Asia Pacific Biopharmaceutical Tubing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Plastic, Metal, and Silicone) and Application (Pharmaceutical, Medical Devices, Research and Development, and Others)
The Asia Pacific biopharmaceutical tubing market is expected to reach US$ 903.19 million by 2028 from US$ 487.50 million in 2021; it is estimated to grow at a CAGR of 9.2% from 2021 to 2028.
The growth of the market is attributed to key factors such as increasing elderly population in world and proliferation of healthcare sector in developing economies. However, stringent regulatory framework by government for biopharmaceutical applications is expected to restrict the market growth during the forecast period.
Popularity of minimally invasive surgical procedures has increased in the recent years owing to the benefits such as tiny incisions, faster recovery of patients, and less discomfort caused to the patients. The growing prevalence of arthritis, cancer, and cardiovascular diseases, all of which require extensive surgical treatments, has boosted the demand for minimally invasive procedures. As a result, there is an enormous demand for catheters and biopharmaceutical tubing, among other components. Further, biopharmaceutical tubing systems are reasonably priced and aid in time-saving procedures. For example, employing catheter tubing for cardiac and urine catheterization significantly lowers the time required for the medical or surgical operation. Therefore, the growing demand for minimally invasive medical procedures and focus on increasing the efficiency of these procedures play an important role in propelling the demand for biopharmaceutical tubing. The healthcare sectors in Asia Pacific countries as well as other developing economies is projected to expand rapidly in the near future, and the projected growth can be ascribed to changes in customer demand, increase in awareness about healthcare services, and continuity of aging population. Thus, growing prevalence of chronic diseases is compelling people to seek medical assistance, which, in turn is increasing the demand for catheters and biopharmaceutical tubing in the healthcare sector. Further, greater government spending on healthcare facilities and increased consumer purchasing power are also likely to contribute to the growth of the healthcare sector, as well as the biopharmaceutical tubing market.
Countries in Asia Pacific are facing challenges due to increasing incidences of COVID-19. Increasing usage in a wide range of applications such as drug delivery, catheter & cannulas, and bulk disposable tubing has increased the demand for the biopharmaceutical tubing market. However, due to the impact of pandemic, the medical device industry has experienced both ups and downs and witnessed increased demand for critical pieces of equipment such as ventilators and respiratory devices. While the COVID-19 has caused unprecedented disruption, it has also created opportunities for the region's pharmaceutical and medical device sectors. Many companies have also extended their operations in the region to overcome supply chain hindrance. Hence, COVID-19 pandemic has a positive influence on Asia Pacific biopharmaceutical tubing market growth.
Based on type, the Asia Pacific biopharmaceutical tubing market is segmented into plastic, metal, and silicone. The silicone segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the Asia Pacific biopharmaceutical tubing market is segmented into pharmaceutical, medical devices, research and development, and others. The pharmaceutical segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources associated with this report on the Asia Pacific biopharmaceutical tubing market are the Organization for Economic Co-operation and Development (OECD), Indian Brand Equity Fund (IBEF), and Centers for Disease Control and Prevention (CDC).
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