USD 12.25 billion
Report ID:
SQMIG35A2227 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
68
|Figures:
77
Global Medical Tubing Market size was valued at USD 12.25 billion in 2022 and is poised to grow from USD 13.01 billion in 2023 to USD 21.05 billion by 2031, at a CAGR of 6.2% during the forecast period (2024-2031).
The rise in gastrointestinal, urological, cardiovascular, and other diseases and disorders has been a major factor in the medical tubing industry's expansion. The rising incidence of chronic diseases and the aging population are the main factors driving the demand for medical tubing. The World Health Organisation (WHO) predicts that by 2050, there will be 2 billion people in the world who are 60 or older, up from 900 million in 2015. The demand for medical gadgets and the need for medical tubing are both being driven by this demographic trend. The market is additionally fueled by technical improvements in medical tubing components and production methods as well as the rise in surgical procedures. For instance, producers are creating tubing that is more flexible, biocompatible, and less prone to kinking, twisting, and collapsing. The need for medical tubing is increasing as a result of these innovations, which also improve the safety and effectiveness of medical equipment. The acquisition will increase Zeus's geographic reach and product options, which will spur market expansion. Zeus Industrial goods' collection of steerable catheter-specific goods also includes PTFE Sub-Lite-Wall multi-lumen tubing, which was added in February 2022.
US Medical Tubing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 12.25 billion
Largest Segment
Polyvinyl Chloride
Fastest Growth
Polyvinyl Chloride
Growth Rate
6.2% CAGR
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Global Medical Tubing Market is segmented on the basis of product, application and region. By product, the market is segmented into silicone, polyolefins, polyvinyl chloride, polycarbonates, fluoropolymers, and others. By application, the market is segmented into bulk disposable tubing, drug delivery systems, catheters, biopharmaceutical laboratory equipment, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Medical Tubing Market Analysis by Product
In 2022, the Polyvinyl Chloride (PVC) segment will dominate the market, accounting for 29.1% of worldwide sales. The demand for PVC-based medical devices has increased as a result of a rise in the usage of single-use, pre-sterilized medical equipment. Irradiation and ethylene oxide sterilization techniques can also be used to sterilize PVC.
A continuous vulcanization and extrusion technique is utilized to make the higher-grade silicone tubing used in medical devices. It provides improved chemical resistance, better stability across a broad temperature range, and a variety of sterilization choices.
Global Medical Tubing Market Analysis by Application
In 2022, the bulk disposable tubing market segment held the top spot and accounted for 34.8% of worldwide revenue. The items listed under "bulk disposable devices" include urology supplies, medical equipment, syringes, and needles. Over the projection period, the segment is expected to grow as a result of the increased focus on preventing the transmission of infections from one patient to another.
From 2022 to 2030, it is predicted that the market for drug delivery systems would grow at the fastest rate, or more than 6.8%. Targeted and controlled therapeutic medication distribution is the goal of drug delivery systems. Medical tubes are used by a number of drug delivery systems, including linked, injectable, and respiratory systems, to deliver the medications to the desired place.
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Due to its industrial dynamics and abundant commodity supply, North America dominated the market and contributed 37.6% of worldwide revenue in 2022. A number of key factors that influence the region's healthcare market include the existence of a sizable senior population in nations like the United States and Canada, an advanced healthcare infrastructure, and patients with relatively higher discretionary income levels.
In 2022, Due to the increased demand for better healthcare products, which has compelled medical equipment makers to emphasise the development of novel ways to reach a wide range of people, Asia Pacific is thought to be the region with the quickest growth. Additionally, factors that will increase demand for healthcare services include the rise in geriatric population and increased desire for minimally invasive surgeries.
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Global Medical Tubing Market Drivers
Development of Healthcare Infrastructure to Bring Lucrative Opportunities
Global Medical Tubing Market Restraints
Product Failure to Hinder Market Growth
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The market for cosmetic dentistry is fragmented worldwide, with the majority of market revenue coming from large and medium-sized firms. Major players are using a variety of tactics, strategic agreements, engaging in mergers and acquisitions, and contracts, as well as creating, experimenting with, and launching more efficient products.
Top Player’s Company Profiles in Global Medical Tubing Market
Global Medical Tubing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global medical tubing market is a rapidly growing industry that is driven by several key factors, including the increasing prevalence of chronic diseases, growing demand for minimally invasive surgical procedures, and the rising aging population. The market includes a wide range of medical tubing products, including catheters, respiratory tubes, feeding tubes, IV tubes, and more. While the market is expected to continue to grow in the coming years, it is also subject to several restraints that could impact its growth, including stringent regulations, limited availability of raw materials, increasing competition, risks associated with product failure, and the volatility of the healthcare industry. Despite these challenges, the medical tubing market is expected to experience several key trends that will drive growth, including the increasing adoption of minimally invasive procedures, growing demand for catheters, rising aging population, technological advancements, and the shift towards home healthcare. The global medical tubing market presents significant opportunities for manufacturers, as demand for these products is expected to continue to rise. However, companies must be prepared to navigate a complex regulatory environment and maintain the highest standards of quality and safety to succeed in this market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 12.25 billion |
Market size value in 2031 | USD 21.05 billion |
Growth Rate | 6.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Medical Tubing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Tubing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Tubing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Tubing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2227