The Medical Tubing Market Is Anticipated To Reach USD 13570 Million By 2029, Witnessing A CAGR of 8.9%

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06 Jun, 2023, 10:30 ET

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BANGALORE, India, June 6, 2023 /PRNewswire/ -- Medical Tubing Market is segmented by Type - PVC, Polyolefin, TPE & TPU, Silicone, Others, by Application - Bulk Disposable Tubing, Catheters & Cannulas, Drug Delivery Systems, Others. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Medical Devices & Equipment Category.

The global Medical Tubing market was valued at USD 7420.1 million in 2022 and is anticipated to reach USD 13570 million by 2029, witnessing a CAGR of 8.9% during the forecast period 2023-2029. The influence of COVID-19 and the Netherlands-Ukraine War were considered while estimating market sizes.

Major Factors Driving The Growth Of The Medical Tubing Market

The demand for minimally invasive operations, the rising elderly population, and developments in medical technology have all contributed to the Medical Tubing Market growth.

rising healthcare costs, an increase in the prevalence of chronic diseases, and stricter regulatory requirements are expected to further fuel the Medical Tubing Market growth.

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TRENDS INFLUENCING THE GROWTH OF THE MEDICAL TUBING MARKET

Medical tubes are an essential component of many different medical equipment, drug delivery systems, catheter and cannula production, dialysis, and intravenous tubing. To supply oxygen, medication, anesthesia, or any other fluid, these tubes are placed into the body through the nose, mouth, or skin. Medical tubes are utilized in a variety of minimally invasive important applications, including drug delivery, stent delivery systems, cardiovascular catheters, and urological retrieval devices. These tubes offer remarkable chemical, thermal, and mechanical qualities. As a result, the demand for medical tubes is rising quickly along with the number of less invasive operations, fueling the Medical Tubing Market.

Age-related disorders and chronic diseases are becoming more common due to the rapid increase in the world's old population. In the treatment and management of certain illnesses, such as in oxygen therapy, enteral feeding, and urine catheterization, medical tubing is widely employed. Medical tubing is in greater demand as a result of the aging population growth. This in turn is expected to fuel the growth of the medical tubing market.

To upgrade the healthcare system and improve patient care, governments, and the business sector are spending more on healthcare. Medical tubing, a crucial element in many medical operations and treatments, is in more demand as a result of the increased investment in healthcare facilities, hospitals, and clinics. Home healthcare services are becoming more popular as a result of trends in telemedicine, cost-effectiveness, and preferences for personalized treatment. Medical tubing is essential for home therapies such as peritoneal dialysis, oxygen therapy, and intravenous infusions. This in turn is expected to drive the growth of the Medical Tubing Market.

To guarantee patient safety and product effectiveness, the medical tubing business is subject to strict regulatory norms and quality requirements. These requirements, which include FDA guidelines and ISO certifications, must be followed by manufacturers. The growth of medical tubing technology and innovation is driven by this emphasis on compliance and quality control.

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MEDICAL TUBING MARKET SHARE ANALYSIS

Saint-Gobain Performance Plastics, Nordson Corporation, Freudenberg Group, and others are significant competitors in the worldwide medical tubing industry. About 15% of the global market is controlled by the top 5 competitors.

The two largest markets, North America and Europe account for over 70% of the global market.

The Polyvinyl chloride (PVC) segment is expected to be the most lucrative. 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.

In 2022, the bulk disposable tubing market segment was the most lucrative. Over the projected period, segment growth is anticipated to be fueled by the increased focus on preventing the transmission of infections from one patient to another.

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SIMILAR REPORTS

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