In terms of revenue, the Market is expected to reach USD 15.59 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.30% from 2022 to 2028. Several stringent regulatory and sustainability mandates coupled with rising demand due to various applications and concerns for healthcare among population are factors accelerating market growth for .
- Polyvinyl chloride in product segment has held a considerable market share in 2021. Higher adoption of single use pre-sterilized medical devices has resulted as enhanced demand for PVC based medical devices.
- Bulk disposable tubing sub-segment in application segment is about to gain higher market share during the forecast period. Bulk disposable devices are surgical instruments, syringes, urological products, and needles. The growing focus on prevention by infection from one patient toanother is about to drive segmental growth
- Asia Pacific is projected to have fastest market growth. Well established medical infrastructure as well as growth in healthcare expenditure in the region is expected to accelerate the product demand. Higher adopting for minimally invasive and diagnostic equipment has medical tubes usage is complementing segmental growth.
Some of key players in Market include - 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 number of geriatric populations is increasing and fuelling the need for medical devices that incorporate tubing, boosting the Medical Tubing Market growth. Countries such as India, China, the US, Indonesia, Brazil, and Nigeria are projected to be the countries having highest population in coming years. With healthcare system improvements, life expectancy is also enhancing in these countries. Thus, the demand for lightweight and portable medical devices and tubing is about to have high potential growth. Additionally, the usage of several devices like home care equipment, enteral tube feeding equipment and patient monitoring equipment coupled with need for tubing & equipment related to cardiovascular and respiratory diseases are factors fueling market demand.
North America is expected to have higher market share. There is a huge demand from end-use applications of Medical Tubing like bulk Medical Tubing, drug delivery systems, catheters & cannulas, and other applications are smoke evacuation tubing and peristaltic pump tubing. With this, higher adoption of minimally invasive medical procedures coupled with increase in healthcare accessibility is factor contributing in regional market growth.