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The medical tubing market include a wide range of medical-grade plastic tubes used for fluid and gas transfer in devices and equipment in healthcare facilities. Medical tubing finds applications in drug delivery systems, catheter tubes, biopharmaceutical processing equipment, and other medical devices owing to their properties such as flexibility, sterilizability, biocompatibility, and moisture barrier. Growing demand for minimally invasive medical procedures has augmented the need for safe and effective medical tubing that can perform precise delivery of drugs and transfer of fluids and gases in the body.
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 from 2023 to 2030.
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 Takeaways
Key players: Key players operating in the medical tubing market include 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. These players are focusing on new product launches, expansion of manufacturing facilities, and partnerships & acquisitions to gain a competitive edge in the market.
Growing demand: Growing preference for minimally invasive surgeries along with increasing incidence of chronic diseases is driving the demand for medical tubing. Properties of medical tubing such as flexibility, precision in fluid transfer, and sterilizability make them suitable for use in various medical devices.
Global expansion: Key players in the medical tubing market are expanding their global footprint by enhancing their distribution networks. Market players are focusing on investments in emerging economies in Asia Pacific and Latin America which are expected to offer lucrative opportunities for medical tubing manufacturers.
Market key trends
One of the key trends witnessed in the medical tubing market is the increased demand for multifunctional tubing systems. Medical device manufacturers are focusing on developing medical tubing incorporated with multiple functions like irrigation, suction, and additional channels for wires, fibers, and illumination systems. These multifunction tubing systems are increasingly being used in ENT and urology applications. Increasing R&D investments by leading players to introduce advanced tubing systems with such multiple functions will be a defining trend in the medical tubing market.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale in production and distribution limit new companies from entering the market.
Bargaining power of buyers: The presence of many established players ensures availability of substitutes at competitive prices reducing buyer power.
Bargaining power of suppliers: Raw material suppliers have some bargaining power as medical tubing require specialized raw materials difficult for manufacturers to change.
Threat of new substitutes: Substitute products exist but most are not as effective or safe limiting threat from substitutes.
Competitive rivalry: The medical tubing market is highly fragmented with the presence of numerous global and regional vendors leading to intense competition.
The APAC region accounts for the largest share of the medical tubing market in terms value due to increasing healthcare expenditures, rising income levels, growing demand for advanced medical devices, and improving healthcare infrastructure in emerging economies like China and India. North America is the second largest and fastest growing region driven by rising prevalence of chronic diseases, growing elderly population undergoing surgeries and increasing adoption of minimally invasive surgeries employing medical tubing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
