Medical metal tubing refers to thin-walled metal tubing that meets high safety, biocompatibility, and quality standards required for medical devices and equipment. Medical metal tubing is used in a variety of medical applications such as for fluid and gas transfer lines, biopsy devices, catheters, biopsy devices, and surgical instruments. The demand for medical metal tubing is growing owing to the increasing preference for minimally invasive surgical procedures globally.
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 Opportunity:
The growing preference for minimally invasive surgeries is one of the major opportunities driving the growth of the medical metal tubing market. Minimally invasive surgeries are less traumatic for patients as they involve small incisions as compared to traditional open surgeries. Medical metal tubing finds major application in devices and instruments used in minimally invasive surgeries such as catheters, guidewires, biopsy devices. According to the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES), it is estimated that around 26 million surgeries were performed in the United States in 2018, out of which around 70% were minimally invasive surgeries. The preference for minimally invasive surgeries is growing owing to benefits such as lesser pain, fewer surgical cuts, shorter hospital stays, quicker recovery time, and lesser risk of surgical site infections. Thus, the increasing adoption of minimally invasive surgical procedures globally is expected to drive the demand for medical metal tubing over the forecast period.
Porter's Analysis
Threat of new entrants: The barriers for new entrants to enter the Medical Metal Tubing market are moderately high due to requirements for strong capital investment in manufacturing facilities and R&D. The established players have economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has many buyers like medical device manufacturers. However, products are differentiated based on quality therefore switching costs are high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in manufacturing medical metal tubing such as stainless steel and nitinol are commoditized. However, major suppliers have established relationships with key players.
Threat of new substitutes: Threat of new substitutes is low as there are limited substitutes for medical metal tubing. Plastic tubing is a potential substitute but cannot match performance requirements for many applications.
Competitive rivalry: High due to presence of numerous global and regional players competing on basis of product quality, innovation and customer service.
SWOT Analysis
Strengths: High quality standards and certifications help gain trust of medical device manufacturers. Established distribution networks globally.
Weaknesses: High R&D and capital investment requirements pose challenges for small players. Supply chain disruptions can impact production.
Opportunities: Growth in demand for minimally invasive procedures and devices is driving opportunities. Emerging markets in Asia Pacific and Latin America offer high growth potential.
Threats: Stringent regulations around materials can delay new product clearances. Trade policies and macroeconomic challenges impact revenue cycles.
Key Takeaways
The global Medical Metal Tubing Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising usage of specialized tubing in surgical and diagnostic 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.
The North American region currently dominates the market due to presence of major players and high healthcare spending. The Asia Pacific region is projected to be the fastest growing market during the forecast period growing at a CAGR of around 7% driven by expanding medical infrastructure, growing middle class and rising medical tourism. Countries like China, India and South Korea are emerging as global manufacturing hubs attracting major players to establish local production facilities and expand distribution networks.
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 players are focused on new product development, capacity expansion and mergers & acquisitions to strengthen market positions.
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