WASHINGTON, March 08, 2023 (GLOBE NEWSWIRE) -- According to a report by Vantage Market Research, the global Medical Tubing Market is expected to grow from $ 8.19 Billion in 2021 to $ 15.59 Billion by 2028, at a compound annual growth rate (CAGR) of 9.30%.
Medical Tubing Market Overview
The medical tubing market is a rapidly growing industry that serves various medical applications. Medical tubing is used in a wide range of medical devices, including catheters, drug delivery systems, intravenous sets, and others. The tubing is available in different materials, including plastics, silicone, rubber, and metal, and can be customized to meet specific medical needs.
The demand for medical tubing is driven by the increasing prevalence of chronic diseases and the growing aging population. According to the World Health Organization (WHO), the global population aged 60 years and above is expected to reach 2 billion by 2050, up from 900 million in 2015. This demographic shift is driving the demand for medical devices and increasing the need for medical tubing.
The market is also driven by the increasing number of surgical procedures and technological advancements in medical tubing materials and manufacturing processes. For instance, manufacturers are developing tubing with improved biocompatibility, increased flexibility, and better resistance to kinking, twisting, and collapsing. These developments are enhancing the safety and efficacy of medical devices and driving the demand for medical tubing.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 8.19 Billion |
| Revenue Forecast by 2028 | USD 15.59 Billion |
| CAGR | 9.30% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Asahi Tec Corp., MDC Industries, Nordson Corp., ZARYS International Group, Hitachi Cable America Inc., NewAge Industries Inc., TE Connectivity, Freudenberg & Co. KG, Spectrum Plastics Group, ATAG SpA, Saint-Gobain, Bentec Medical, Trelleborg AB, MicroLumen Inc., Optinova, Vanguard Products Corp. |
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Market Drivers
Increasing prevalence of chronic diseases: The rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases is driving the demand for medical devices, including those that require medical tubing. The growing aging population is also contributing to the increasing demand for medical tubing.
Technological advancements in medical tubing materials and manufacturing processes: Manufacturers are developing new materials and manufacturing processes that offer improved biocompatibility, increased flexibility, and better resistance to kinking, twisting, and collapsing. These advancements are enhancing the safety and efficacy of medical devices and driving the demand for medical tubing.
Growing demand for minimally invasive procedures: The increasing demand for minimally invasive procedures is driving the need for medical tubing that can be used in these procedures. Minimally invasive procedures offer several benefits over traditional surgeries, including shorter recovery times, reduced scarring, and lower risk of infection.
Increasing healthcare expenditure: The increasing healthcare expenditure in developed and developing countries is driving the demand for medical devices and contributing to the growth of the medical tubing market.
Presence of major medical tubing manufacturers: The presence of major medical tubing manufacturers is contributing to the growth of the market by providing a wide range of products and services to customers. These companies are also investing in research and development to develop new products and improve existing ones.
Market Restraint
Stringent regulatory framework: The medical tubing market is highly regulated, and manufacturers must comply with several regulations and standards to ensure the safety and efficacy of their products. These regulations can increase the cost and time required for product development and approval, which can be a significant restraint for smaller manufacturers.
Competition from alternative materials: While medical tubing is widely used in medical devices, there are alternative materials available that can be used for the same applications. For instance, some medical devices may use metal tubing instead of plastic tubing. This competition can be a restraint for the medical tubing market.
Fluctuations in raw material prices: The cost of raw materials used to manufacture medical tubing, such as plastics and metals, can fluctuate due to changes in supply and demand or geopolitical factors. These fluctuations can impact the profitability of manufacturers and restrain the growth of the market.
Lack of reimbursement policies: In some regions, the lack of reimbursement policies for medical devices and procedures can limit the adoption of medical devices that require medical tubing. This can be a significant restraint for the growth of the medical tubing market.
