Medical metal tubing finds extensive application in the manufacturing of a variety of medical devices. Ranging from simple tubing used for intravenous therapy and blood collection to more complex applications in endoscopy, imaging, and minimally invasive surgery. Medical metal tubing offers advantages like durability, high tensile strength, sterilizability, and biocompatibility. With an increasing global geriatric population and rising prevalence of chronic and lifestyle diseases, the demand for associated medical treatments and devices is surging rapidly thereby propelling the need for medical metal tubing.
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 2.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the medical metal tubing market is the growing popularity of nitinol tubing. Nitinol or nickel-titanium possesses shape memory and superelastic properties which makes it highly suitable for medical applications. Nitinol tubing is increasingly replacing stainless steel tubing in devices such as cardiovascular stents and guides wires owing to its superior flexibility and kink resistance. It is also finding increasing usage in minimally invasive surgery tools due to its ability to be placed in compact forms and deployed at target sites. Manufacturers are continuously innovating nitinol alloy compositions and tube processing techniques to further enhance the shape memory effect for augmenting performance in advanced medical devices. This is expected to drive the demand of nitinol tubing over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the medical metal tubing industry requires significant capital investment along with regulatory compliance. However, consolidating suppliers offer opportunities.
Bargaining power of buyers: The bargaining power of buyers is high given the large number of medical metal tubing suppliers and standardized products. However, stringent medical regulations increase switching costs.
Bargaining power of suppliers: Suppliers of raw materials like stainless steel and polymers have moderate bargaining power due to availability of substitutes and presence of many suppliers.
Threat of new substitutes: The threat of new substitutes is low as metal and polymer tubing have well-established use in the medical industry however continuous innovation leads to development of new materials.
Competitive rivalry: The competitive rivalry is high among the top players to gain higher market share through product differentiation, customer service and compliance with regulations.
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 2.1% over the forecast period 2023 to 2030.
Regional analysis: North America is likely to hold the largest share in the medical metal tubing market due to advanced healthcare infrastructure, high healthcare expenditure and presence of major players in US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing medical tourism and growing healthcare spending by economies like India and China.
Key players: Key players operating in the Medical Metal Tubing market are Zeus Industrial Products Inc., Holscot Fluoroplastics, Rochester Metal Products LLC, I.D. Plast, TPS, Inc, Teleflex Incorporated, Optinova, Tekni-Plex, Microgroup, and A.P. Extrusion.
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