The global medical tubing market is extensively used in medical devices for applications such as drug delivery, bulk disposable tubing, biopharmaceutical production, and specialized applications. Medical tubing is fabricated from different types of polymers and elastomers such as PVC, TPE, and TPU which provides desirable physical and mechanical properties suitable for medical applications. These tubing provides small diameter precision tubing for fluid and gas handling with high purity and flexibility. The global medical tubing market is estimated to be valued at US$ 9,550.05 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Increased demand for minimally invasive surgeries: Over the past few years, there has been a significant rise in the number of minimally invasive surgeries performed globally. This is attributed to benefits such as lesser pain, shorter hospital stays, and faster recovery times associated with minimally invasive procedures. Increased adoption of minimally invasive techniques has augumented the demand for variety of medical tubes and catheters used in these surgeries. This rising preference for minimally invasive approaches is expected to propel the growth of medical tubing market over the forecast period.
Segment Analysis
The global medical tubing market is segmented by product type, material, application and end user. Based on product type, the extruded medical tubing segment dominates the market. Extruded tubing account for more than 60% of the total market share owing to better performance properties and wide applications in medical devices.
Key Takeaways
The global medical tubing market is expected to witness high growth during the forecast period of 2023 to 2030.
Regional Analysis: North America currently dominates the global market with over 35% market share in 2023. Asia Pacific region is expected to be the fastest growing market during the forecast period due to rising healthcare spending and increasing number of regional medical device manufacturers in countries like China, India and Japan.
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. The medical tubing market is competitive in nature with major players focusing on new product launches and mergers & acquisitions to gain competitive edge in the market. For instance, in 2020 Teleflex Incorporated acquired Z-Medica, LLC, a leading provider of hemostatic devices.
