Coextruded Medical Tube Market: Strategies Adopted by Key Players Create Significant Opportunities in the Market
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.
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- 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.
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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.
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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
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