The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical tubing is used to administer fluids, gases, drugs and nutrients. They are used in various medical devices like enteral feeding pumps, catheters, peristaltic pumps and biopharmaceutical equipment. Medical tubing offers benefits like flexibility, leak resistance, non-toxic properties and kink resistance which make them suitable for medical applications.
Market key trends:
One of the key trends in the medical tubing market is the increasing demand for polyolefin tubing. Polyolefins like polyethylene and polypropylene offer benefits like transparency, flexibility, clarity and chemical resistance. They are widely used to manufacture medical tubes used in drug delivery, enteral feeding, respiratory applications and peristaltic pump tubing. Their superior properties make them suitable for invasive and non-invasive medical procedures. Polyolefin tubing is expected to dominate the market owing to increasing minimally invasive surgeries and growing pharmaceutical industry.
Market key trends:
The medical tubing market is witnessing increasing adoption of multilayer tubing. Multilayer tubing provides enhanced functionality as it can be customized as per specific application requirements by combining different polymer layers. It offers benefits such as improved chemical resistance, lower extractables and leachables, and greater flexibility in designs. Manufacturers are extensively focusing on development of advanced multilayer tubing utilizing various polymeric materials such as PVC, TPE, and silicone. Rapid advancements in minimally invasive surgical procedures are also favoring demand for complex multilayer medical tubing.
SWOT Analysis
Strength:
– Growing healthcare spending and demand for advanced medical devices and equipment drives the market growth
Weakness:
– Stringent regulatory approvals for new medical products may hamper innovation
– High initial investments required for manufacturing facilities
Opportunity:
– Emergence of localized manufacturing to address regional demand
– Rising focus on development of eco-friendly biopolymers for medical tubing
Threats:
– Threat from alternatives like metal and glass tubing for certain applications
– Volatility in raw material prices
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 rapidly aging population.
The global medical tubing market size was valued at US$ 11263.82 Mn in 2023. North America dominated the market owing to presence of major players and advanced healthcare infrastructure in the region.
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:
Asia Pacific is projected to witness fastest growth during the forecast period supported by increasing healthcare spending, lower manufacturing costs and emergence of numerous regional market participants in countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it