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Market Opportunities
Growing demand for home healthcare: With the increasing prevalence of chronic diseases and the aging population, there is a growing demand for home healthcare. This presents an opportunity for medical tubing manufacturers to develop products that can be used in home healthcare settings, such as oxygen therapy or enteral feeding.
Emerging markets: The medical tubing market is expanding in emerging markets such as Asia Pacific and Latin America due to the increasing demand for medical devices and growing healthcare expenditure in these regions. This presents an opportunity for medical tubing manufacturers to expand their presence in these markets.
Increasing adoption of 3D printing: The adoption of 3D printing technology in the medical industry is increasing, and this presents an opportunity for medical tubing manufacturers to develop customized products using 3D printing technology.
Integration with smart technologies: There is an increasing trend towards the integration of medical devices with smart technologies such as IoT and AI. This presents an opportunity for medical tubing manufacturers to develop products that can be integrated with these technologies to enhance their functionality and provide better patient outcomes.
Increasing demand for minimally invasive procedures: As mentioned earlier, the increasing demand for minimally invasive procedures presents an opportunity for medical tubing manufacturers to develop products that can be used in these procedures. This includes developing products with improved biocompatibility, increased flexibility, and better resistance to kinking, twisting, and collapsing.
Top Players in the Medical Tubing Market:
- Asahi Tec Corp.
- MDC Industries
- Nordson Corp.
- ZARYS International Group
- Hitachi Cable America Inc.
- NewAge Industries Inc.
- TE Connectivity
- Freudenberg & Co. KG
- Spectrum Plastics Group
- ATAG SpA
- Saint-Gobain
- Bentec Medical
- Trelleborg AB
- MicroLumen Inc.
- Optinova
- Vanguard Products Corp.
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Regional Overview
- North America dominates the global medical tubing market due to the presence of well-established healthcare infrastructure, high healthcare spending, and the increasing prevalence of chronic diseases. In addition, the presence of major medical tubing manufacturers in the region is contributing to the growth of the market.
- Europe is the second-largest market for medical tubing, driven by the increasing demand for minimally invasive procedures, rising geriatric population, and growing adoption of advanced medical technologies. The region also has a well-established regulatory framework for medical devices, which is contributing to the growth of the market.
- The Asia Pacific region is expected to witness significant growth in the medical tubing market due to the growing healthcare expenditure, increasing awareness about healthcare, and the presence of a large patient population. The increasing demand for medical devices in countries such as China and India is also expected to drive the growth of the market.
- Latin America and the Middle East & Africa are also expected to witness significant growth in the medical tubing market due to the increasing adoption of medical devices and rising healthcare expenditure in these regions.
Browse Market Data Tables and Figures spread through 185 Pages and in-depth TOC on Medical Tubing Market Forecast Report (2022-2028).
Key Questions Answered in the Report:
- What are the current and future market trends in the medical tubing industry, and how are they expected to impact the market?
- What are the key drivers, restraints, and challenges facing the medical tubing market, and how are they expected to impact the market in the short and long term?
- What is the current market size of the medical tubing market, and what is its expected growth rate over the forecast period?
- Which regions and countries are expected to witness the highest growth in the medical tubing market, and why?
- What are the different types of medical tubing materials available, and what are their advantages and disadvantages?
- What are the different types of medical tubing products available, and what are their applications in the healthcare industry?
- Who are the major players operating in the medical tubing market, and what are their market shares, strategies, and product portfolios?
- What are the regulatory requirements for medical tubing products, and how are they expected to impact the market?
- What are the emerging trends in the medical tubing market, and how are they expected to shape the market in the future?
- What are the opportunities and challenges for new entrants in the medical tubing market, and how can they gain a competitive advantage in the market?
Medical Tubing Market Segmentation
By Structure
- Single-Lumen
- Co-Extruded
- Multi-Lumen
- Tapered or Bump Tubing
- Braided Tubing
By Application
- Bulk Disposable Tubing
- Catheters & Cannulas
- Drug Delivery System
- Special Applications
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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