Medical Tubing Market Value to Swing Up US$ 7.9 Billion by 2026

4.7
Medical Tubing Market Value to Swing Up US$ 7.9 Billion by 2026

Medical Tubing Market by Material (Plastics, Rubbers, Specialty Polymers), Application (Bulk Disposable Tubing, Catheters & Cannulas, Drug Delivery Systems

The global medical tubing market size is projected to reach USD 7.9 billion by 2026 growing at a CAGR of 10.0% from 2021 to 2026. The increasing demand for medical tubing in various healthcare segments coupled with stringent regulations concerning healthcare safety is driving the market for medical tubing. The increase in demand for medical tubing and the growing industrial development in the emerging economies, such as APAC and South America, are driving the market.

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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.

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.

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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). These players have adopted various strategies such as investment & expansion, merger & acquisition, partnership & agreement, and new product launch in order to strengthen their market position. For instance, in August 2021, Nordson Corporation entered into a distribution agreement with Qosina. Under this agreement, the company will distribute its medical products through its distribution partner, Qosina.

Saint-Gobain SA is among the leading producers and suppliers of medical tubing and medical-related polymers. The company was incorporated in 1665 in France. The company manufactures and markets medical tubing for application in various medical fields such as dialysis, chemotherapy drug delivery, and minimally invasive surgeries. Saint-Gobain adopts expansions as the major growth strategy; recently, it expanded its manufacturing facility in the US to cater to the growing demand. The company has focused on the adoption of organic strategies to cement its position as the leader in the medical tubing market.

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Lubrizol Corporation operates as a wholly-owned subsidiary of Berkshire Hathaway (headquartered in the US). The Lubrizol Corporation operates as a specialty chemical and performance materials company engaged in the production and supply of plastic and chemical products for application in a multitude of healthcare, medical, industrial, and consumer sectors on a global level. The company offers its medical-grade products such as materials for the production of medical tubing as well as medical tubing under its life sciences sub-segment. In terms of geographical footprint, Lubrizol Corporation has a global presence, operating ~40 labs/technical centers, ~60 manufacturing sites, and ~50 sales offices across the globe. The workforce strength of the company is around 8,800 employees, as of December 2020. Some of the major countries where the company has its production facilities or lab/technical centers located are the US, Belgium, Brazil, China, France, Germany, India, Japan, Malaysia, the Netherlands, Singapore, South Africa, Spain, and the UK.

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