London, March 20, 2024 (GLOBE NEWSWIRE) -- Global medical tubing market is undergoing significant growth, estimated to grow at a value of US$9.32 Bn by the end of 2030. This growth is estimated at a CAGR of 10.3% from the forecast period 2023 to 2030, indicates the growing demand for medical tubing as revealed by a newly released report by Fairfield Market Research.
The medical tubing market encompasses a wide range of tubing products used in various medical applications such as fluid management, drug delivery, diagnostic instruments, catheters, and surgical procedures.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$5.2 Bn | |
| Estimated Market Size in 2030 | US$10.32 Bn | |
| CAGR | 10.3% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The primary factors projected to drive the medical tubing market expansion is an increasing burden of chronic diseases, exploding geriatric patient population, rising demand for minimally invasive medical procedures, and increasing demand for disposable tube-based medical devices. Increasing healthcare expenditure, particularly in emerging markets, is boosting investments in medical infrastructure, equipment, and devices, including medical tubing used in hospitals, clinics, and ambulatory care settings.
“There is a growing emphasis on the use of biocompatible materials and coatings to minimize the risk of adverse reactions and infections associated with medical tubing, particularly for long-term implantable devices. Manufacturers are offering customizable medical tubing solutions to meet the specific requirements of medical device OEMs and healthcare providers,” says the analyst.
The key trend anticipated to drive the medical tubing market growth is an increasing demand for personalised medicine. Furthermore, Precision medical methods, including gene therapy, cell-based therapeutics, and targeted medication delivery, are essential to personalised medicine. To ensure that these therapies are provided accurately and safely, medical tubing is essential.
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Key Research Insights
- The catheters & cannulas category is projected to experience the notable growth during forecast period.
- The plastics category dominated the medical tubing market in 2022.
- North America is expected to dominate the market during the forecast period.
Insights into Segmentation Analysis
Multi-lumen Tubing Leads as Aids in Delivery of Improved Patient Care
- The multi-lumen segment dominated the market in 2022. The tubing's multi-lumens can be used for a variety of purposes, including fluid infusion, fluid drainage, injection of contrast media, insufflation of air, and guide wire passage.
- Multi-lumen tubing enables the simultaneous passage of an endoscope, a working channel, and irrigation or insufflation fluids in endoscopic applications.
- Multi-lumen tubing improves patient care by enabling medical professionals to carry out difficult procedures with better control and accuracy, reducing patient discomfort and reducing the need for extra treatments.
- The single-lumen category is anticipated to grow substantially throughout the projected period. The primary function of single-lumen tubing is the unidirectional transport of chemicals. For instance, IV tubing gives patients access to intravenous drugs and fluids, whereas drainage tubing drains bodily fluids after operations.
Bulk Disposable Tubing to be at the Forefront
- The bulk disposable tubing segment dominated the market in 2022. Bulk disposable tubing is made especially for use with a single patient to reduce the risk of infection and cross-contamination.
- The tubing is discarded following each surgery, doing away with the necessity for pricey and time-consuming cleaning and sterilisation procedures. To protect the health of the patients, bulk disposable tubing is frequently given in a sterile condition. It might be sterilised using gamma radiation, ethylene oxide (EtO), or another technique.
- The segment of catheters & cannulas is anticipated to increase at the fastest rate throughout the projected period. The body can be inserted with catheters, which are small, flexible tubes used for a variety of medical procedures.
- For operations including angiography, central venous access, cardiac catheterisation, and urine catheterisation, they act as conduits. Properties, including biocompatibility, flexibility, kink resistance, and compatibility with specific medical uses, influence the selection of tubing for catheters.
Key Report Highlights
- Medical tubing items can be highly customised through 3D printing to meet the demands of each patient.
- The trend toward home-based healthcare and remote patient monitoring requires medical tubing for devices such as infusion pumps, respiratory equipment, and glucose monitors, contributing to market growth.
- Evolving healthcare practices is a key factor driving the growth of the medical tubing market.
Insights into Regional Analysis
Rapid Expansion of Healthcare Facilities and Services to Elevate Asia Pacific’s Outlook
- The region with the notably growing medical tubing market is predicted to be Asia Pacific. Due to the rising demand for better healthcare products, medical equipment manufacturers are placing more emphasis on the creation of creative strategies to reach a broad audience.
- Factors that will increase demand for healthcare services include the rise in geriatric population and increased desire for minimally invasive surgeries.
- Medical tubing is in great demand for a variety of uses, from diagnostics to therapy, because of increased healthcare awareness and easy access to medical services.
- The goal of government initiatives in many Asian nations is to increase access to and the standard of healthcare. For the medical tubing industry, these activities frequently entail the expansion of healthcare facilities and services.
Advanced Healthcare Infrastructure Underpins North America’s Dominance
- North America is anticipated to lead the medical tubing market. The market demand is projected to be driven by factors like government regulations, healthcare spending growth, and technology improvements.
- In 2021, for instance, US Medicare spending climbed by 8.4% to US$900 Bn, and Medicaid spending increased by 9.2% to US$734 Bn compared to 2020, according to NHE (National Health Expenditure Data).
- Several medical facilities, hospitals, and clinics make up North America's advanced healthcare infrastructure. Medical tubing is needed on a constant basis for a variety of uses, including patient care, treatment, and diagnostic procedures throughout this large healthcare network.
- The US, and Canada have made significant contributions to medical technology. This includes the creation of innovative medical techniques and technologies, many of which frequently depend on highly specialised medical tubing for specific uses.
Key Companies in the Global Medical Tubing Market
- Avient Corporation
- L. Gore and Associates Inc.
- Saint-Gobain
- Raumedic AG
- Dow Corning Corporation
- Freudenberg Medical LLC.
- ZARYS International Group
- Elkem ASA
- NewAge Industries, Inc.
- Lubrizol Corporation
- Nordson Corporation
- Optinova
- Asahi Tec Corp.
- Teknor Apex
- Spectrum Plastics Group
Global Medical Tubing Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Material Coverage, By Structure Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/medical-tubing-market
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