CHICAGO, April 2, 2024 /PRNewswire/ -- The report "FEP Heat Shrink Medical Tubing Market by Heat Shrink Ratio (1.3:1, 1.6:1. 2:1 & above), Application (Catheter Delivery Devices, Surgical & Vascular Instruments, Fixing Flexible Joints, Electrical Insulation), Product Type, Region - Global Forecast to 2029", is estimated to be USD 145 million in 2024, and it is projected to reach USD 208 million by 2029 at a CAGR of 7.4%.
The growth of the FEP HEAT SHRINK MEDICAL TUBING market is primarily driven by the growing surgical instrument market which helps to generate the demand for FEP heat shrink medical tube across the industry. Apart from this, the increasing demand for microcatheters also helps to drive the market. Elevated prices of FEP heat shrink medical tube as compared to conventional heat shrink medical tube, becomes the main restraining factor in this market. However, the rising government expenditure for the development of advanced health care infrastructure, provides lucrative opportunities for FEP heat shrink medical tube producers. Infections & complications associated with catheter usage, and high cost of producing & marketing medical tubing products, are the major challenge of this market.
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By Application, Catheter delivery devices accounted for the largest share in 2023.
Catheter delivery devices are essential medical devices used in a wide range of diagnostic and therapeutic procedures, including cardiovascular interventions, urology treatments, and gastrointestinal procedures. These devices often require precise control, flexibility, and biocompatibility, all of which are provided by FEP heat shrink tubing. Additionally, catheter delivery systems typically consist of multiple components, such as shafts, balloons, and catheter tips, all of which may utilize FEP heat shrink tubing for insulation, reinforcement, and lubrication.
By Shrink Ratio, 1.6:1 accounted for the largest share in 2023.
1.6:1 offers a moderate level of shrinkage, allowing the tubing to fit snugly around medical device components without excessive compression. This versatility makes it suitable for a wide range of medical devices, including catheters, guide wires, and stent delivery systems. Additionally, the 1.6:1 ratio provides precise control over the final dimensions of the tubing, ensuring tight tolerances necessary for proper device functionality. Its flexibility, compatibility with different materials, and cost-effectiveness further contribute to its widespread adoption in the healthcare industry.
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By Product Type, Standard FEP HS Tubing accounted for the largest share in 2023.
Standard FEP heat shrink tubing offers excellent properties such as high temperature resistance, chemical inertness, flexibility, and transparency. These characteristics make it suitable for various medical device applications, including catheters, guide wires, and stent delivery systems. Its versatility allows for easy customization to meet specific size and performance requirements.
North America is the largest market for the FEP Heat Shrink Medical Tubing market.
The North America region is accounted to be the largest market both in terms of value and volume in 2023. The region is home to a large number of leading medical device manufacturers and research institutions, driving innovation and demand for advanced medical tubing solutions. Additionally, North America has a well-established healthcare infrastructure and high healthcare expenditure, which supports the adoption of FEP heat shrink medical tubing in various medical applications.
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Market Players
The FEP heat shrink medical tubing market comprises major players such as Zeus Company LLC (US), TE Connectivity (Switzerland), Parker Hannifin Corporation (US), Teleflex Incorporated (US), Nordson MEDICAL (US), APT Advanced Polymer Tubing GmbH (Germany), Junkosha Inc. (Japan), ElringKlinger Kunststofftechnik GmbH (Germany), Polyfluor Plastics bv (Netherlands), and Polyflon Technology Ltd. (UK), and others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the FEP heat shrink medical tubing market.
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