FEP Heat Shrink Medical Tubing Market worth $146 Million by 2024 | Key Players include Zeus Industries, TE Connectivity, Parker-Hannifin, Teleflex Inc, Junkosha Inc

According to recent market research "FEP Heat Shrink Medical Tubing Market by shrink ratio (1.3:1, 1.6:1), Application (Drug delivery devices (catheters), Surgical and Vascular Instrument, Flexible Joints, Electrical Insulation) - Global Market Forecast to 2024", The FEP heat shrink medical tube market size is estimated to be USD 103 Million in 2019 and projected to reach USD 146 Million, by 2024, at a CAGR of 7.2%.

FEP heat shrink medical tubing is used as a protective covering and coating of medical devices. The chemical inertness, high thermal resistance, and moisture resistance of this type of medical tubing are suitable for coating, encapsulation, and tube joining and covering of a surgical and vascular instrument. The demand for these instruments has risen since the demand for minimally invasive surgical procedures is on the rise.

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The 1.6:1 heat shrink ratio is the most preferred heat shrink ratio in the industry as it can cover more irregular shaped parts, and it also reduces the downtime required to apply on the medical devices. The use of 1.6:1 shrink ratio is more common in microcatheters, surgical and vascular instruments, and medical shafting, among others.
Drug delivery devices are the largest application for the FEP heat shrink medical tubing market. This can be attributed to its usage in microcatheters. Microcatheters are specialized, thin-walled, small-bore catheters, or delivery/access devices. FEP heat shrink medical tubing is being preferred for this application as it possess chemical resistance, moisture resistance and can withstand gamma sterilization.

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The FEP heat shrink medical tubing market size is estimated to be USD 103 Million in 2019 and projected to reach USD 146 Million by 2024, at a CAGR of 7.2%. FEP Heat shrink tubing is mainly used for medical applications that require high lubricity, flexibility, abrasion resistance, and resistance to harmful solvents. Fluorinated Ethylene Propylene (FEP) is one of the polymers, which is used for manufacturing heat shrink tubing. FEP heat shrink medical tubing possesses superior properties, such as good thermal stability, chemical inertness, low friction coefficient, high impact strength, and moisture resistance. This type of tubing is used in catheters, surgical procedures, electric insulation, and endoscopic and laparoscopic devices.

The major driving factors for the FEP heat shrink medical tubing market are the increasing demand for microcatheters across the globe, growth of demand for surgical instruments, and growing preference for minimally invasive surgery and growth of patient pools across the globe.
The major driving factors for the FEP heat shrink medical tubing market are the increasing demand for microcatheters across the globe, growth of demand for surgical instruments, and growing preference for minimally invasive surgery and growth of patient pools across the globe.

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The leading players in the global FEP heat shrink medical tubing market include Zeus Industries Products ltd. (US), TE Connectivity (US), Parker-Hannifin (US), Teleflex Inc. (US), and Junkosha Inc. (Japan). These players account for significant market shares. The companies adopted expansion, acquisition, Joint Venture/agreement, and new product developments as key strategies to enhance growth in the market.

Zeus Industrial Products (US) is a leading player in material science and manufacturing of high-performance polymer tubing that finds application in medical, aerospace, automotive, electrical, other industries. The company has 10 manufacturing facilities located worldwide and offers PTFE, FEP, ETFE, PFA, PET, PTFE/FEP Dual-Shrink, and PEEK based heat shrink tubing. The company provides FEP heat shrink tubing with three different shrink ratios, 1.3:1, 1.6:1, and 2:1. In November 2019 Zeus Industries Ltd. launched the FluoroPEELZ range of peelable medical tubing that has a high shrink ratio and optical clarity. This product can be used in the manufacturing of catheters and is beneficial in the neurovascular and neuromodulation markets. In July, 2019 Zeus Industrial Products bought a building owned by Mayer Industries Inc. (US) in South Carolina, US. This will help the company to expand its production capacity for a wide range of products.

TE Connectivity is engaged in the design, manufacturing, and sales of electronic components, connectivity, and sensor solutions to several industries such as transportation, medical technology, energy, manufacturing industry, and telecommunications. In 2019, The Company bought two US-based manufacturing facilities of the Optinova Group.

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