Market Summary:
The global medical tubing market, with a 2022 size of USD 13 billion, is poised to reach USD 22.91 billion by 2032, exhibiting a robust compound annual growth rate (CAGR) of 6.5% during the forecast period. This significant revenue growth is primarily attributed to the increasing demand for minimally invasive procedures and the growing elderly population. The surge in chronic diseases prevalence is also fueling the demand for medical tubing, which finds application in various areas such as drug delivery, catheters, and drainage systems, among others. The escalating incidence of illnesses like cancer, respiratory disorders, and cardiovascular conditions further drives the necessity for medical tubing.
Manufacturers are continuously innovating to provide advanced and secure medical tubing solutions, driven by the consistent demand for specialized and high-quality products. Ensuring the safety of patients by preventing contamination and infections is a top priority in medical tubing production. Hence, manufacturers focus on developing infection-resistant and pollution-proof medical tubing.
The market has witnessed improvements through the utilization of new materials like silicone and thermoplastics, making medical tube products safer and more durable. Furthermore, the increasing demand for sterilizable and biocompatible medical tubing contributes significantly to market revenue growth.
Additionally, the rising emphasis on at-home healthcare and self-medication is expected to be a driving force behind market revenue growth. Home healthcare is gaining popularity among patients due to its practicality and cost-effectiveness compared to hospital care. This trend has led to an increased need for medical tubing in home healthcare settings, as it plays a crucial role in various medical devices such as dialysis machines, infusion pumps, and insulin pumps.
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Strategic Development:
- In 2021, RAUMEDIC AG announced the opening of its new production facility in North Carolina, USA, for the production of extruded tubing for the medical device industry. The facility is expected to enhance the company's manufacturing capacity and expand its presence in the North American market.
- In 2020, Nordson Corporation acquired Fluortek Inc., a leading provider of precision extrusion solutions for the medical device industry. The acquisition was aimed at expanding Nordson's product portfolio in the medical tubing market and increasing its presence in the medical device industry.
- In 2020, Vention Medical announced the acquisition of Lithotech Medical, a provider of complex medical tubing and catheter solutions. The acquisition was aimed at enhancing Vention Medical's product offerings in the medical tubing market and expanding its capabilities in the medical device industry.
- In 2019, Saint-Gobain Performance Plastics announced the acquisition of the medical business of MicroLumen Inc. The acquisition was aimed at expanding Saint-Gobain Performance Plastics' product portfolio in the medical tubing market and increasing its presence in the medical device industry.
- In 2018, W. L. Gore & Associates, Inc. announced the acquisition of the tubing business of Confluent Medical Technologies, a provider of specialized medical tubing solutions. The acquisition was aimed at enhancing W. L. Gore & Associates' product offerings in the medical tubing market and expanding its capabilities in the medical device industry.
Medical Tubing Market Report Scope
| PARAMETERS | DETAILS |
| The market size value in 2022 | USD 13 Billion |
| CAGR (2022 - 2032) | 6.5% |
| The Revenue forecast in 2032 | USD 22.91 Billion |
| Base year for estimation | 2022 |
| Historical data | 2020-2021 |
| Forecast period | 2022-2032 |
| Quantitative units | · Revenue in USD Billion · CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | By Material Type Outlook, Application Outlook, Regional Outlook |
| By Material Type Outlook |
|
| By Application Outlook |
|
| Regional scope | North America; Europe; Asia Pacific; Latin America ; Middle East & Africa |
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Leading Players in the Medical Tubing Market:
The global medical tubing market exhibits intense competition, characterized by the presence of numerous prominent large and medium-sized companies that collectively dominate a significant portion of the market revenue. Leading players within this competitive landscape employ diverse strategies, including mergers and acquisitions, strategic agreements and contracts, as well as the development, testing, and introduction of more efficacious products. The global medical tubing market report highlights several major companies, including:
- RAUMEDIC AG
- Nordson Corporation
- Vention Medical
- Saint-Gobain Performance Plastics
- TE Connectivity
- MicroLumen Inc.
- Zeus Industrial Products Inc.
- L. Gore & Associates, Inc.
- PolyOne Corporation
- Optinova Holding AB
- GUANGDONG SHUNDE SEBRIGHT MEDICAL TECHNOLOGY CO., LTD.
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