The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical tubing is used in a variety of medical devices and equipment which include drug delivery systems, heart lung machines, peristaltic pumps, laproscopic instruments, catheter, biopsy devices and others. They carry medical fluids, gases or liquids inside medical equipment and devices from one point to another. The properties of medical tubing like biocompatibility, flexibility and high tensile strength make them suitable for use in medical devices.
Market Dynamics:
One of the major drivers for the growing medical tubing market is growing medical devices industry across the globe. According to estimates, the global medical devices market is expected to reach $629.3 billion by 2027, growing at a CAGR of 4.5% from 2022 to 2027. Increasing prevalence of chronic diseases along with rising geriatric population are fueling demand for advanced medical devices which use medical tubing. Additionally, increasing investments in healthcare infrastructure development especially in emerging economies will further propel market growth over the forecast period. However, availability of cheaper substitutes and stringent regulations pertaining to medical devices and materials used may hamper market growth.
SWOT Analysis
Strength: The medical tubing market has strong growth potential due to rising healthcare expenditure and demand for advanced medical devices. Rising chronic disease prevalence is driving demand for medical procedures which require tubing. Leading players offer customized tubing solutions for diverse medical applications.
Weakness: Fluctuations in raw material prices can adversely impact profit margins for medical tubing manufacturers. High research and development costs for new product launches remain a challenge.
Opportunity: Emerging economies are expected to offer new growth avenues due to improving access to healthcare. Advancements in polymer technology allow for enhanced tube properties like kink-resistance and flexibility.
Threats: Stringent regulatory approvals may lead to delays in new product commercialization. Consolidation among raw material suppliers can increase dependence on few vendors.
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 aging population and prevalence of chronic diseases worldwide. Rapid technological advancements in tubing materials further support the market expansion. The North America dominates the global market and is estimated to grow at CAGR of 7.0% during 2023-2030 owing to proliferation of specialty hospitals and ambulatory surgical centers in the region enhancing the demand for safe and customized tubing.
Regional analysis Asia Pacific region is witnessing fastest growth in the medical tubing market at over 9% CAGR during the forecast period on the back of expanding healthcare infrastructure, rising medical tourism and growing per capita income in developing countries including China, India. Additionally, supportive government initiatives towards improving healthcare access in the region supplements market growth.
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. Teleflex Incorporated focuses on product launches and acquired Vygon to strengthen its global market position.
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