February 21, 2024
Medical Tubing Market

Projected rising healthcare expenditures to boost the growth of Medical Tubing Market

The global Medical Tubing Market is estimated to be valued at US$ 11263.82 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:
The medical tubing market manufactures extrusions made from various medical-grade polymers and elastomers. They are used to manufacture a variety of medical devices and disposables including drug delivery systems, catheter assemblies and components, peristaltic pump and dialysis tubing. The tubing provides critical fluid pathways for intravenous lines, peristaltic pumps, oxygen delivery and many other applications throughout hospitals, operating rooms, procedures and diagnostic devices. Tubing is also a key component in the manufacture of single use medical devices. The advantage of medical-grade tubing is that they are biocompatible, flexible, kink resistant and made to withstand autoclaving or other sterilization processes. With rising healthcare expenditures and an aging worldwide population, demand for medical devices will rise boosting the medical tubing market over the forecast period.

Market key trends:
One of the key trends in the medical tubing market is the growing preference for multilumen and coated tubing. Multilumen tubing allows for multiple fluid pathways within a single tube and is ideal for complex drug delivery and biopharma applications. Coated tubing prevents medication from adhering to tubing walls and increases flexibility. Increased demand for minimally invasive procedures is also driving growth of micro-bore tubing used in advanced catheters. Furthermore, the shift towards single-use disposable devices in healthcare is positively impacting demand for medical-grade thermoplastics like PVC, TPE and silicone tubing used in their manufacture. Sustainable bio-based polymer tubing offers an environment-friendly alternative and its adoption is expected to rise in the medical tubing market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as extensive R&D expertise and significant capital are required to enter the market. However, expanding customer base provides opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, customized solutions improve customer retention.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials are readily available and industry players have established supply chain relationships.
Threat of new substitutes: The threat of new substitutes is low as medical tubing has few viable substitutes and offers customized solutions for critical applications.
Competitive rivalry: Intense as major players compete on innovation, quality, and customer service.

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 demand for minimally invasive medical procedures and growing geriatric population.

Regional analysis: North America dominated the market in 2022 due to advanced healthcare infrastructure and higher adoption of innovative medical products in the region. Asia Pacific is anticipated to be the fastest growing market due to rising healthcare spending, lower raw material costs and increasing number of medical device companies in 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. Key players are focusing on new product launches and expansion strategies to garner greater market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it