DUBLIN–(BUSINESS WIRE)–The “Biopharmaceutical Tubing Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type (Plastic, Metal, Silicone); Application (Pharmaceutical, Medical Devices, Research and Development, Others), and Geography.” report has been added to ResearchAndMarkets.com’s offering.
According to this report the market is expected to reach US$ 6,013.27 million by 2028 from US$ 3,442.82 million in 2021; it is estimated to grow at a CAGR of 8.3% from 2021 to 2028. The report highlights the trends prevailing in the market along with the market drivers and deterrents. The factors such as increasing elderly population in world and rising demand for minimally invasive procedures drive the market growth. However, stringent regulatory frameworks hinder the biopharmaceutical tubing market growth.
Increase in life expectancy is leading to rise in geriatric population in the world. According to the World Health Organization (WHO), the global population share of people with age more than 60 would nearly double from 12% in 2015 to 22% in 2050. According to the United Nation’s World Population Ageing 2017 report, in 2017, there were 962 million people with age 60 or above in the world, and the number is expected to reach ~2.1 billion by 2050. In addition, according to the US Census Bureau, the number of people in the US with age 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060, their population share would grow from ~15% to ~24% during this period. According to the United Nation’s World Population Ageing 2017 report, in 2017, Europe had the highest percentage of people of age more than 60, i.e., 25%. By 2050, ~25% or more population in all regions of the world, except Africa, would be of age 60 and above. The geriatric population in the world is anticipated to reach US$ 1.4 billion, US$ 2.1 billion, and above US$ 3.1 billion by 2030, 2050, and 2100, respectively.
This rise in the elderly population has led to an increase in the geriatric ailments, thus generating a greater demand for diagnostic equipment and drug delivery systems. It is also resulting in the spike in incidence of urological conditions that require catheterization. Medical professionals are also encouraging self-catheterization to reduce the cost and period of hospitalization as well as to avert the risk of healthcare-associated infections (HAI). Aging is also a main factor that contributes to the increase in incidence of chronic diseases that might lead to the need for interventions that require admission to ICUs. Thus, rapid growth in the geriatric population is directly proportional to the rising demand for medical devices that incorporate tubing, drug delivery, dialysis and cardiac bypass, peristaltic pump, and sterile filling and dispensing systems, thereby driving the adoption of biopharmaceutical tubing systems.
The COVID-19 pandemic is having the mixed impact on the biopharmaceutical tubing market. Growing COVID-19 infection in people with existing medical conditions such as asthma and diabetes also influences the growth of the market. There is a rise in the demand for drug delivery devices and equipment such as nasogastric tubes, nebulizers, spacer devices, etc. Therefore, these factors are driving the demand for biopharmaceutical tubing during the forecast period. On the other hand, many countries have changed medical device regulations owing to supply chain obstruction affect negatively on biopharmaceutical tubing market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the biopharmaceutical tubing market.
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- The key findings and recommendations highlight crucial progressive industry trends in the global biopharmaceutical tubing market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Increasing Elderly Population
- Rising Demand for Minimally Invasive Procedures
Restraints
- Stringent Standards for a Variety of Biopharmaceutical Applications
Opportunities
- Growth Opportunities in The Developing Nations
Future Trends
- Platinum Cured Silicone Tubing becoming the Material of Choice for Biopharmaceutical Tubing
Companies Mentioned
- W. L. Gore and Associates, Inc.
- Saint-Gobain Sekurit
- Freudenberg Group
- Raumedic AG
- Tekni-Plex
- NewAge Industries, Inc.
- Optinova
- Zeus Industrial Products, Inc.
- Nordson Corporation
- DuPont de Nemours, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/924yix
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