The global Medical Tubing Market was valued at USD 5.64 Billion in 2016 and is estimated to grow at a CAGR of 9.0% between 2017 and 2022, as per a report by MarketsandMarkets.
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Browse 86 market data Tables and 28 Figures spread through 142 Pages and in-depth TOC on“Medical Tubing Market”
How innovation and customization of polymers and tubing structure is an opportunity?
The need for customized products to provide properties such as biodegradability, radio-opacity, and antimicrobial properties is creating high growth opportunities for the market. Leading medical polymer supplying companies such as Eastman, Lubrizol, Evonik, and DuPont are spending significantly on developing innovative polymers for the medical industry. The use of engineering plastics in the medical industry has increased manifold over the last decade. These engineering plastics are replacing traditional materials such as metals, ceramics, and glass.
The extruders such as Microspec, Vention Medical, MicroLumen, and Raumedic are increasingly developing customized tubes, as these smaller and lightweight tubes can be easily used in less invasive procedures. The manufacturers provide customized single-lumen, multi-lumen, and co-extruded tubes with a different combination of polymers according to the applications. Such developments provide new opportunities for the growth of the medical tubing market.
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Why stringent regulatory policies remain a challenge?
Stringent regulatory policies hamper the commercialization of medical products. Regulating agencies such as Food and Drug Administration (FDA), National Science Foundation (NSF), Drug Administration (DA), and Center for Devices and Radiological Health (CDRH) set regulations for the production of medical tubing. Safety and prevention of health hazards are important while using medical tubing because they come in direct contact with the body.
The regulatory requirements and the time needed to complete the approval procedure differ from one region to another. The approval process also varies according to the class of medical devices. In the US, the device manufacturer receives a marketing clearance or an approval letter from the FDA. In the European Union, the manufacturer uses Conformité Européene (CE) mark on the device after receiving the CE certificate from the regulatory body. In Canada, a device license is awarded by the Therapeutic Products Directorate. In Australia, the Therapeutic Goods Administration issues an Australian Register of Therapeutic Goods (ARTG) number to the devices cleared for the market. The complexity of getting regulatory approval from a country may compel the device manufacturers to shift their base to another country.
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