Medical Tubing Market to Reflect a Holistic Expansion during the Assessment Period(2021-2026)- Exclusive Report by MarketsandMarkets™
The global medical tubing market size is estimated at USD 4.9 billion in 2021 and is projected to reach USD 7.9 billion by 2026, at a CAGR of 10.0%. The demand for medical tubing is primarily driven by the increase in aging population, shift toward minimally invasive medical procedures, and increasing demand for medical devices that incorporate tubing. However, stringent and time-consuming regulatory policies is a key challenge faced by manufacturers of medical tubing.
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The APAC region is expected to be the fastest-growing medical tubing market during the forecast period. In terms of value. APAC is projected to register the highest growth during the forecast period. The growth in this region can be attributed to the improving lifestyle of the population, increasing purchasing power of consumers, rising economic growth in many countries, and increased spending by governments of various countries on healthcare services. Japan is a significant manufacturer of medical devices and shows high demand for medical tubing. Medical device manufacturing is also growing in China due to government initiatives to improve the healthcare conditions in the country, thus boosting the demand for medical tubing. Europe and North America are relatively mature markets compared to South America and the Middle East & Africa.
Based on material, the specialty polymers segment is projected to grow at the highest CAGR during the forecast period. Some specialty polymers used in medical tubing are bioabsorbable polymer and ethylene vinyl acetate. Bioabsorbable materials are manufactured in a controlled environment and packaged with high barrier flexible material for the healthcare market. Bioabsorbable polymers are chemical compound used in implant devices which eventually dissolves and is absorbed by the body. They are suitable materials for the prosthetic as they can be engineered to dissolve at the same rate as bone growth. These materials are also durable and elastic. Polyglycolic acid (PGA) and polylactic acid (PLA) are bioabsorbable polymers used for medical tubing.
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Based on application, the drug delivery system application segment is projected to grow at the highest CAGR between 2021 and 2026. Drug delivery is a method or approach used to deliver drugs or medications to achieve a therapeutic effect in humans or animals. Drug delivery can be used for the treatment or diagnosis of numerous diseases, such as diabetes, kidney failure, heart diseases, and others. Medical tubing is used as a device or channel of delivery in drug delivery systems. Nasogastric tubes are used for enteral feeding and drainage. PU or silicone tubes are generally used for this because as they are unaffected by gastric acid and can, therefore, remain in the stomach for a longer period compared to PVC tubing.
The key players in this market are Saint-Gobain (France), Freudenberg Medical LLC. (US), W.L. Gore and Associates Inc. (US), Avient Corporation (US), Raumedic AG (Germany), Lubrizol Corporation (US), Elkem ASA (Norway), Dow Corning Corporation (US), Nordson Corporation (US), Teknor Apex (US), and Optinova (Finland).
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