Newark, NJ, Aug. 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global medical metal tubing market is expected to grow from USD 540.85 million in 2019 and to reach USD 895.10 million by 2027, growing at a CAGR of 6.5% during the forecast period 2020-2027.
The medical metal tubing market is witnessing significant growth from the past years. This growth is attributed to the increasing prevalence of chronic and life-threatening devices like cancer, cardiovascular diseases, diabetes, and others. The increased spending on healthcare coupled with rising health awareness and growing geriatric population is influencing the market growth. The rising demand for technically advanced medical devices in various neurological and surgical applications propels the demand for medical metal tubing. Medical metal tubing is used as bulk disposable tubing, for draining blood, in catheters and cannulas, drug delivery system, and in peristaltic pumps.
Medical metal tubing is an intrinsic component of various medical devices used extensively in the manufacturing of catheters and cannulas, dialysis, drug delivery system, and intravenous tubing. They are available in various shapes and sizes to cater to various applications. Manufacturers focus on advancements in raw materials required for manufacturing medical metal tubing as these materials vary based on the applications and chemical nature of the drug. Medical metal tubing are the small tubes inserted into the patient’s body through nose, mouth, or any cut in the skin to deliver oxygen, anesthesia, drug, or any other fluid.
Global medical metal tubing market is expected to witness significant growth, owing to increasing disposable income, increasing investments by the government, and increasing demand for technically advanced medical devices. Increasing the use of medical tubing made of plastic restraints market growth. The expansion of the medical industry in both developed and developing economies provide market growth opportunities. Advancement in the medical technology and development of minimally invasive procedures focuses on introducing small diameter medical tubing products that are cost-effective and have a wide range of applications on disease diagnosis, treatment, and manufacturing of medical devices.
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Key players operating in the global medical metal tubing market include Minitubes, AMETEK Inc., Om Steel Tubes Ltd., TE Connectivity, Teshima, Sandvik AB, Vita Needle Company, Bison Stainless Tube LLC, K-Tube Technologies (Cook Group), Fuji Seiko, Tech Tube, Inc., and M&M International. To gain a significant market share in the global medical metal tubing market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Sandvik AB and AMETEK Inc. are some of the leading manufacturers of the medical metal tubing market.
- For instance, in October 2018, a new facility in Indianapolis, Indiana, U.S. was opened by Cook Group and announced a collaboration with Indiana University School of Medicine. This collaboration was done to develop tools and technologies that advance solutions in emerging areas of precision medicine, immunotherapy, regenerative medicine, drug delivery, and bioprinting.
- In December 2019, Summerill Tube Corporation, a manufacturer of high precision tubes, was acquired by Sandvik AB. This acquisition was made to expand the precision tubes portfolio and increase the shares of Sandvik AB in the global market.
Stainless-steel segment dominated the market and held the largest share of 37.56% in the year 2019
On the basis of material, the global medical metal tubing market is segmented into titanium, nitinol, and stainless steel. Stainless-steel segment dominates the market and held the largest share of 37.56% in the year 2019. This growth is attributed to its properties like metallurgical stability, corrosion resistance, easy weldability, and formability.
Drug Delivery System segment dominated the market and held the largest of 29.71% share in the year 2019
On the basis of application, the global medical metal tubing market is segmented into catheters and cannulas, dialysis or intravenous tubing, drug delivery system, and others. Drug delivery system segment dominated the market and held the largest share of 29.71% in the year 2019. This growth is attributed to the method used by the drug delivery system to deliver medications or drugs to achieve a therapeutic effect in humans and animals.
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Regional Segment of Medical Metal Tubing Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global medical metal tubing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America accounted for the major share of 23.16% in the year 2019. This is attributed to the region's growth, as it is the most alluring area for the medical metal tubing. The market in the Asia-Pacific region is anticipated to witness significant growth. This growth is attributed to the increasing number of non-invasive treatment procedures in emerging economies like India and China.
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About the report:
The global medical metal tubing market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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