by The medical tubing market is estimated to be valued at US$ 11,263.82 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. The medical tubing market consists of a wide range of polymer tubing and profile types used in medical devices and equipment across various healthcare applications. Medical tubing is used in a variety of disposable and non-disposable medical devices, drug delivery applications, peristaltic pumps, biopharmaceutical processing, and catheter and ventilator assemblies.
Market Overview:
The global medical tubing market is diversified with products made from various materials like PVC, TPE & TPU, silicone, and polyolefin. Some key applications where medical tubing finds widespread adoption are devices for respiratory assist devices, bulk disposable tubing, IVs and drug delivery devices, biopharmaceutical equipment, and catheter and drainage products. Advances in minimally invasive surgical procedures have augmented the demand for catheters and other medical tubing products. Rising healthcare expenditures and growing geriatric populations prone to chronic diseases are fueling the need for sophisticated medical devices that incorporate tubing assemblies.
Market Dynamics:
The growth of the medical tubing market is propelled by two key drivers – rapid expansion of the medical device industry and increasing usage of minimally invasive surgical procedures. The medical device industry has witnessed robust growth over the past few years on account of rising incidence of lifestyle diseases, technological innovations, and growing healthcare investments globally. This has augmented the demand for various types of medical tubing from device manufacturers. Further, minimally invasive surgeries are gaining widespread acceptance among patients and clinicians due to benefits like reduced procedural trauma, shorter hospital stays, and quicker recovery times. Catheters and drainage tubing see increased utilization in minimally invasive operations conducted across therapy areas. These drivers, coupled with growing focus on single-use disposable tubing and rising preference for advanced silicone and high-performance polymer tubing are fueling lucrative opportunities in the market.
Segment Analysis
Medical tubing has several segments including bulk disposable tubing, catheters, cannulas and drug delivery systems. The bulk disposable segment dominates the overall medical tubing market as these are cost-effective, easy to use and single use in nature. This segment finds wide applications in enteral feeding, wound drainage and other procedures.
PEST Analysis
Political: The medical tubing industry is heavily regulated. Favorable government policies supporting healthcare infrastructure development present new opportunities. Economic: Rising healthcare spending across developed and developing nations is driving market growth. Social: Growing geriatric population and disease prevalence are increasing demand for various medical devices incorporating tubing. Technological: Advanced materials and manufacturing methods help design novel tubing for customized medical applications with better efficacy.
Key Takeaways
The global Medical Tubing Market Share is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and rising number of surgical procedures. North America dominates the market currently due to presence of major players and advanced healthcare infrastructure in the region. The Asia Pacific region is projected to witness the fastest growth owing to growing medical tourism, increasing disposable incomes and expanding private healthcare sector in developing countries like China and India.
Key players operating in the Medical Tubing market are Compagnie de Saint-Gobain S.A., Teleflex Incorporated, Optinova Holding AB, Zeus Industrial Products, Inc., The Lubrizol Corporation, Nordson Corporation, Putnam Plastics Corporation, Raumedic AG, Tekni-Plex, Inc., and Smith Group plc.
Regional analysis
North America accounts for the largest share of the global medical tubing market currently due to growing prevalence of target diseases, rising healthcare spending and presence of major players in the US and Canada. The Asia Pacific region is projected to exhibit the highest growth during the forecast period owing to improving access to healthcare along with growing healthcare infrastructure and medical tourism in India and China.
Key players related content
Key players operating in the medical tubing market are focused on maintaining product quality and compliance with various regulatory standards. They also pursue strategies like new product development, acquisitions and regional expansions to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
