Medical metal tubing is extensively used in medical devices for guiding and delivering instruments and implants during medical procedures. It is used in equipment such as biopsy forceps, dilation catheters, guidewires, angioplasty balloons, and stents. Medical metal tubing is also utilized for surgical, diagnostic, and therapeutic applications in various minimally invasive surgeries including endoscopy, laparoscopy, and orthopedics. Growing preference for minimally invasive procedures owing to advantages such as less pain, less scarring, quicker recovery time, and improved cosmetic outcomes has been fueling demand 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 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing adoption of minimally invasive surgeries and increasing number of such procedures carried out annually is a key driver boosting the medical metal tubing market. Furthermore, rising geriatric population who are more prone to various chronic diseases also necessitate medical interventions, thus propelling the need for medical metal tubing. Another major factor driving the market growth is the flourishing medical devices industry. Continuous technological advancements in medical devices and growing investments by manufacturers to develop innovative product is augmenting demand for high-performance metal tubing.
Additionally, increasing healthcare expenditure in emerging nations due to rising disposable income and growing awareness about various treatments is creating lucrative opportunities for players in the medical metal tubing market. However, stringent regulations associated with medical device manufacturing may hamper market growth.
Segment Analysis
The medical metal tubing market is dominated by the stainless steel sub segment which holds around 60% market share. Stainless steel finds wide application in medical metal tubing due to its corrosion resistance, durability and efficacy properties. It can withstand high temperatures during sterilization without undergoing any physical changes.
PEST Analysis
Political: Government regulations regarding usage of metals in medical devices is stringent. Only products passing quality and safety certifications are allowed.
Economic: Developing economies are witnessing higher healthcare spends which is increasing demand for medical devices. Aging population in developed nations is another growth driver.
Social: Rising lifestyle diseases and injuries have increased requirement for surgical procedures. This augments medical metal tubing consumption.
Technological: Innovation in material science has led to development of novel alloys like nitinol with shape memory and biocompatibility. This is finding increasing application in minimally invasive surgeries.
Key Takeaways
The Global Medical Metal Tubing Market Share is expected to witness high growth. 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.
The global medical metal tubing market is expected to witness high growth during the forecast period of 2023 to 2030. North America holds the largest share currently owing to presence of major OEMs and spending on healthcare infrastructures. Asia Pacific is projected to be the fastest growing region on back of increasing medical tourism and private healthcare initiatives in counties like India and China.
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. Stainless steel316L is the commonly used alloy by major corporations due to its efficacy. Companies are focusing on expanding regional presence and moving into value-added products segments like coated metal tubes.