by Medical metal tubes are used in medical devices and equipment for various purposes like fluid and gas transfer, drainage, biopsy etc. These tubes are made of different metal alloys like stainless steel, nickel titanium alloy, and others as per the application requirement. Metals provide properties like flexibility, biocompatibility, durability and strength required for various medical applications. Increasing usage of minimally invasive procedures is driving demand for medical metal tubes used in catheters, guides wires and other interventional devices.
The global Medical Metal Tubing Market is estimated to be valued at US$ 704.2 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for minimal invasive procedures is growing significantly owing to reduced risk of infection, less pain and small incision requirements. Medical metal tubes are extensively used in fabrication of catheters, guide wires and other interventional devices used in minimally invasive surgeries. With increasing adoption of minimal invasive techniques in cardiology, urology, neurology and other areas, the demand for high quality and custom designed medical metal tubes is also growing substantially. This rising adoption of minimal invasive surgeries is a major trend contributing to the growth of medical metal tubing market over the forecast period.
SWOT Analysis
Strength: Medical metal tubing offers high biocompatibility and corrosion resistance. It is widely used in medical devices and equipment.
Weakness: Raw material cost volatility can impact profit margins. Strict regulatory approvals increase development timelines.
Opportunity: Growing geriatric population and rising healthcare expenditure in developing nations drive demand. Adoption of minimally invasive surgeries boosts usage.
Threats: Stiff competition from alternative biomaterials. Stringent regulations constrain new entrants.
Key Takeaways
The global Medical Metal Tubing Market Growth is expected to witness high growth. The global Medical Metal Tubing Market is estimated to be valued at US$ 704.2 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America currently dominates the market and is expected to continue its dominance over the forecast period. Asia Pacific is expected to grow at the fastest rate over the forecast period owing to increasing healthcare infrastructure and rising medical tourism in countries such as India and China.
Key players operating in the medical metal tubing market are AMETEK Inc., Alleima, Teshima International Corporation, Om Steel Tubes Ltd., Tech Tube, Inc., Bison Stainless Tube, LLC, Vita Needle Company, M&M International, Fuji Seiko, Accu-Tube, Eagle Stainless Tube & Fabrication, Inc., Forefront Medical Technologies, Minitubes, Teleflex Incorporated, VIANT, and K-Tube Technologies. Key players are focusing on new product innovations and mergers & acquisitions to gain a competitive edge in the market. For instance, in 2022, AMETEK acquired SMS High Vacuum Coatings GmbH, a provider of high-performance PVD coatings, which strengthened its medical device business.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
