The fluorinated ethylene propylene heat shrink medical tubing market is slated to be worth $146 million by 2024, according to an analysis from Research and Markets.

Research and Markets suggests the industry will expand at a revenue-based consumer annual growth rate of 7.2% over the next four years. The market was estimated at $103 million in 2019.

The high growth is due to a number of factors, including growing adoption of minimally invasive surgeries and increasing incidences of chronic diseases from changing lifestyles and rapidly expanding geriatric populations.

Drug delivery devices will experience the largest and fastest-growing application area for FEP heat shrink medical tubes, according to Research and Markets. A rising demand for microcatheter applications will contribute to the growth as well.

FEP heat shrink tubing is a high temperature, chemical resistant fluoropolymer tube that has a lower shrink temperature than PTFE. It offers more flexibility and optical clarity as well.