Medical Tubing Market is Estimated to Witness High Growth Owing to Opportunity in Regulatory Compliances and Quality Standards
Medical tubing is used for a variety of applications across the healthcare industry including drug delivery, peristaltic pumps, biopsy/cutter devices, hyperthermia treatments, respiratory, endoscopy, and enteral applications. The tubing is made from plastic or polymer materials which makes it lightweight, biocompatible, durable and kink resistant. It offers advantages such as safety, sterility and durability in critical medical procedures. The growing need for medical devices and equipment has augmented the demand for medical tubing.
The global Medical Tubing Market is estimated to be valued at US$ 9,550.5 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
There is a high market opportunity in regulatory compliances and quality standards for medical tubing. Stringent regulations by regulatory bodies Ensure safety and efficacy of medical devices incorporating tubing. Manufacturers need to follow standards such as ISO 10993 for biocompatibility testing. Complying with these standards helps businesses penetrate major markets and gain the trust of healthcare providers. This growing focus on regulations and standards is expected to drive substantial demand for high-quality medical tubing from established brands, opening significant growth opportunities over the forecast period.
Porter’s Analysis
Threat of new entrants: The medical tubing market requires high capital investments and stringent regulatory approvals which poses significant entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of a large number of established suppliers and availability of substitute products.
Bargaining power of suppliers: The bargaining power of suppliers is high in this market due to the high reliance of buyers on a limited number of raw material suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited product substitutes for medical tubing which serve specialized applications in healthcare.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many global and regional players competing on the basis of product quality, innovation, and pricing.
SWOT Analysis
Strength: Medical tubing caters to critical healthcare applications with properties like biocompatibility and uniform diameter which ensures product efficacy.
Weaknesses: Requirement of frequent product validation increases costs of manufacturing. Dependence on limited raw material suppliers causes supply chain risks.
Opportunities: Growing healthcare expenditure in developing nations and rising demand for minimally invasive surgeries present opportunities for market expansion.
Threats: Stringent regulatory norms and vulnerability to raw material price fluctuations pose significant threats.
Key Takeaways
The global medical tubing market is expected to witness high growth over the forecast period supported by increasing investments in healthcare infrastructure and rising incidence of chronic diseases.
Regional analysis indicates North America will continue dominating the global medical tubing market owing to presence of major players and strong healthcare infrastructure. Asia Pacific is poised to be the fastest growing market for medical tubing driven by growing medical tourism industry and healthcare reforms 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.
