According to CoherentMI, the Australian medical tubing market is expected to reach US$1,068.02 million by 2031, growing at a CAGR of 8.6%

The Australia Medical Tubing Market is valued at USD 599.47 million in 2024 and is expected to register a compound annual growth rate of 8.6% during the forecast period 2024-2031, according to a new report by CoherentMI. Major companies covered: Abbott, Dexcom, Inc., Medtronic, Senseonics, Inc., F. Hoffmann-La Roche Ltd., GLUCOVATION, INC., Nemaura Medical Inc., GlySens, GlucoModicum, and Signos, Inc.

Burlingame, August 20, 2024 (GLOBE NEWSWIRE) — CoherentMI published a report titled “Australia Medical Tubing Market Estimated to Be Valued at” $599.47 million in 2024and is expected to have a 1,068.02 million US dollars by 2031with a growth of CAGR of 8.6% during the forecast period 2024-2031. The demand for medical tubing in Australia is expected to grow significantly in the coming years owing to the rising popularity of minimally invasive surgeries among medical professionals and patients. Minimally invasive surgeries such as laparoscopic surgeries require extensive use of medical tubing for various purposes such as guiding instruments, delivering irrigation fluids, suctioning fluids and tissues, etc. According to a recent industry report, the number of laparoscopic procedures performed in major hospitals across Australia has increased at an annual rate of over 15% over the last 5 years.

Scope of the market report:

Market dynamics:

The growth of the Australian medical tubing market is attributed to the rising prevalence of chronic diseases such as cancer, cardiovascular disease, and diabetes across Australia. According to the Australian Institute of Health and Welfare, around 4 million Australian adults suffered from some form of heart disease in 2019. In addition, ongoing research and development activities for new product development by key players in the market is another factor expected to drive the market growth during the forecast period.

Key market insights:

• The Australian medical tubing market is expected to grow at a CAGR of 8.6% during the forecast period 2024-2031, driven by growing demand for minimally invasive surgical procedures and increasing healthcare expenditure in the country.

• From a materials perspective, stainless steel is likely to dominate due to its excellent corrosion resistance and biocompatibility.

• In terms of application, the catheters and cannulas segment is likely to have the largest share, as various catheter types are frequently used in cardiovascular procedures, urology and other applications.

• At the regional level, North America is expected to hold the largest share of the Australian medical tubing market during the forecast period, owing to the well-developed healthcare infrastructure and increasing use of advanced medical technologies.

• Major players in the Australian medical tubing market include Abbott, Dexcom, Inc., Medtronic, Senseonics, Inc., F. Hoffmann-La Roche Ltd., GLUCOVATION, INC., Nemaura Medical Inc., GlySens, GlucoModicum and Signos, Inc. These players focus on new product launches and regulatory approvals to strengthen their market position.

The story continues

Market trends:

Increasing use of minimally invasive surgical procedures – Minimally invasive procedures involve the use of small incisions and special surgical instruments instead of large cuts. This results in less pain, less scarring, and faster recovery time. The use of such surgical procedures is increasing in Australia, which is expected to drive the demand for high-quality medical tubing for minimally invasive procedures during the forecast period.

Increasing number of geriatric patients – Australia’s geriatric population is growing at a faster rate. According to the Australian Bureau of Statistics, the number of people aged 65 and over is expected to surpass those under 15 by 2031. The older population is more prone to chronic diseases, which is expected to increase demand for medical equipment, including tubes used to treat them.

Get a detailed analysis of regions, market segments and companies: https://www.coherentmi.com/industry-reports/australia-medical-tubing-market

Market opportunities:

Stainless steel segment – The stainless steel segment is expected to hold a dominant position in the Australian medical tubing market due to its high corrosion resistance, biocompatibility and durability. Stainless steel is widely used in the manufacturing of catheters, guidewires, surgical instruments and other medical devices where strength and durability are required.

Segment Catheters & Cannulas – The catheters and cannulas segment is expected to dominate the market by application during the forecast period. The increasing prevalence of chronic diseases such as cardiovascular diseases and the rising number of geriatric people undergoing various surgical and diagnostic procedures are driving the demand for medical catheters and cannulas in Australia.

Medical Tubing Market Segmentation in Australia:

• By material

  • stainless steel

  • titanium

  • Nitinol (NiTi)

  • Miscellaneous

• After application

  • Catheters & Cannulas

  • Drug delivery systems

  • Dental equipment

  • Robotic surgery

  • Miscellaneous

Buy the latest edition of this research report @ https://www.coherentmi.com/industry-reports/australia-medical-tubing-market/buynow

The research provides answers to the following key questions:

1. What is the estimated growth rate of the market for the forecast period 2024-2031? What will be the market size during the estimated period?

2. What are the key driving forces that will determine the fate of the Australia Medical Tubing market during the forecast period?

3. Who are the key market vendors and what winning strategies have helped them establish themselves firmly in the Australian medical tubing market?

4. What are the key market trends influencing the development of the Australian medical tubing market across different regions?

5. What are the major threats and challenges likely to hamper the growth of the Australian medical tubing market?

6. What major opportunities can market leaders build on to be successful and profitable?

Does the report provide key insights that could help you make decisions on important strategic issues?

➞ A regional report analysis that highlights the consumption of products/services in a region also shows the factors influencing the market in each region.
➞ Reports provide information on opportunities and risks for suppliers to the Australian medical tubing industry worldwide.
➞ The report shows regions and sectors with the fastest growth potential.
➞ A competitive environment that includes market rankings of major companies as well as new product launches, partnerships, business expansions and acquisitions.
➞ The report offers a comprehensive company profile consisting of company overviews, company insights, product benchmarks and SWOT analysis for key market players.
➞ This report offers the current and future market outlook of the industry with respect to recent development, growth opportunities, driving forces, challenges and two regional restraints encountered in advanced regions.

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About Us:

CoherentMI is a leading global market research firm committed to providing comprehensive insights, analytics and strategic solutions to empower businesses and organizations worldwide. Additionally, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., a market research and consulting organization that helps companies make critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today’s rapidly changing business landscape.

CONTACT: Mr. Shah Senior Client Partner – Business Development CoherentMI Phone: U.S.: +1-650-918-5898 U.K: +44-020-8133-4027 AUSTRALIA: +61-2-4786-0457 INDIA: +91-848-285-0837 Email: [email protected] Website: https://www.coherentmi.com