April 13, 2024

Medical Tubing Market Insights: Key Market Dynamics

Medical Tubing Market

Medical tubing is finding wide application in various medical devices and equipment used for diagnostic, therapeutic and drug delivery purposes. These tubes help in transporting fluids, gases or hollow viscous materials within medical devices and equipment in a medical setting. The rising prevalence of chronic diseases and increasing demand for minimally invasive surgeries are driving the demand for medical devices and subsequently, medical tubing.

Medical tubing is made of plastic, rubber or silicone and is available in various styles including single-lumen, multi-lumen and coated &jacketed tubing. It helps provide flexibility, bendability and kink resistance in complex medical equipment and devices. The properties of medical-grade materials used in tubing such as biocompatibility and flexibility make them suitable for a variety of medical applications including drug delivery, peristaltic pumps, biopsy valves, components for dialysis machines and more.

The Global Medical Tubing Market is estimated to be valued at US$ 9,550.5 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.

Key Takeaways
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.. Growing preference for minimally invasive medical procedures and increasing research and development activities in the medical devices industry offer lucrative growth opportunities. Rising healthcare expenditure in emerging economies of Asia Pacific provides opportunities for market expansion.

Key opportunities in the market include increasing adoption of single-use medical devices to prevent the risk of infections caused due to reusable medical devices. The medical tubing market is also witnessing increasing demand for multi-lumen tubing used in complex medical equipment that require transport of multiple fluids and gases.

Globally, Asia Pacific is expected witness fastest growth in the medical tubing market owing to increasing healthcare expenditure, large patient pool and rising adoption of advanced medical technologies in countries like China and India. North America dominated the global medical tubing market in 2023 and is expected to continue its dominance over the forecast period driven by strong presence of key medical device companies and availability of advanced healthcare facilities.

Market drivers
The primary driver augmenting the demand for medical tubing is the burgeoning demand for minimally invasive surgical techniques. Minimally invasive procedures use narrow surgical instruments and small incisions instead of large open incisions, resulting in less trauma, quick recovery and reduced scarring. The growing inclination towards these advanced techniques is propelling the demand for complex medical devices and equipment that use medical-grade tubing. The other key market driver includes rising geriatric population worldwide that is increasing the risk of chronic diseases and subsequent demand for medical devices. High demand for tubing from applications such as biopharmaceutical production, drug delivery and clinical diagnostic is also boosting the medical tubing market growth.

PEST Analysis

Political: The medical device industry is regulated strictly. Changes in regulatory guidelines related to medical devices approval and labelling impact the medical tubing market. Strict quality standards are required to be followed.

Economic: Rising healthcare expenditure globally drives the demand for advanced medical devices and thereby the medical tubing market. Economic slowdowns can impact the market growth adversely.

Social: Growing geriatric population and increasing lifestyle diseases elevate the demand for advanced medical treatments and devices. Higher awareness regarding various medical therapies also boosts the medical tubing market.

Technological: Continuous development of advanced materials and manufacturing technologies facilitate production of miniaturized and flexible tubing required for niche medical applications. 3D printing allows customization as per patient needs.

The largest geographical region for the medical tubing market in terms of value is North America due to high healthcare spending and presence of major market players in the region. Europe is another major revenue generator owing to growing elderly population and availability of advanced healthcare facilities.

Asia Pacific is anticipated to be the fastest growing region for the medical tubing market during the forecast period attributed to rising medical tourism, improving access to healthcare and increasing demand for minimally invasive surgeries in emerging countries like China and India. Expansion of manufacturing base of medical device companies to Asia further supports market growth in the region.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it