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Medical tubing is used in the production of devices used for minimally invasive surgeries. Medical tubing finds applications in endoscopy, catheters, cannulas, laparoscopy procedures, and robotic surgery. Rising preference for minimally invasive surgeries due to advantages such as less pain, fewer scars, shorter hospital stay, and faster recovery time has been driving the demand for medical tubing. Medical tubing is used in manufacturing devices inserted through small incisions or body openings during minimally invasive surgeries. 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.
The global medical tubing market is expected to flourished by increasing number of minimally invasive surgeries performed globally. According to the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES), around 2 million laparoscopic procedures are performed annually worldwide. As medical tubing plays a crucial role in production of medical devices used in minimally invasive surgeries, growing adoption of such surgeries is expected to propel the demand for medical tubing over the forecast period.
Market Dynamics:
Rising demand for minimally invasive surgeries is one of the key drivers expected to boost the medical tubing market growth over the forecast period. As indicated in the heading, the number of minimally invasive surgical procedures is increasing rapidly across the globe due to advantages offered like reduced recovery time and less post-surgical complications. As medical tubing is integral part of devices inserted during such surgeries, increasing preference for minimally invasive option is estimated to drive the tubing market.
Another driver for the market is growing production of assemblies and components from medical tubing. Manufacturers are utilizing medical tubing in production of complex assemblies including multi-lumen tubes, spiral-wound tubes, co-extruded tubes and heat shrinkable tubing which find application in variety of medical devices. Innovation in tubing designs to produce advanced components is expected to support the market growth during the forecast period.
Segment Analysis
Medical Tubing market is dominated by the Thermoplastic Polyurethane segment which holds around 32% share of the market. Thermoplastic polyurethane tubing is highly preferred in the medical tubing market due to its excellent mechanical properties, resistance to chemicals and biological fluids along with great tensile strength and flexibility. It is used in variety of medical applications including enteral feeding, peristaltic pump, biopsy, and urological accessories.
PEST Analysis
Political: Governments across the world are focusing on increasing healthcare spending which is positively impacting the medical tubing market. Various regulatory standards regarding usage of medical devices and materials are in place to ensure safety.
Economic: Rising patient population suffering from chronic diseases, growing geriatric population and improving access to healthcare are driving the economic growth of the medical tubing market.
Social: Increasing health awareness and preference for minimally invasive procedures are augmenting the social demand for medical tubing used in various medical devices.
Technological: Advancements in material science has led to development of novel high-performance tubing with attributes like kink-resistance, flexibility and improved biocompatibility. 3D printing technology is also being explored for manufacturing customized medical tubing.
Key Takeaways
The global Medical Tubing market is expected to witness high growth over the forecast period driven by increasing prevalence of chronic diseases and rising geriatric population globally.
Regional analysis: North America currently captures over 40% share of the global medical tubing market led by the US. This is attributed to growing number of lifestyle diseases, availability of advanced healthcare facilities and large spending on healthcare. Asia Pacific is expected to be the fastest growing region during the forecast period with China and India being the major revenue generators. This can be accredited to rising medical awareness, availability of low-cost treatments and increasing healthcare expenditures in APAC countries.
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. Key players are focusing on new product launches, mergers & acquisitions and geographical expansions to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
