Medical tubing is widely used for fluid administration in intravenous therapy and drainage applications. It finds applications in intra-venous drug and fluid delivery systems, central venous lines, arterial lines, ventilators, respiratory devices, urinary catheters, and peristaltic pumps among others. Medical tubing products facilitate precise delivery and drainage of fluids and gaseous substances in medical procedures. The growing aging population and rising incidence of chronic diseases have increased the demand for long-term intravenous therapy, driving the need for medical tubing. The global Medical Tubing Market is estimated to be valued at US$ 9,550.05 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: Growing demand for minimally invasive surgery and rising prevalence of lifestyle diseases have augmented the adoption of long-term intravenous therapy. This has accelerated the demand for medical tubing used in various intra-venous drug delivery systems. Medical tubing manufacturers are focusing on developing advanced tubing with enhanced flexibility, kink-resistance and puncture-resistance properties to facilitate safe and long-term intravenous drug administration. They are incorporating novel materials in tubing fabrication to improve biocompatibility and compatibility with broad range of drug formulations.
SWOT Analysis
Strength: Medical tubing has increasing applications in various medical devices which is driving the demand. Advancements in material technologies are allowing development of customized tubing with enhanced properties.
Weakness: Developing medical-grade tubing requires stringent regulatory norms and certifications which increases costs of operations. Raw material price volatility can impact profitability.
Opportunity: Rising healthcare expenditure in developing nations presents new market avenues. Growing geriatric population will augment the need for various medical procedures boosting tubing consumption.
Threats: Stiff competition among existing players can limit pricing flexibility. Stringent regulations related to biocompatibility and toxicity can delay new product approvals.
Key Takeaways
The global medical tubing market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 9,550.05 Million growing at a CAGR of 8.6% through 2030.
Regional analysis – North America is currently the leading regional market for medical tubing owing to advanced healthcare infrastructure and rising incidence of chronic diseases in the region. Asia Pacific is anticipated to exhibit fastest growth with increasing medical tourism and expanding healthcare access in major countries.
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 innovations in material compositions to enhance biocompatibility and facilitate miniaturization of medical devices.
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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