Global Medical Tubing Market To Grow At A CAGR of 5.5% By 2030
The global medical tubing market size was worth around USD 10.5 billion in 2021 and is predicted to grow to around USD 17.0 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.5 percent between 2022 and 2030.
To comply with its norms and criteria, the medical industry uses medical tubing in a variety of medical or pharmaceutical-related applications. It is employed to regulate leakage and fluid. Along with IVs, catheters, peristaltic pumps, and biopharmaceutical laboratory equipment, medical tubing is also employed with respiratory and anesthesiology equipment. Medical tubing must be manufactured using a defined process and particular certifications because it directly affects human anatomy. Medical tubing is produced from particular materials that adhere to the required standards.
Increasing demand for medical devices to enhance access to healthcare services and facilities, availability of cost-efficient medical services, and the significant rise of pharmaceutical & healthcare industries are some of the major factors that drive the growth of the global medical tubing market. The healthcare industry has been on the rise over the years.
This promotes innovations in the field, leading to enhanced Research and Development (R&D) activities. R&D in the medical industry leads to the discovery, development, and enhancement of solutions and devices, finding new and better ways to utilize Medical Tubing. Additionally, with initiatives in the healthcare segment, medical services and facilities are available at relatively low expenses.
Furthermore, initiatives are put in place to provide access to medical services worldwide, even in remote and rural locations. Subsequently, economic growth, technological advancements, increased health awareness, changing demographics and the high prevalence of a wide range of diseases contribute to the growth of the medical tubing market. However, the health issues related to the insertion of medical tubes are expected to restrain the market growth over the forecast period.
Based on the product, the market is segmented into polyolefins, silicone, polyvinyl chloride, polycarbonates, fluoropolymers, and others. The silicone segment is expected to hold a significant market share over the forecast period. Silicone has various advantages over other materials, such as natural rubber, which is more biocompatible than rubber medical tubes and does not cause patient allergies. It also has good dimensional stability and is resistant to a variety of environmental conditions such as chemicals, temperature, UV radiation, and x-rays. Platinum-cured silicone tubing, designed for crucial pharmaceutical and biomedical applications, is resistant to adhesion and does not support bacterial growth due to its low surface energy.
North America is expected to dominate the global medical tubing market during the forecast period. This is attributable to various factors such as innovations in the field of healthcare & devices, enhanced obesity rate, well-established & advanced healthcare system, and high prevalence of a wide range of metabolic, respiratory, & non-communicable diseases, in the region. Moreover, countries like the United States and Canada have well-established healthcare systems.
This leads to novel innovations in the medical industry such as multiple noninvasive procedures. Noninvasive procedures are cost-efficient and have relatively quick recovery times. With increased non-invasive procedures, the market for medical tubing increases as well. Additionally, the obesity rate in the region is on the rise. This creates health problems for its residents and increases their reliability on medical devices and procedures. Furthermore, the region has a high prevalence rate of diseases such as diabetes, asthma, respiratory disorders, and cardiovascular diseases. This, in turn, enhances the growth of the medical tubing market, in the region.
- In March 2022, a new range of thermoplastic elastomers called Monprene RX CP-15100 was released by Teknor Apex (TPEs). It is built of post-consumer recycled material (PCR), which has a recycled content percentage of 25 to 35. This material encourages a circular economy and lowers reliance on energy and resources derived from fossil fuels. This series can be tailored to the needs of the customer and is offered in conventional grades ranging from 55 to 80 Shore A. In Singapore, the United States, and Germany, products are made by ISO 9001 and ISO 14001 standards.
- In February 2022, Zeus Industrial Products launched its PTFE Sub-Lite-Wall multi-lumen tubing to its product portfolio designed for steerable catheters.
THE GLOBAL MEDICAL TUBING MARKET IS DOMINATED BY PLAYERS INCLUDING:
- The Lubrizol Corporation
- Saint-Gobain Group
- Zeus Industrial Products Inc.
- Putnam Plastics
- Nordson Corporation
- W. L. Gore & Associates Inc.
- RAUMEDIC AG
- Teknor Apex
- Teleflex Incorporated
- Freudenberg Medical
- Avient Corporation
- Coloplast Corp.
- ConvaTec Group PLC
- Boston Scientific Corporation
- Lvd Biotech
- A.P. Extrusion Incorporated
- Elkem ASA
THE GLOBAL MEDICAL TUBING MARKET IS SEGMENTED AS FOLLOWS:
- Polyvinyl Chloride
- Bulk Disposable Tubing
- Drug Delivery Systems
- Biopharmaceutical Laboratory Equipment
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa