Market Size of Global Medical Tubing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 8.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Tubing Market Analysis
The Medical Tubing Market is Expected to witness a CAGR of 8.5% during the study period (2022-2027).
In recent times, countries have faced a huge threat of COVID-19. The medical tubing market growth was significantly impacted by COVID-19 owing to supply chain disruptions and an increase in hospital admissions. The article 'Critical Supply Shortages - The Need for Ventilators and Personal Protective Equipment during the Covid-19 Pandemic,' published in April 2020, indicated that there was an increase in demand for ventilators as the complications associated with COVID-19 were surging and leading to mortality. Therefore, this increase in ventilator demand also surged the demand for ventilator tubing, which has driven the market growth. However, the production of medical tubes was severely impacted due to COVID-19-induced lockdown, labor shortage, decrease in the production of raw materials such as plastics and rubbers, the surge in prices of raw materials, and others that were a burden on the market growth.
The factors propelling the studied market growth are the growing burden of chronic diseases and the geriatric population, rising demand for minimally invasive medical procedures, and increasing demand for disposable tube-based medical devices. In addition, new product launches and strategic initiatives taken by the key market players will further drive the market growth.
As per the article 'Microelectronic Catheter for Minimally Invasive Surgery of the Future,' published in January 2022, catheters are significantly important for minimally invasive surgery due to easily procedures for the removal of blood clots, the insertion of implants, or the targeted administration of drugs, and are intended to be particularly gentle for patients. Such advantages of catheters increase their demand and are expected to increase during the study period, which will boost the studied market.
Additionally, strategic initiatives such as product launches, mergers, and acquisitions, partnerships, and others will also lead to lucrative growth of the market. For instance, in April 2021, BioCardia, Inc. entered into an agreement with one of the leading Japanese biotechnology companies related to BioCardia Helix catheter biotherapeutic delivery product candidates. It is a non-exclusive, worldwide license to BioCardia Helix catheter biotherapeutic delivery product candidates for certain cell types for cardiac indications. Under the terms of the agreement, BioCardia will receive USD 500,000 for biotherapeutic delivery products and support services.
Furthermore, in June 2021, Zeus Industrial Products, Inc. acquired CathX Medical Inc., a medical device contract manufacturer that offers customers a single source for catheter design engineering services, rapid prototyping, manufacturing, and full or sub-assemblies. Such acquisition will expand the product offerings of Zeus and its geographical footprints, which will drive market growth. Also, In February 2022, Zeus Industrial Products launched its PTFE Sub-Lite-Wall multi-lumen tubing to its product portfolio designed for steerable catheters.
Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, huge investments and time required for product development are expected to hinder the market growth during the study period.
