BURLINGAME, Calif., March 27, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, the global medical metal tubing market size is estimated to grow from $704.2 Million in 2023 and is forecast to reach a value of $1,161.9 Million by 2030 at a CAGR of 7.4% between 2023 and 2030. The Medical Metal Tubing Market is driven by two main factors: the increasing demand for minimally invasive surgeries and the growing geriatric population. Minimally invasive surgeries offer several advantages over traditional open surgeries, such as smaller incisions, less pain, reduced risk of infection, and faster recovery time. As a result, there is a growing preference for minimally invasive procedures among patients, leading to an increased demand for medical metal tubing. Furthermore, the aging population is prone to various chronic diseases and requires regular medical interventions. This has created a significant demand for medical devices, including metal tubing, which are used in various diagnostic and therapeutic procedures.
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Market Trends:
There are two key trends shaping the Medical Metal Tubing Market. The first trend is the increasing adoption of nitinol-based medical tubing. Nitinol, a nickel-titanium alloy, offers unique shape memory and superelastic properties, making it suitable for various medical applications. Nitinol tubing is widely used in the manufacturing of stents, catheters, guidewires, and other medical devices, as it provides flexibility, kink resistance, and excellent biocompatibility. The second trend is the rising preference for customized medical metal tubing. With advancements in manufacturing technologies, it is now possible to produce medical tubing with specific dimensions, materials, and surface finishes based on individual patient requirements. Customized tubing offers better performance and patient comfort, leading to its increased adoption in the medical field.
Medical Metal Tubing Market Report Coverage
Report Coverage | Details |
Market Revenue in 2023 | $704.2 million |
Estimated Value by 2030 | $1,161.9 million |
Growth Rate | Poised to grow at a CAGR of 7.4% |
Historical Data | 2018-2021 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Material, By Application, By End User |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers | • Increasing prevalence of chronic diseases • Increasing launches of new tubing |
Restraints & Challenges | • Recalls of metal tubing and accessories • Alternative of plastic tubing in market |
Market Opportunities:
The medical metal tubing market is expected to witness significant growth during the forecast period due to the growing demand for medical metal tubing in the healthcare sector. Medical metal tubing plays a crucial role in various medical applications such as dialysis or intravenous tubing, catheters and cannulas, drug delivery systems, and other applications. The increasing prevalence of chronic diseases and the rising geriatric population are driving the demand for medical metal tubing in the healthcare sector.
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Advancements in technology, such as the development of biocompatible and antimicrobial medical metal tubing, are further propelling the growth of the medical metal tubing market. These technological advancements have led to improved patient outcomes by reducing the risk of infections and enhancing the efficiency of medical procedures. Additionally, the increasing adoption of minimally invasive surgeries and the rising demand for precision medical devices are creating lucrative opportunities for the medical metal tubing market.
Key Developments
In September 2020, Teleflex Medical OEM (Original equipment manufacturer), a U.S.-based manufacturer of micro-diameter tubing, specialty wire, and medical equipment, announced expansion of its Trenton, Georgia, U.S. facility. The facility adds 16,000 square feet as a result of the project, which houses support operations, an expanded film-cast tubing center, and a remodeled wire production space. Increased capacity was required as a result of growing domestic and worldwide demand for Teleflex Medical OEM's cutting-edge medical goods.
In May, 2021, Viant, a U.S.-based global provider medical instruments, announced that it completed over US$ 8 million expansion at its Orthopedic Implant and Coating Center of Excellence in Chaumont, France. The expansion comprises a new building with a controlled-environment room and an investment in vacuum plasma spray (VPS) coating technology. Viant's capabilities as a single-source supplier of Precision metal tubes made of stainless steel have been enhanced, and the company now has the immediate capacity to work with more orthopedic customers.
Read complete market research report, "Medical Metal Tubing Market, by Material, by Application, by End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Market Takeaways:
Key Market Takeaways: Medical Metal Tubing Market is anticipated to witness a CAGR of 7.4% during the forecast period 2023-2030, owing to the growing demand for medical metal tubing in the healthcare sector and advancements in technology driving market growth.
On the basis of material, the stainless steel segment is expected to hold a dominant position. Stainless steel is widely used in medical metal tubing due to its excellent corrosion resistance, high strength, and compatibility with various medical applications. The increasing adoption of stainless steel in medical devices and instruments is contributing to the dominance of this segment in the market.
By application, the dialysis or intravenous tubing segment is expected to hold a dominant position. The increasing prevalence of chronic kidney diseases and the rising number of dialysis procedures are driving the demand for dialysis or intravenous tubing. Additionally, the advancements in dialysis technology and the growing demand for efficient and reliable intravenous therapies are further fueling the growth of this segment.
On the basis of region, North America is expected to hold a dominant position over the forecast period. The well-established healthcare infrastructure, the presence of key market players, and the high adoption of advanced medical technologies in this region are contributing to the dominance of North America in the medical metal tubing market.
Key players operating in the medical metal tubing market include AMETEK Inc., Alleima, Teshima International Corporation, Om Steel Tubes Ltd., Tech Tube, Inc., and Bison Stainless Tube. These players are focusing on strategic collaborations, partnerships, and product innovations to strengthen their market position. With the growing demand for medical metal tubing, these key players are anticipated to witness significant growth opportunities in the market.
In conclusion, the medical metal tubing market is experiencing considerable growth due to the growing demand for medical metal tubing in the healthcare sector and advancements in technology driving market growth. The dominance of stainless steel in terms of material and dialysis or intravenous tubing in terms of application further propel the market growth. North America is expected to remain the dominant region in the medical metal tubing market, while key players continue to focus on product innovations and strategic partnerships to gain a competitive edge.
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Detailed Segmentation:
By Material:
- Stainless Steel
- Titanium
- Nitinol (NiTi)
- Others
By Application:
- Dialysis or Intravenous Tubing
- Catheters & Cannulas
- Drug Delivery Systems
- Other Applications
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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