The Medical Tubing Market is estimated to be valued at USD 1,258.0 Mn in 2024, growing at a CAGR of 8.8% over the forecast period (2024-2031). The growth of the market is driven by the rising number of surgical procedures performed globally and increasing demand for various medical devices that use tubes. Advancements in material science have also expanded application areas for medical tubing in drug delivery systems, biopsy devices, and other novel medical applications.
Market Dynamics:
The global medical tubing market is primarily driven by the increasing demand for minimally invasive surgeries and rising geriatric population worldwide. Minimally invasive procedures require smaller incisions and tubing to guide instruments inside the body or carry out procedures, thereby fueling the market growth. For instance, according to a research study published by the National Institute of Health in September 2022, 9.8 million inpatient major surgical procedures were analyzed in 2017, of which 11.1% were minimally invasive surgeries and 2.5% robotic, compared to 9.6 million inpatient major surgical procedures (11.2% MIS and 2.9% robotic) in 2018. In 2016, 2017, and 2018, there were 9.6 million inpatient major surgical procedures performed. Over the years, there was an increase in outpatient MIS procedures, accounting for 16.9%, 17.4%, and 18%, respectively.
Increasing Demand for Minimally Invasive Medical Procedures
The demand for minimally invasive medical procedures such as laparoscopic surgery is growing significantly. Minimally invasive procedures offer many benefits to patients such as smaller incisions, less pain and scarring, shorter hospital stays, and faster recovery times. Medical tubing plays a crucial role in these procedures by delivering fluids, gases, and devices through small tubes inserted into the body. As more medical facilities adopt minimally invasive techniques and patients prefer them over traditional open surgeries, the need for high-quality medical tubing will continue increasing steadily.
Rise In Chronic Diseases and Ageing Population
Chronic diseases like cardiovascular disease, diabetes, and cancer have been on the rise globally due to sedentary lifestyles and increasing life expectancy. An ageing population is also expanding the patient pool that needs long-term care. Both these factors directly contribute to growing healthcare spending and resource utilization. Medical tubing finds widespread applications in the treatment and management of chronic diseases from drug delivery to ear, nose, throat (ENT) procedures. It is also used in home healthcare equipment and supplies that see more demand with the ageing demographic. Therefore, the prevalence of chronic illnesses and an older population act as key growth drivers for the medical tubing market.
Availability of Alternate Plastic Tubing
Medical device designers must create ever-smaller diameter medical tube items that are more complex and yet still affordable as medical technology develops and new minimally invasive procedures are created. Medical metal tubing is used in the production of medical devices as well as a variety of other settings, including the diagnosis and treatment of disease. Additionally, the use of plastic medical tubing is expanding.
The development of countless resin compounds with particular physical properties like strength, flexibility, pushability, and lubricity has also helped increase the design options for tubing in modern medical devices. For instance, catheters for a variety of cardiovascular, urological, gastrointestinal, neurovascular, and ocular uses use thin plastic tubing. Furthermore, metal tubing is a viable substitute for many medical device fabrication processes, even as the use of plastic medical tubing rises. Medical metal tubing will continue to find new and creative uses as plastic technology advances, as devices get smaller and procedures get more complex.
Rising Healthcare Expenditure
Healthcare expenditure plays a significant role in driving the market for medical metal tubing, as higher healthcare expenditure often translates into better healthcare facilities and services. This includes the availability of advanced medical devices like medical tubes. Also, as the healthcare spending increases, costly procedures such as the implantation of medical tubing become more affordable and accessible to a larger segment of the population. Thus, rising healthcare expenditure in the U.S. is expected to fuel the market growth over the forecast period. For instance, on September 6, 2023, according to a report published by the Centers for Medicare & Medicaid Services, the U.S. health care spending grew 2.7% in 2021, reaching US$ 4.3 trillion, i.e., approximately US$ 12,914 per person.
Expansion into Emerging Markets
While developed markets in North America and Western Europe have mature healthcare infrastructures, emerging economies in Asia Pacific and Latin America offer lucrative prospects. Rapid economic growth, rising incomes, increasing health awareness, and government spending on public healthcare are vastly expanding access to medical services in developing nations. Local manufacturing and partnerships will allow companies to capitalize first on the infrastructure build-out as adoption rates surge. Tubing suppliers targeting emerging markets early can gain significant market share for years to come.
*Link: https://www.coherentmarketinsights.com/market-insight/medical-tubing-market-1643
Key Development
- In May, 2023, Alleima, a high-tech and global engineering group of companies, announced that it had acquired Söderfors Steel Operations AB (Söderfors Steel), steel products manufacturer. The acquisition will add capabilities in hot rolling of small diameter bars and profiles to expand the offering of advanced materials for the medical and aerospace segments. The acquired company Söderfors Steel Operations AB will be operating within the tube division of Alleima
- In November 2022, Viant, a global providers of vertically integrated custom plastic processing solutions for specialized medical applications such as surgical, orthopedic, etc., announced that it had completed the expansion of its Design & Development (D&D) West Center of Excellence (CoE) in its San Francisco Bay Area campus in Fremont, California, U.S. Expanding its footprint by 67%, this cutting-edge facility excels in the entire spectrum of design and process development that range from initial concept creation to the full-scale commercial production of interventional technologies, bioelectronics, and minimally invasive surgical devices.
- In September 2021, Fuji Seiko, small diameter metal tubing company, announced that it has entered into a partnership with Chamfr, a medical device company, to offer its small, thin-walled hypotubes to the marketplace through its online platform in order to expand its customer reach
- In February 2021, AMETEK. Inc., global designer and manufacturer of electronic instruments and electromechanical devices, acquired EGS Automation, a designer and manufacturer of engineered robotic solutions. These engineered robotic solutions are used in medical, food, beverage, and other industrial markets. Through this acquisition, AMETEK, Inc. expanded its electromechanical product portfolio.
Key Players: Teshima International Corporation, Om Steel Tubes Ltd., AMETEK. Inc., Bison Stainless Tube, LLC., K-Tube Technologies, Vita Needle Company, M&M International, Fuji Seiko, Viant, Minitubes, Accu-Tube, Alleima, American Tube Technology Inc., Forefront Medical Technologies, and Eagle Stainless Tube & Fabrication, Inc.
