Medical metal tubing are extensively utilized in various medical applications such as medical equipment, pharmaceutical packaging, medical implants and devices. Medical metal tubes find wide applications in medical equipment like MRI machines, CT scanners, surgical tools, ventilators andrespirators. The growing geriatric population worldwide boosts the demand for medical equipment which in turn fuels the growth of the medical metal tubing market.
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 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The widespread outbreak of Covid-19 pandemic has led to a surge in demand for medical equipment like ventilators, respiratory devices and other life-saving equipment. According to World Meter Association, the sales of medical ventilators increased by over 400% during March- April 2020.The rising demand for medical equipment associated with treatment of Covid-19 has accelerated the growth of medical metal tubing market. The key manufacturers are actively engaged in developing medical grade metals and alloys for production of medical tubing which can further augment the market growth over the forecast period.
Segment Analysis
Stainless steel segment holds the major share in the medical metal tubing market. Stainless steel offers excellent corrosion resistance and biocompatibility, which makes it a preferred choice for medical tubing applications. The metal has inherent rigidity and strength, along with non-magnetic properties, making it suitable for various medical equipment such as respiratory devices, infusion and transfusion devices, endoscopy equipment among others.
Key Takeaways
The Global Medical Metal Tubing Market Share is expected to witness high growth over the forecast period. 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 2.8% over the forecast period 2023 to 2030.
Regional analysis indicates that North America holds the largest share currently. Factors such as high healthcare spending, presence of key players, and favorable reimbursement policies are driving regional growth. However, Asia Pacific is expected to emerge as the fastest growing region owing to improving healthcare infrastructure, rising medical tourism, and growing demand.
Key players operating in the Medical Metal Tubing market are The Kraft Heinz Company,Nestlé, The Kellogg Company, Unilever, Calbee, Intersnack Group GmbH & Co. KG. These companies are focusing on new product launches and partnerships to gain market share. For instance, in 2022 Nestlé launched a new range of fortified breakfast cereals to expand its product portfolio for health conscious consumers.
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https://www.newsstatix.com/medical-metal-tubing-market-size-share-growth-outlook-2023/
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