Global Medical Tubing Industry Poised for Steady Growth at 6% CAGR, Reaching US$23.5 Billion by 2033 | FMI Analysis

The Global Medical Tubing Industry is on track for a promising future, with a projected valuation of US$23.5 billion by 2033. This growth reflects a steady Compound Annual Growth Rate (CAGR) of 6.0% anticipated from 2023 to 2033. In 2023, the market is estimated to be worth US$13.1 billion, highlighting the crucial role medical tubing plays within the healthcare industry.

Future Market Insights (FMI) forecasts an absolute dollar growth potential of US$10.4 billion throughout the projected period, indicating a significant expansion of the market.

The need for medical tubing has increased as a result of several significant factors that together make up the contemporary healthcare sector environment. These include ongoing concerns about the state of the world’s health, changes in population, modifications to medical procedures, growing public awareness of infection control, and technological advancements.

Backed by the rapid technological advancements in medical treatments and diagnostic techniques, use of more specialized medical tubing has become essential. Medical tubing is an essential tool for carrying out several procedures.

They range from sophisticated imaging techniques to less invasive operations. Hence, there is a higher demand for personalized tubing solutions globally. This is because better accuracy, mobility, and interoperability with state-of-the-art medical equipment are required.

Another factor affecting the need for medical tubing is the world’s aging population and other changes in demographics. Continual medical attention, drug administration, and a range of treatment measures are frequently required for elderly people.

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Medical tubing must be used extensively for each of these. Demand for medical tubing that supports elderly care is projected to increase as the global population ages.

The emphasis now is on the patient’s comfort and recovery as a result of evolving healthcare practices. As a result, cutting-edge medical equipment has been developed that calls for precisely planned tubing to ensure seamless transmission of fluids, gases, and medications.

Demand for greater comfort, a lower risk of difficulties, and ease of use has led to an increasing need for medical tubing. Patients and medical professionals are both seeking patient-centered treatment today, which could help with demand.

Growing emphasis on infection prevention and control has further boosted the need for medical tubing. Infections related to healthcare remain a key concern.

It might make the development of more sterility- and contamination-resistant materials and designs necessary. Operating rooms, intensive care units, and other high-risk medical environments are examples of where the need for infection-resistant tubing is particularly critical.

The importance of building a robust and adaptable healthcare infrastructure has been brought to light by the COVID-19 pandemic and other recent global health crises. The need for efficient and timely distribution of medical supplies was made obvious by the pandemic.

Key Takeaways from the Global Medical Tubing Industry Report:

• The global medical tubing market recorded a CAGR of 7.7% in the historical period between 2018 and 2022.
• South Korea’s medical tubing industry is projected to witness a CAGR of around 5.6% in the review period 2023 to 2033.
• Japan’s medical tubing industry is expected to rise at a CAGR of 5.9% in the evaluation period.
• In terms of product, the silicone segment is anticipated to witness a CAGR of 5.8% in the forecast period.
• Based on application, the bulk disposable tubing segment is anticipated to register a CAGR of around 5.7% in the assessment period.

“Trend toward remote monitoring and home healthcare is to blame for the rising use of medical tubing. Technology advancements that enable patients to receive health monitoring at home have reduced the need for lengthy hospital stays. It is hence expected to create new growth avenues for small- and large-scale companies.” – says a lead analyst at Future Market Insights (FMI).

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Global Medical Tubing Industry Competitive Landscape:

Leading medical tubing producers are looking into global markets to take advantage of the expanding healthcare sectors everywhere. They can access new growth prospects and enlarge their consumer base by extending their presence beyond their local markets.

Collaboration between hospitals, research institutions, and manufacturers of medical devices is becoming increasingly common. By partnering and co-creating innovative solutions, manufacturers can get knowledge of emerging desires and trends. This might also help to guarantee that their products work flawlessly with other medical equipment.

For instance,

• DuPont started operating a new production plant for DuPont Liveo Healthcare Solutions in July 2022 at the Cooper River Site in South Carolina. The new facility will increase its capacity to handle biopharmaceutical tubing extrusion to meet the rising demand from Liveo customers.

Global Medical Tubing Industry Outlook by Category

By Product:

• Silicone
• Polyolefins
• Polyimide
• Polyvinyl Chloride
• Polycarbonates
• Fluoropolymers
• Polytetrafluoroethylene (PTFE)
• Fluorinated Ethylene Propylene (FEP)
• Others

By Application:

• Bulk Disposable Tubing
• Drug Delivery Systems
• Catheters
• Biopharmaceutical Laboratory Equipment
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and the Pacific
• East Asia
• Middle East and Africa

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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