardiovascular diseases, arthritis, and neurovascular diseases is likely to propel the market
- Strategies adopted by key players create significant opportunities in the market. For instance, in May 2018, Fermatex Vascular Technologies Inc. expanded fluoropolymer extrusion capabilities which include FEP sheath extrusions and co-extruded tubing.
- In addition, changes in lifestyle and urbanization lead to cause chronic diseases. Thus, increase in number of people with chronic disease in non-developed countries creates lucrative opportunities for the market.
North America to Hold Major Share of Global Coextruded Medical Tube Market
- North America is expected to hold major share of the global coextruded medical tube market due to rise in number of people with chronic diseases. For instance, according to the American Heart Association, Inc., in the U.S., neurovascular disease is a leading cause of death and increased the number of deaths attributable to Neurologic Disorders by 50.5%. As per the Center for Diseases Control and Prevention, estimated 735,000 Americans have a heart attack each year.
- The coextruded medical tube market in Asia Pacific is expected to grow at strong CAGR during the forecast period. The growth of the market in the region can be attributed to increase in prevalence of cardiovascular diseases, rise in awareness about the treatment, and government initiative. For instance, according to an article published in BioMed Central Ltd, in China, cardiovascular diseases are the major cause of deaths. Thus, the government of China approved the Healthy China 2030 plan which plays an important role in China’s Heath development.
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Key Players Operating in Global Market
The global coextruded medical tube market is highly fragmented due to the presence of several key players. A large number of manufacturers hold major share of the global coextruded medical tube market.
Key players in the market engage in the development of new products, collaborations, acquisitions, and partnerships to consolidate their position in the market. For instance, in April 2018, Tekni-Plex Inc. acquired Dunn Industries Inc. It is a manufacturer of specialty exclusion tubing. In May 2017, Tekni-Plex launched thermoplastic microextrusion tubing. This is used in surgical application and neurovascular therapies. This has enabled the company to expand medical tubing portfolio. In December 2015, Pexco LLC acquired Precision Extrusion. Precision Extrusion offers a variety of products such as single lumen, multi lumen, and co-extrusion tubing. Leading players operating in the global coextruded medical tube market are:
- Lvd Biotech
- RAUMEDIC Inc.
- Zeus Industrial Products, Inc.
- AP Technologies Group Pte. Ltd.
- FBK Medical Tubing
- MDC Industries
Global Coextruded Medical Tube Market: Research Scope
Global Coextruded Medical Tube Market, by Product
- Single Lumen
- Multi Lumen
Global Coextruded Medical Tube Market, by Type
Global Coextruded Medical Tube Market, by Material
- Fluorinated Ethylene Propylene (FEP)
- Polyether Ether Ketone (PEEK)
- Polyphenylsulfone (PPSU)
- polyetherimide (PEI)
- Polytetrafluoroethylene (PTFE)
Global Coextruded Medical Tube Market, by Applications
- Coronary & Peripheral
- Drug Delivery
- Insulin Delivery
Global Coextruded Medical Tube Market, by Region
- North America
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.