The North America Sterile Tubing Welder Market would witness market growth of 5.0% CAGR during the forecast period (2022-2028).
The demand for blood processing, sterile processing, and related infrastructure is expected to increase as a result of the rising demand for blood products. The market is expected to be driven by the significant biopharmaceutical research that is currently being done to produce novel and therapeutically enhanced drugs. For instance, almost 8,000 medications are reportedly in various stages of research worldwide, with about 74% of these pipeline products expected to be first-in-class medications, according to a report released by the Drug Trials and Manufacturers of America. Genetic diseases, Amyotrophic lateral sclerosis, cancer, and hemophilia are some of the major therapeutic categories that these development drugs address, helping to spur market expansion.
The primary causes of the regional market expansion in North America are the rise in chronic diseases and the frequency of traffic accidents. Approximately 15,292 people died in road accidents in the Mexico region in 2018, or 2.70 percent, according to figures released by the World Health Organization. The high accident rate in this area is driving up demand for blood collection equipment.
Additionally, according to the American National Red Cross' 2021 report, there is a yearly need for about 21 million blood components and 36,000 RBC units are needed daily in the country. The Diabetes Research Institute Foundation also stated that in the United States, adults aged 18 or older had an estimated 1.5 million new cases of diabetes diagnosed in 2018. Blood collection is required due to the increase in lifestyle-related ailments and chronic diseases. This would help the market for blood collection devices in the North American region develop even more.
The US market dominated the North America Sterile Tubing Welder Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $788.8 million by 2028. The Canada market is anticipated to grow at a CAGR of 7.4% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 6.5% during (2022 - 2028).
Based on Mode, the market is segmented into Automatic and Manual. Based on Application, the market is segmented into Blood Processing, Diagnostic Laboratories, Biopharmaceutical, and Others. Based on End Use, the market is segmented into Hospitals, Blood Centers, Research Clinics, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Sterile Tubing Welder Market is Estimated to reach $2.9 Billion by 2028, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Terumo Corporation, General Electric (GE) Co. (GE Healthcare), Sartorius AG, Shanghai LePure Biotech Co., Ltd., Sentinel Process Systems, Inc., MGA Technologies, GenesisBPS, NewAge Industries, Inc., and Machine Solutions, Inc.
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