Medical Tubing Market to Grow at a Highest CAGR of 10% by 2023-2030 | Key Players ATAG spa, Bentec Medical, Saint-Gobain S.A., Hitachi Ltd., Avient Corporation

Medical Tubing Market, by Material (Plastics, Rubbers, Specialty Polymers), Application (Bulk Disposable Tubing, Catheters & Cannulas, Drug Delivery Systems, and Special Applications), Structure and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

The key market players in this market are ATAG spa, Avient Corporation, Bentec Medical, Saint-Gobain S.A., Hitachi Ltd., Microlumen Inc., NewAge Industries Inc., Nordson Corporation, and Optinova Holding AB.

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For a range of medical or pharmaceutical purposes, medical tubing is tubing that complies with the standards and specifications set forth by the medical industry. Medical tubing is utilized with anesthesia and respiratory devices, IVs, catheters, peristaltic pumps, and biopharmaceutical laboratory equipment in addition to fluid management and drainage. Some materials that adhere to the requirements are used to make medical tubing. Medical tubing can be made from a variety of materials, including plastic, rubber, metal, and glass. Medical tubes must have certain essential performance characteristics, including flexibility, durability, hardness, and abrasion resistance.

Current Market and Growth Drivers

The Medical Tubing Market size was $4.9 billion in 2021 and is expected to reach $11.56 billion by 2030 at a CAGR of 10% in the forecast period of 2023-2030.

The benefits of minimally invasive medicine over standard surgery procedures have advantages including speedy recovery, minimal expenses, and brief hospital stays, they are performed more frequently. Moreover, conditions including heart disease, cancer, and arthritis are spreading more widely. The demand for minimally invasive therapies is rising because these disorders are typically treated with difficult surgeries. This increases the demand for plastic polymers, which are used in the production of catheters and medical tubing. Medical tubing also ensures efficiency and reduces waiting time.

The number of elderly persons, who in turn drive the market for medical tubing, is a major driver of demand for medical equipment with tubing. Over 727 million individuals worldwide are 65 years of age or older, according to the UN's 2020 Global Population Aging Report. This figure is predicted to double by the year 2050. The number of older people is rising, however more slowly in developing nations than in wealthy ones. The nations with the greatest populations are anticipated to be China, India, the United States, Indonesia, Brazil, and Nigeria by the year 2050. Life expectancy increases as the healthcare systems in these nations improve.

In addition, programs are launched to make medical services available everywhere, including in isolated and rural areas. Hence, the market for medical tubing is expanding as a result of economic expansion, scientific and technical developments, rising health consciousness, shifting demographics, and the increasing frequency of numerous diseases. Over the projection period, the market expansion is anticipated to be constrained by the health risks associated with the insertion of medical tubes.

Moreover, the profitable market expansion will result from strategic initiatives including product launches, mergers and acquisitions, collaborations, and others. For instance, in April 2021, BioCardia, Inc. signed a contract relating to potential BioCardia Helix catheter biotherapeutic delivery product candidates with one of the top Japanese biotechnology companies. A non-exclusive, global license to the BioCardia Helix catheter biotherapeutic delivery product candidates for specific cell types for cardiac purposes is granted.

Following the conditions of the contract, BioCardia will get USD 500,000 for goods and support services related to biotherapeutic delivery. Zeus Industrial Products added PTFE Sub-Lite-Wall multi-lumen tubing to its line of steerable catheter-specific products in February 2022.

Market segments

The thermoplastic elastomer (TPE), thermoplastic polyurethane (TPU), silicone, polyolefins (polyethylene (PE) and polypropylene (PP)), and others are the different material types that the Medical Tubing market is divided into. The market's highest revenue will originate from the polyvinyl chloride (PVC) sector since it is so simple to sterilize using ethylene oxide and irradiation. It is the most chosen material for creating medical tubes since it is clear, biocompatible, and chemically resistant. The segment is expanding as a result of the rising demand for single-use, pre-sterilized medical equipment.

Based on application, the market has been divided into bulk disposable devices, drug delivery systems, catheters, bio-pharmaceutical laboratory equipment, and others. In 2021, the bulk disposable device segment held the biggest market share. Also, it is anticipated that during the projected period, it would expand the fastest.

In 2020, the cardiovascular segment was the one with the largest market share for medical tubing globally. The high prevalence of cardiovascular diseases and developments in minimally invasive surgery are anticipated to accelerate the segment's growth in the coming years.

Within the predicted time frame, urological medical issues are anticipated to experience the highest CAGR growth.

High growth Geographies

In terms of revenue share, North America led in 2021. The market for medical tubing has been pushed by the rising geriatric population in nations like the United States and Canada. The healthcare sector in this area has improved as a result of a rise in government spending on creating and renovating healthcare infrastructure with the aid of health insurance firms.

Due to the rising demand for several applications, including catheters & cannulas, drug delivery systems, bulk medical tubing, and other specialized applications (smoke evacuation tubing and peristaltic pump tubing), the Asia-Pacific market is anticipated to develop at the quickest CAGR between 2021 and 2030. The expansion of healthcare accessibility as well as the quickly rising demand for minimally invasive medical procedures further contributes to the market's expansion in the area. The need for less invasive procedures is growing as the middle-class populations in China and India grow in number. The region is seeing improvements in effective medical technology, along with a rise in demand among consumers for products that make it simple to care for aging family members at home.

Conclusion

A hollow cylindrical pipe called medical tubing is used to carry liquid and gas. To make it safe for usage, it is mostly produced using silicone, polyethylene, polyvinyl chloride (PVC), nylon, and thermoplastic elastomers (TPE). The Medical Tubing Market size was $4.9 billion in 2021. The benefits of minimally invasive medicine, the growing elderly population, and initiatives to make medical services available are some driving factors for the medical tubing market. Segments like polyvinyl chloride (PVC) based on material, bulk disposable devices based on application, and cardiovascular in minimally invasive surgery are projected to fastest growing market segments. Also in 2021, North America led the market in terms of revenue but due to rising demand for several applications Asia Pacific market is anticipated to grow with the highest CAGR.

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