Medical Tubing Market Growth 2022-2030
Global medical tubing market is witnessing a constant rise, heading with the rising demand for minimally invasive procedures and advanced medical devices. Proliferation of the healthcare sector is also a key factor impacting market growth, positively. Moreover, augmenting demand for medical tubing devices in various surgical procedures owing to the excellent biocompatibility & lubricity of these devices accelerates the market growth to furthered height.
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According to Market Research Future (MRFR), the global medical tubing market is estimated to garner huge gains by 2030, registering a noteworthy CAGR over the assessment period (2022 to 2030). Increasing per capita healthcare expenses, rising awareness for healthcare, and the growing geriatric population are the major factors that create enormous market demand.
Additional factors, such as increasing numbers of non-invasive treatment procedures for myriads of chronic diseases, foster the growth of the market. Also, the growing demand for technically advanced medical devices in various neurological and surgical applications propels the growth of the market.
Medical Tubing Market – Segmentations
The analysis has been segmented into four major dynamics.
By Material : Rubber, Plastic, and Metal.
By Structure : Multi-lumen, Single-lumen, Co-Extruded, Tapered/ Bumped, Balloon, Braided, Heat Shrink, High-pressure, Coiled, Thin-walled, Micro-Extrusion, and others.
By Application : Draining Blood, Bulk Disposable Tubing, Catheters & Cannulas, Special Applications, Drug Delivery Systems, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Medical Tubing Market – Geographical Analysis
North America dominates the global medical tubing market growth with the presence of several players, well-established medical facilities, and skilled professionals. Additionally, the availability of technologically advanced medical devices in the region impacts market growth positively. Also, the rising usages of medical tubing in the proliferating healthcare sector drive the growth of the regional market predominantly.
The U.S., backed by large technological advances and high per capita healthcare expenditures, accounts for the substantial share in the regional market. The North American medical tubing market is estimated to retain its leading position throughout the assessment period.
Europe stands second in the global medical tubing market due to the government support that encourages manufacturers to develop advanced tubing devices. Besides, the resurging economy in the region is substantiating the market growth, availing the best possible healthcare, and increasing healthcare expenditures.
Moreover, the demand for minimally invasive surgery and the development of robotics and endoscopic techniques are some of the significant driving forces pushing the growth of the regional market.
Asia Pacific is emerging as a promising market for medical tubing devices, globally. Factors such as the rapidly improving healthcare infrastructure and spreading awareness about the availability and benefits of tubing devices among medical practitioners substantiate the regional market growth. Moreover, the rapidly increasing population is impacting the growth of the regional market, positively promoting the demand for quality healthcare.
Besides, rapid improvements in the economy of APAC countries influence market growth, providing immense opportunities for market players. Furthermore, the demand for minimally invasive procedures, alongside the availability of advanced medical devices, is propelling the regional market growth. Besides, the growing healthcare concerns and increasing adoption of advanced technologies are increasing the size of the APAC medical tubing market.
Global Medical Tubing Market - Competitive Landscape
Highly competitive, the medical tubing market appears fragmented, with many well-established players forming a competitive landscape. To gain a larger competitive share in the market, mergers & acquisitions, collaborations, expansions, and product/technology launch remain key strategies for these players. Since, the product & technology launch- based competition is trending, these fervent players initiate R&D activities.
They invest substantially in developing futuristic tubing materials and advent technology. They also make huge investments to expand their global footprints. To meet their expansion goals, players acquire small yet promising companies from emerging markets. The market attracts several new entrants to the market, which, in turn, intensifies the competition further. Also, product launches result in making the competition in the market fierce.
Major Players:
Players active in the global medical tubing market include A.P. Technologies Group Pte. Ltd. (Singapore), Saint-Gobain Performance Plastics (U.S.), Optinova (Finland), Zeus Industrial Products, Inc. (U.S.), Fine Tubes Ltd. (U.K.), Teleflex Incorporated (U.S.), RAUMEDIC AG (Germany), Davis Standard (U.S.), Tekni-Plex (Pennsylvania), Putnam Plastics (U.S.), Nordson Corporation (U.S.), and Lubrizol Corporation (U.S.), among others.
Industry/ Innovation/ Related News:
February 20, 2020 --- Teleflex Medical OEM (the U.S.), announced the acquisition of IWG High Performance Conductors Inc. (HPC – the U.S.), a medical tubing & wire components manufacturer to expand &diversify its portfolio of in-house capabilities. The transaction is also expected to bolster the Company’s position in custom-engineered medical devices, increasing its ability to provide related technologies for electrophysiology, drug- and stent-delivery, and neurovascular interventions.
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