Medical Metal Tubing Market Is Estimated To Witness High Growth Owing To Rising Demand From Medical Devices Industry
Medical metal tubing is used in a variety of medical devices and equipment across several therapeutic applications such as drug delivery, minimally invasive surgeries, implants, and diagnostic equipments. It provides precision, accuracy, and safety that is required for various medical procedures. Some common products where medical metal tubing finds applications include catheters, guidewires, balloon inflation devices, biopsy devices, and other specialty 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 Dynamics:
Medical Metal Tubing Market is Estimated to Witness High Growth Owing to Rising Demand from Medical Devices Industry
The growth of the global Medical Metal Tubing Market is majorly driven by the rising demand for medical devices from the growing geriatric population base and increasing prevalence of chronic and lifestyle diseases globally. As per the estimates published by the United Nations, the proportion of global population aged over 65 will rise from 9.3% to 16% between 2020 and 2050. The growing elderly population is more susceptible to various diseases like cardiovascular disorders, diabetes, cancer etc. which require diagnosis and treatment procedures involving medical metal tubing based devices like catheters, biopsy devices, guidewires etc. Therefore, increasing prevalence of chronic diseases and growing aging demographics are expected to propel the demand for diverse range of medical devices using metal tubing during the forecast period. Additionally, ongoing technological advancements in medical equipment and devices is also fueling the market growth over the next few years.
SWOT Analysis
Strength: Medical metal tubing has high biocompatibility which makes it suitable for medical devices requiring contact with living tissues or fluids. Being corrosion resistant allows metal tubing to withstand cleaning and sterilization cycles. Metal tubing also has strength and durability providing long product life.
Weakness: Production of medical metal tubing requires specialized tubing mills and drawing/forming expertise raising costs. Additional processing like electropolishing or passivation further increases production costs. Material availability issues or price fluctuations can impact manufacturers.
Opportunity: Growing elderly population coupled with increasing lifestyle diseases drives demand for medical devices using metal tubing. Development of minimally invasive surgeries increases need for smaller, precision tubing. Adoption of value-based healthcare prompts innovation of cost-effective devices incorporating metal tubing.
Threats: Stringent regulations surrounding biocompatibility testing delay new product development cycles. Substitution threat from polymers gaining acceptance for certain devices posing competition to metal tubing. Economic downturns impacting discretionary healthcare spend can lower demand.
Key Takeaways
The global Medical Metal Tubing Market Growth is expected to witness high growth over the forecast period driven by rising incidence of chronic disorders and an aging demographic. 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 owing to presence of major medical device manufacturers and favorable reimbursement scenario for new products. However Asia Pacific is anticipated to be the fastest growing regional market with increasing healthcare expenditure and growing medical tourism.
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. These companies focus on new product development and capacity expansion to gain share in the high potential market.
For more insights, read- https://cmiinfonest.blogspot.com/2023/12/medical-metal-tubing-market-poised-for.html
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