Medical Tubing Market Size to Reach US$ 20.45 Billion by 2030

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Table of Content

The global medical tubing market was accounted US$ 9.37 billion in 2021 and is predicted to surpass US$ 20.45 billion by 2030 and growing at a CAGR of 9.1% from 2022 to 2030.

The rising prevalence of various respiratory diseases such as asthma, pulmonary fibrosis, and lung cancer is expected to augment the demand for the medical tubing market. Medical tubing is one of the essential component of devices like ventilators. The medical tubing is extensively used in the procedures like endoscopy, angioplasty, and drug delivery solutions. The rising prevalence of various chronic diseases and growing geriatric population has fueled the demand for the medical tubing in the various treatment procedures. 

According to the World Population Ageing Report 2020 by United Nations, there were around 727 million old age people aged 65 years and above in 2020 and this number is expected to double by the end of 2050.

Future of Medical Tubing Market

Increasing investments in the healthcare sector in the emerging nations like India, China, Brazil, South Africa, and South Korea is providing lucrative growth opportunities to the market players operating in the medical tubing market. The growing access to the healthcare facilities, advancements in the healthcare sector, and rising adoption of the surgical procedures in the emerging economies are the significant factors that are expected to propel the market growth in the near future.

Scope of the Report

 

Report Highlights:

• By medical condition, the cardiovascular segment dominated the global medical tubing market in 2021. The increased adoption of the minimally invasive surgeries for the treatment of the cardiovascular diseases has fostered the growth of this segment. The increased prevalence of the various cardiovascular diseases is the prime driving force of the medical tubing market. According to the World Health Organization, the cardiovascular diseases accounts for around 32% of the global deaths.
• By application, the disposable tubing was the dominant segment in 2021 and garnered 36% market share. The bulk procurement of the disposable tubing and the increased awareness regarding the hospital acquired infections has propelled the demand for the disposable tubing across the globe.
• Based on type, the polyvinyl chloride accounted for the largest revenue share 30% in 2021. The increasing demand for the disposable and single-use medical devices has resulted in the growth of the PVC based medical devices. Furthermore, the low costs associated with the use of plastics in the manufacturing of the medical tubing has fueled its production of the PVC based medical tubing. The biocompatibility, chemical resistance, and transparency are the major features of the PVC medical tubing across the globe.
• By end user, the hospitals were the highest revenue contributor in 2021. The increased preference for the hospitals for receiving surgical procedures has fostered the consumption of the medical tubing in hospitals. The increased penetration of the multi-specialty hospitals across the globe is a major factor behind the growth of this segment.
• North America accounted largest market share 38% in 2021. The research and development is the major factors that will lead the growth of the North America medical tubing market. The presence of numerous small & medium enterprises and large companies in the development of new and innovative medical tubing is expected to offer lucrative growth opportunities. Furthermore, the increased prevalence of various chronic diseases and the rapidly growing geriatric population coupled with the increased healthcare expenditure have significantly boosted the growth of the North America medical tubing market.
• Asia Pacific is expected to growth at the fastest rate during the forecast period. Asia Pacific is expected to foresee a rapid surge in the geriatric population and increasing prevalence of various geriatric population in the foreseeable future. The improving access to the healthcare facilities owing to the surging investments in the development of healthcare infrastructure is fueling the market growth significantly.

COVID-19 Impact Analysis:

• The number of physician visits declined during the COVID-19 pandemic in 2020. Moreover, the surgical procedures were postponed or cancelled that resulted in the low demand for the medical tubing.
• The supply chain disruptions and lack of labor were the major issues faced by the manufacturers during the COVID-19 pandemic.
• The demand for the medical tubing witnessed a spike as the demand for the respiratory tube, IV Tube, and drug delivery tube increased unprecedentedly that resulted in the positive market growth.

Key Developments in the Marketplace:

• In November 2020, Optinova expanded its business by setting up a new plant in Pennsylvania with more than 20 extrusion lines.
• In December 2019, Vanguard Products started a new office in China to expand its consumer base in Asia Pacific.

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