The global medical tubing market size is estimated at USD 4.9 billion in 2021 and is projected to reach USD 7.9 billion by 2026, at a CAGR of 10.0%. The demand for medical tubing is primarily driven by the increase in aging population, shift toward minimally invasive medical procedures, and increasing demand for medical devices that incorporate tubing. However, stringent and time-consuming regulatory policies is a key challenge faced by manufacturers of medical tubing.
The APAC region is expected to be the fastest-growing medical tubing market during the forecast period. In terms of value. APAC is projected to register the highest growth during the forecast period. The growth in this region can be attributed to the improving lifestyle of the population, increasing purchasing power of consumers, rising economic growth in many countries, and increased spending by governments of various countries on healthcare services. Japan is a significant manufacturer of medical devices and shows high demand for medical tubing. Medical device manufacturing is also growing in China due to government initiatives to improve the healthcare conditions in the country, thus boosting the demand for medical tubing. Europe and North America are relatively mature markets compared to South America and the Middle East & Africa.
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).
