The Medical Tubing Market is estimated to be valued at US$ 11263.82 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Medical tubing is used in a variety of applications such as drug delivery, feeding tubes, urological retrieval devices, catheter and guide wires, and bulk discharge tubing. The growing need for reduced pain and scarring has boosted the adoption of minimally invasive procedures which require tubing that are flexible, kink-resistant and sterilizable. This is a key factor driving the growth of the medical tubing market.
Market Overview:
Medical tubing is designed for a variety of medical applications such as drug delivery, feeding tubes, urological retrieval devices, catheter and guide wires, and bulk discharge tubing. Medical-grade plastic materials such as PVC, TPE, and silicone are used to manufacture medical tubing which provides properties such as flexibility, durability and biocompatibility required for medical use. The increasing demand for minimally invasive surgeries is boosting the adoption of medical tubing owing to their advantages like reduced pain, scarring and quick recovery time.
Market key trends:
One of the key trends gaining traction in the medical tubing market is the growing preference for multi-lumen tubing which helps in simultaneously delivering multiple drugs or nutrition. Multi-lumen tubing finds application in critical care units where patients require administration of multiple solutions. Advancements in material technology have enabled manufacturers to develop kink-resistant multi-lumen tubing for this purpose. Moreover, the rising geriatric population that requires long-term treatment using tubing is also driving the demand. Manufacturers are focusing on developing innovative tubing designs tailored for specific medical conditions to improve treatment outcomes and patient comfort.
Porter's Analysis
Threat of new entrants: Low capital requirements and existing brands make it easier for new companies to enter the market. However, established distribution channels and customer loyalty towards existing brands act as a barrier.
Bargaining power of buyers: Large medical device manufacturers have significant bargaining power over tubing suppliers due to their scale of operations and supply needs. This forces tubing providers to reduce costs and improve product quality.
Bargaining power of suppliers: The presence of numerous tubing manufacturers limits the bargaining power of individual suppliers. Suppliers can be easily replaced if they try to increase prices unreasonably.
Threat of new substitutes: Limited threat as there are no cost-effective substitutes that can provide the same functionality as medical tubing in several applications.
Competitive rivalry: Intense due to many global and regional players competing on the basis of product quality, innovation, and pricing.
SWOT Analysis
Strengths: Growing demand for minimally invasive surgeries and rising healthcare expenditure augment market growth. Wide applications in drug delivery, IV systems, biopharmaceutical processing.
Weaknesses: Stringent regulations and certification procedures increase entry barriers. High R&D investments required to develop innovative products with advanced functionalities.
Opportunities: Expanding base of older population and rising incidence of lifestyle diseases drive opportunity. Increasing adoption of implantable medical devices and disposable medical supplies.
Threats: Threat from substitute materials that can provide similar properties. Price fluctuation of raw material prices may squeeze profits. Intense competition decreases profit margins.
Key Takeaways
The global Medical Tubing Market Share is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and rapid development of healthcare infrastructure across developing economies.
Regionally, North America dominated the global medical tubing market in 2023. However, Asia Pacific medical tubing market is expected to grow at fastest pace during the forecast period due to improving access to healthcare and rising medical tourism in countries like India and China.
Key players operating in the medical tubing market are Compagnie de Saint-Gobain S.A., Teleflex Incorporated, Optinova Holding AB, Zeus Industrial Products, Inc., The Lubrizol Corporation, Nordson Corporation, Putnam Plastics Corporation, Raumedic AG, Tekni-Plex, Inc., and Smith Group plc.
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https://www.newsstatix.com/medical-tubing-market-trends-size-and-share-analysis/
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