Medical Tubing Market
Medical Tubing Market - Global Industry Assessment & Forecast
- By Structure Single-Lumen, Co-Extruded, Multi-Lumen, Tapered or Bump Tubing , Braided Tubing
- By Application Bulk Disposable Tubing, Catheters & Cannulas, Drug Delivery System, Special Applications, Others
- By Region North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 8.74 Billion|
|Revenue 2030:||USD 17.67 Billion|
|Revenue CAGR (2023 - 2030):||9.20%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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Medical Tubing Market: By Structure, Application, and Region
Global Medical Tubing market is valued at USD 8.74 Billion in 2022 and is estimated to reach a value of USD 17.67 Billion by 2030 at a CAGR of 9.20% during the forecast period. Asthma, lung cancer, and pulmonary fibrosis are on the rise, product demand is predicted to rise as it is an important component of respiratory devices like ventilators that help people breathe. The current COVID-19 epidemic has resulted in an increase in hospitalizations, resulting in a surge in product demand for improved patient treatment. Disposable medical equipment is vital for patient care in Intensive Care Units (ICUs), leading in increased demand for Medical Tubing, which is one of the important components of numerous medical devices.
In the US, the COVID-19 virus spread quickly in 2020, causing a considerable number of people to be hospitalised. In addition, hospitals and clinics had a scarcity of beds. The high prevalence of COVID-19 illness, which affects the lungs and causes pneumonia and other respiratory problems, is driving up demand for medical tubing used in various respiratory devices in the US. The need for disposable medical equipment is expected to rise as public awareness of hospital-acquired infections grows, along with worries about the spread of such infections. The increasing number of collaborations and joint ventures between medical device companies is likely to broaden the global reach of disposable medical devices, hence promoting market growth. Medical tubes have shrunk in size and thickness as they have become more popular in procedures like angioplasty, endoscopy, and drug delivery. Microtubes are an essential component of surgical tools and suction and fluid delivery devices that operate on the patient's organs and tissues. The medical tubing market is projected to continue very competitive in the future, as businesses in this sector are under enormous pressure to provide high-quality products.
Medical Tubing Market Size, 2022 To 2030 (USD Billion)
The global Medical Tubing market is segmented on the basis of Structure(Single-Lumen,Co-Extruded,Multi-Lumen,Tapered or Bump Tubing ,Braided Tubing),Application(Bulk Disposable Tubing,Catheters & Cannulas,Drug Delivery System,Special Applications,Others),Region(North America,Europe,Asia-Pacific,Latin America,Middle East & Africa). Based on structure, the market is segmented as Single-lumen, Co-extruded, Multi-lumen, Tapered or Bump tubing and Braided tubing. By application, the market is segmented as Bulk disposable tubing, Catheters & cannulas, Drug delivery system and Special applications. The regional market is segmented into regions viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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Braided tubing is projected to see increased demand in the coming years as demand for application-specific medical and diagnostic equipment rises in response to the ageing population. It is commonly utilised in applications that require a robust, rigid structure. It's a multipurpose reinforced tube that comes in a variety of sizes and designs. Both liquids and gases can be transported safely and efficiently using a braided tube or hose.
Catheters are thin tubes made of medical-grade materials that are used in a number of medical procedures. They are injected into patients' bodies to treat ailments or perform surgery. Because of the rising number of chronic diseases that necessitate hospitalisation, the demand for catheters has increased significantly, driving the catheters segment's growth. From 2021 to 2028, the drug delivery systems segment is predicted to grow at the fastest rate, with a CAGR of more than 9%. Medical tubes are used to transport pharmaceuticals to the target region in a variety of drug delivery systems, including injectable, respiratory, and linked drug delivery systems.
Well-Established Medical Infrastructure and Increasing Healthcare Expenditures are Expected to Drive Growth of the Medical Tubing Market
The increased need for better healthcare has prompted medical equipment producers to focus on developing novel ways to reach a wide spectrum of people, resulting in this growth. The increased transfer of medical technology from the United States is driving the industry in Central and South America. The presence of import limitations on medical equipment in Argentina, which are intended to boost domestic manufacturing, is projected to generate growth prospects for local manufacturers. Over the projected period, steady demand for minimally invasive and diagnostic equipment that uses medical tubes is expected to drive market expansion. From 2020 to 2028, Asia Pacific, on the other hand, is expected to be the fastest-growing regional market.
New Production Facilities are Expected to Drive Growth of the Medical Tubing Market
To meet the increased demand across numerous healthcare applications, major manufacturers are focusing on developing new manufacturing facilities or expanding current ones. For example, Optinova will open a new production plant in Pennsylvania in November 2020, spanning 95,000 square feet and including over 20 sophisticated extrusion lines. Manufacturers are also concentrating on expanding their customer base by building service and application offices in various regions throughout the world. Vanguard Products Corp., for example, built a new technical support and applications development office in China in December 2019 to expand its customer base in the Asia Pacific area.
Significant Investments and Time Required for Product Development
The fabrication of Medical Tubing necessitates a significant financial investment as well as a significant amount of time. Delays in regulatory approvals lengthen the total development process, resulting in a drop in medical product development technology investment. To minimise technical and biocompatibility concerns, which incur additional costs and time, the market is undergoing continual product innovation. Selecting the best polymer for a specific medical application and examining the application areas for each polymer in medical tubing, for example, is critical and necessitates extensive R&D and technical knowledge. Distinct polymers and medical devices have different approval processes, which can take a long period. FDA regulations, for example, are likely to become more intricate and expensive in the future, thereby lengthening the time it takes to approve medical devices.
North America Medical Tubing Market to Grow at the Fastest CAGR
Demand for Medical Tubing in North America is increasing because of the American governments spend so much money on healthcare, the North American region dominates the market. In addition, both private and state insurance and medical companies in the United States are known to spend a lot of money on healthcare. In both countries, the senior population is also increasing at an alarming rate. Because of government social security pay-outs, America and Canada have the most wealthiest elderly populations in the world.
Some of the major vendors in the Medical Tubing market are Asahi Tec Corp., MDC Industries, Nordson Corp., ZARYS International Group, Hitachi Cable America Inc., NewAge Industries, Inc., TE Connectivity, Freudenberg & Co. KG, Spectrum Plastics Group, ATAG SpA, Saint-Gobain, Bentec Medical, Trelleborg AB, MicroLumen, Inc., Optinova, Vanguard Products Corp.
The Medical Tubing is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for Medical Tubing in terms of revenue?
The global Medical Tubing valued at USD 8.74 Billion in 2022 and is expected to reach USD 17.67 Billion in 2030 growing at a CAGR of 9.20%.
Which are the prominent players in the market?
The prominent players in the market are Asahi Tec Corp., MDC Industries, Nordson Corp., ZARYS International Group, Hitachi Cable America Inc., NewAge Industries, Inc., TE Connectivity, Freudenberg & Co. KG, Spectrum Plastics Group, ATAG SpA, Saint-Gobain, Bentec Medical, Trelleborg AB, MicroLumen, Inc., Optinova, Vanguard Products Corp..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 9.20% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Medical Tubing include
- Well-Established Medical Infrastructure And Increasing Healthcare Expenditures Are Expected To Drive Growth Of The Market
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Medical Tubing in 2022.