Medical tubing is in high demand, especially as medical devices become smaller and more complex. According to Market Watch, the global medical tubing market is valued at $8.4 billion in 2020 and expected to reach $13.8 billion by the end of 2026, growing at a compound annual growth rate of 7.2 percent during 2021-2026.1
“The medical tubing market continues to be a dynamic one, primarily because of the variety of pressures on companies within this space to provide cost-effective, high-quality products in shorter time scales,” said Joe Rowan, president and CEO of USA and Europe for Junkosha, a provider of peelable heat shrink tubing technologies. “This is mainly driven by the global healthcare market, which continues to demand innovative products and solutions that push the boundaries of what is possible, at a price point that is highly competitive.”
As strong as the medical tubing market is, some slowing down is being seen as MDMs and their contract manufacturers (CMs) struggle to apply updated regulatory requirements to new and existing products. Regulatory bodies and new rules, such as the EU Medical Device Regulation and Chinese FDA, for example, are demanding increased risk mitigation for medical devices and their components—a compliance challenge many MDMs expect their supply chain partners, including tubing manufacturers, to help them navigate.
This article is featured in the MPO eBook "Traversing Tubing Technologies." Click here to download the eBook and finish reading this article.