Bangalore, India – The global medical tubing market was valued at $8,418 million in 2019 and is expected to reach $1,3770 million by the end of 2026, growing at a CAGR of 7.2 percent during 2021-2026, according to Valuates Reports.
Major factors driving the growth of the medical tubing market are: Increasing use in a wide range of minimally invasive critical applications such as cardiovascular catheters, stent delivery systems, urological retrieval devices, and drug delivery is expected to drive the medical tubing market. Availability of cost-competitive medical grade plastics, increasing access to healthcare supplies across the globe, are expected to further propel the medical tubing market.
The shift toward minimally invasive medical procedures is expected to drive the medical tubing market. Minimal invasive medical procedures are becoming more important than traditional surgical procedures, as they provide benefits such as lower costs, faster recovery times, and shorter hospital stays. Furthermore, the rising prevalence of disorders including arthritis, cancer and cardiovascular disease, all of which require extensive surgical treatment, has boosted the demand for minimally invasive procedures. Plastic polymers, which are suited for use in catheters and medical tubing, have seen an increase in demand as a result of this. Furthermore, medical tubing improves cost efficiency and saves time. As a result, the rising need for minimally invasive medical procedures, as well as the desire to improve the efficiency of these procedures, are boosting demand for medical tubing.
Because of the increased healthcare awareness, and an aging population, the healthcare industry in emerging nations is rapidly evolving, which presents numerous potential for the medical tubing market in the healthcare and medical device industries. The market in emerging countries is expanding primarily due to economic expansion, greater government spending on healthcare facilities, and increased consumer purchasing power. As a result, the medical tubing market is primarily driven by overall growth and increased investment in healthcare infrastructure.
Based on type, the PVC held the largest market share of 43.5 percent in 2018, and is expected to be the most lucrative segment during the forecast period. Because of its capacity to meet the rigorous standards of the healthcare industry, PVC is the most extensively utilized thermoplastic material in medical tube manufacturing. Over the forecast period, an increase in the adoption of single-use pre-sterilized medical equipment is likely to boost product demand.
Based on application, the catheters and cannulas are expected to be the most lucrative during the forecast period. Over the projected period, the demand for tubes in the catheter application category is expected to expand significantly. Electrophysiology (EP) ablation, angiographic and urine catheters are only a few of the catheters that use medical tubes. The wide range of applications for catheters in the healthcare industry is likely to provide medical tube producers with significant growth prospects.
Based on region, North America and Asia Pacific is expected to be the most lucrative regions during the forecast period.