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“The FEP heat shrink medical tubing market is projected to grow at a CAGR of 7.2% during the forecast period.”
The FEP heat shrink medical tubing market size was estimated at USD 103 million in 2019 and is projected to reach USD 146 million in 2024, at a CAGR of 7.2%. The high growth is attributed to a combination of factors, chief among them is the growing adoption of minimally invasive surgeries and increasing incidences of chronic diseases due to changing lifestyles and rapidly expanding geriatric population, which have led to the growth of high-quality medical devices, especially microcatheters; this has led to the growth in consumption of FEP heat shrink medical tubes globally.
“Drug delivery devices (catheters)?the largest application in the overall FEP heat shrink medical tubing market.”
The Drug delivery devices (catheter) application is the largest and fastest-growing application area for FEP heat shrink medical tubes. This growth is attributed to the rising demand for microcatheter applications. Microcatheters are specialized, thin-walled, small-bore catheters or delivery/access devices that are used during minimally invasive surgical procedures. They are useful for the navigation, access, and delivery of a surgical device or a drug to the target site. FEP heat shrink medical tubes are chemically inert, possess high thermal resistance, and moisture resistant; these factors make FEP tubes as a better choice than other fluoropolymer materials.
“1.6:1 shrink ratio is the fastest-growing shrink ratio segment in the FEP heat shrink medical tubing market.”
The shrink ratio of 1.6:1 is the largest and fastest-growing shrink ratio in the industry. The shrink ratio of 1.6:1 is preferred in the medical industry as it covers a broader range of component shapes and sizes and can cover more irregular shaped parts, the 1.6:1 shrink tubing have higher shrinkage capacity which allows it to cover more area easily. Thus, it is preferred by the industry.
“North America is the largest market for FEP heat shrink medical tubing market.”
North America is projected to be the largest market for the FEP heat shrink medical tube market. The rising demand from micro-catheter manufacturers drives the market. The increasing count of patient pool, high prevalence of chronic diseases, rising geriatric population, adoption of minimally invasive surgery, and the high availability of advanced interventional products (including microcatheters) are driving the FEP heat shrink medical tubing market in the region Key countries in the region are the US, Canada, and Mexico. The medical devices market in the region is diversified and is strongly focused on the development of new products and advanced technology to cater to the ever-changing demand pattern in the medical industry.
Extensive primary interviews were conducted to determine and verify the market size for several segments, sub-segments and information gathered through secondary research.
The breakup of primary interviews is given below.
- By Company Type - Tier 1 –40 %, Tier 2 – 20%, and Tier 3 –40%
- By Designation - C level – 20%, Director Level –20%, and Others –60 %
- By Region - North America: 40%, Europe: 15%, APAC: 40%, Rest of the World: 5%
The leading players in the global FEP heat shrink medical tubing market include
This research report categorizes the global FEP heat shrink medical tubing market based on shrink ratio and application. The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, trends, and opportunities. The detailed analysis of key market players provides insights into business overviews, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments in the market.
- This report segments the global FEP heat shrink medical tubing market comprehensively and provides the closest approximations of sizes for the overall market and subsegments across various verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, trends, and opportunities.
- This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business. The competitive landscape section includes expansions, joint ventures/ agreements, new product developments, and mergers & acquisitions undertaken in the market.