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Medical tubing is predominantly used in an array of medical devices like catheters, IV tubes, dialysis machines, and other devices requiring fluid transfer or gas delivery used in the healthcare industry. These medical tubing offer enhanced biocompatibility and provide a closed, sterile pathway. The growing global burden of chronic diseases and rising medical expenditures are contributing significantly to the increasing demand for advanced medical devices, thereby fueling the need for high-quality medical tubing in device manufacturing.
The global Medical Tubing Market is estimated to be valued at US$ 9,550.5 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from medical device manufacturers is one of the key trends propelling the growth of the medical tubing market. Medical device manufacturers extensively use medical tubing in developing various medical equipment like catheters, cannulas, and infusion and collection sets. As these devices experience steady demand from healthcare institutions and patients for efficient disease management and treatment, the incorporation of medical tubing continues to increase. Furthermore, advancements in polymer technology have enabled manufacturers to develop customized tubing with improved flexibility, kink-resistance and other desired qualities according to specific device requirements. This drives continuous innovation and modernization of medical tubing, satisfying the evolving needs of OEMs.
SWOT Analysis
Strength: Medical tubing has wide applications in medical devices such as catheters, drug delivery systems, cannulas etc. Their intrinsic properties make them suitable for such applications.
Weakness: High costs involved in R&D and stringent compliance with regulations increase the overall costs.
Opportunity: Growing prevalence of chronic diseases and rising demand for minimally invasive surgeries and procedures is driving the demand for medical tubing.
Threats: Threat from substitutes like silicone could impact the demand. Stringent regulations around material selection could also restrict usage.
Key Takeaways
The global medical tubing market is expected to witness high growth over the forecast period. The North America region currently dominates the market owing to the large base of medical device companies and mature healthcare infrastructure in the region. Growing aging population and rising incidence of lifestyle diseases is further expected to drive the growth.
Regional analysis
North America is the largest and fastest growing regional market. Presence of major medical device companies and sophisticated healthcare infrastructure support market growth. Availability of skilled labour and focus on R&D also contribute to dominance of the region. Asia Pacific is expected to witness highest growth owing to growing medical tourism, increasing healthcare investments and expansion of private healthcare facilities.
Key players
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. These players are focusing on new product launches, partnerships and mergers to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
