Medical Tubing Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s medical tubing market report forecasts the medical tubing market size to grow to $17.19 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.
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Medical Tubing Market Size Forecast
The global medical tubing market is expected to grow from $10.7 billion in 2022 to $11.81 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical tubing market size is expected to grow to $17.19 billion in 2027 at a CAGR of 9.8%.
North America held the largest medical tubing market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Medical Tubing Market Driver – Rise In Cases Of Respiratory Diseases
According to a study published in the Centers for Disease Control and Prevention, the percentage of adults over the age of 18 in the United States with COPD, emphysema, or chronic bronchitis increased from 4.6% in 2019 to 5.0% in 2020. As a result, the rising prevalence of respiratory diseases will drive the medical tubing market forward.
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Key Medical Tubing Market Trend – Product Innovation
Key players are focusing on the release of new innovative medical tubes with novel features in order to improve the outcome of usage. The companies are launching innovative medical tubes that are one-of-a-kind and designed to be effective and efficient by utilising advanced manufacturing processes and cutting-edge technology. One of the most distinctive innovations now in use is the braided medical tube. The braided tube’s unique design protects and expands the capabilities of catheters and medical tubing. A braided tube is a fantastic way to increase the flexibility and strength of existing medical equipment. Braided tubing is used in a variety of medical procedures, including cardiovascular and neurovascular surgery, as well as endoscopic treatments of the digestive system. For example, Zeus Industrial Products, Inc., a South Carolina-based provider of polymer solutions, introduced braid and coil reinforced polyamide tubing in January 2021, which enables design engineers to leverage key properties such as torque ability, flexibility, and strength in the development of new catheter designs.
Medical Tubing Market Segment
1) By Product: Silicone, Polyolefins, Polyvinyl Chloride, Polycarbonates, Fluoropolymers, Other Products
2) By Application: Bulk Disposable Tubing, Drug Delivery Systems, Catheters, Biopharmaceutical Laboratory Equipment, Other Applications
3) By End-User: Hospitals, Clinics, Ambulatory Surgical Centers, Medical Labs, Other End-Users
Medical Tubing Market Major Players and Strategies
Major players in the medical tubing market are Saint-Gobain, Freudenberg Medical LLC, WL Gore and Associates Inc., Avient Corporation, Raumedic AG, Lubrizol Corporation, Elkem ASA, Dow Corning Corporation, Nordson Corporation, Teknor Apex, Optinova, Microlumen, Fine Tubes Ltd., Davis Standard, and B Braun.
Catheter and Medical Design, a US-based provider of extrusion braid/coil reinforced catheter shafts to the global medical device industry, paid an undisclosed sum in March 2021 to acquire VitalDyne Medical. Catheter & Medical Design will now own VitalDyne’s laser cutting, welding, micromachining, and final device production capabilities, which will supplement the company’s manufacturing capabilities. VitalDyne Medical is a US-based manufacturer of one-of-a-kind, high-tech catheter solutions, such as disposable tubing sets.
The Medical Tubing Global Market Report 2023 covers regional data on medical tubing market size, medical tubing market trends and drivers, opportunities, strategies, and medical tubing market competitor analysis. The countries covered in the medical tubing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
A small intricate, customised tube used to transfer fluids to and from the body as well as to administer devices is referred to as medical tubing. As they are commonly used in anaesthesia and respiratory apparatus, IVs, catheters, peristaltic pumps, biopharmaceutical laboratory equipment, and others for fluid management and drainage, medical tubes are manufactured in a sterile environment with no risk of contamination.
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