The medical tubing market has been growing steadily over the past few years. Medical tubing finds extensive usage in various medical device applications such as drug delivery systems, biopsy procedures, minimally invasive surgeries, catheterization, and other diagnostic and therapeutic procedures. Advances in material science have enabled the development of medical-grade polymer tubing with superior biocompatibility and structural characteristics. The growing preference for minimally invasive surgeries along with the rising geriatric population prone to chronic diseases and conditions has significantly boosted demand for medical tubing.
The Global medical tubing market is estimated to be valued at US$ 9,550.5 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Key Takeaways
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.
The medical tubing market is anticipated to witness lucrative growth opportunities due to the rising prevalence of lifestyle diseases and chronic medical conditions. Moreover, technological advancements in minimally invasive surgeries are further expanding the scope of medical tubing applications.
Advancements in material science have enabled the development of medical-grade polymer tubing with superior biocompatibility and mechanical properties. Development of multifunctional tubing with enhanced radiopacity, kink resistance, and flexibility is expected to boost the medical tubing market.
Market drivers
The rapid growth in the geriatric population is a key driver boosting medical tubing demand. According to the UN, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 1 billion in 2019. The elderly are more susceptible to chronic diseases requiring extensive usage of medical tubing. Additionally, favorable government initiatives and investments in healthcare infrastructure development are encouraging the adoption of advanced medical technologies, fueling the medical tubing market growth.
Challenges in the global medical tubing market
The medical tubing market faces various challenges, some of which include regulatory compliance, shortage of raw materials, increased competition from local players, and fluctuations in prices of raw materials. Complying with stringent regulations around safety and quality set by regulatory bodies increases the cost of production. Raw material prices are also quite volatile which increases the input costs for manufacturers. Finding skilled labor and maintaining workforce also pose operational challenges. Developing innovative tubing designs that can be scaled up for mass production within limited timeframes is another major challenge.
SWOT Analysis
Strength: Wide range of applications in medical devices and equipment enhances demand. Innovation in tubing materials improves performance characteristics.
Weakness: Regulatory approvals for new products increase cost of operations. Fluctuations in raw material prices impact profits.
Opportunity: Growing global healthcare expenditure boosts market potential. Development of value-added customized tubing expands market scope.
Threats: Intense rivalry amongst existing players decreases profit margins. Supply issues due to disruptions in raw material supply hamper production.
Geographical Regions
North America accounts for the largest share of the global medical tubing market in terms of value. This is attributed to increasing healthcare spending, presence of advanced healthcare infrastructure and major players in the region. The United States represents the most prominent market within North America.
Europe is expected to witness the fastest growth during the forecast period. This is due to rising prevalence of chronic diseases, growing medical device industry and rising aging population demanding enhanced healthcare services across countries like Germany, United Kingdom and France.
Fastest Growing Region
Asia Pacific region is poised to grow at the fastest pace in the medical tubing market through 2030. Factors such as rapidly developing healthcare systems, rising healthcare expenditure, increasing patient pool and growing medical tourism industry are driving the regional market. Moreover, presence of medical device manufacturing hub countries like China, India and South Korea is positively impacting the Asia Pacific medical tubing industry.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it