Medical Tubing Market Size

Medical Tubing Market size was valued at USD 11.07 billion in 2023 and is expected to exceed USD 31.59 billion by the end of 2036, expanding at over 8.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of medical tubing is evaluated at USD 11.81 billion.

The growth of the market can be attributed to growing demand for catheters and cannulas in hospitals around the world, and increasing availability of cost-competitive medical-grade plastics. Along with these, rising consumer access to healthcare supplies worldwide, and escalating demand for medical devices that incorporate tubing are also expected to drive market growth in the forthcoming years. Furthermore, rise in individual incomes, coupled with high occurrence of chronic disorders, and rapidly increasing geriatric population are projected to offer ample growth opportunities to the market in the near future. According to the World Health Organization, the total population of people aged 80 years or above was 125 million in 2018. By 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015.