Medical Metal Tubing Market is Expected to be Flourished by Rising Demand for Minimally Invasive Surgeries

 

Medical Metal Tubing Market

Medical metal tubing is used in wide range of medical devices and equipment that are utilized in numerous medical applications. The stainless-steel tubes are commonly used in medical devices owing to their excellent biocompatibility and corrosion resistance. Some key applications of medical metal tubing include components for catheters, guidewires, cannulae, needles, hypodermic tubing, and biopsy devices. The growing prevalence of various diseases is generating the demand for advanced medical devices that rely on medical metal tubing. Moreover, the rising preference for minimally invasive surgical procedures is augmenting the utilization of medical devices integrated with medical 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 Dynamics:

Minimally Invasive Surgeries: Minimally invasive surgeries utilize long and flexible medical metal tubing incorporated into devices like endoscopes, catheters, and guidewires to perform surgeries through small incisions instead of traditional open surgeries. The increasing trend of minimally invasive procedures owing to benefits such as lesser pain, lower risk of infection, faster recovery time, and minimal scarring is boosting the demand for various medical devices integrated with metal tubing. This rising preference for minimally invasive procedures among physicians as well as patients acts as a key growth driver for the medical metal tubing market.

Changing Disease Burden: The changing healthcare landscape with increasing prevalence of chronic and lifestyle diseases is generating significant demand for advanced diagnostic and treatment procedures. This growing disease burden necessitates the adoption of innovative medical devices and equipment incorporated with metal tubing. The rising cases of cardiovascular, gastrointestinal, neurological disorders as well as the increasing geriatric population susceptible to such conditions are propelling the utilization of metal tubing based devices like coronary stents, angiographic catheters, endoscopes etc. thus augmenting the market growth over the forecast period.

Segment Analysis

Medical Metal Tubing Market is dominated by the stainless steel sub segment which holds around 60% market share. Stainless steel find wide application in medical devices and equipment owing to its corrosion resistance, non-reactive nature and strength. It helps to deliver fluids and gases safely within medical equipment without interacting with the human body. Growing demand for minimally invasive surgeries is further propelling the demand for precision stainless steel tubing in medical procedures.

PEST Analysis

Political: Governments across the globe are focusing on improving healthcare infrastructure and investing in new healthcare projects. This is positively impacting the growth of medical metal tubing market.

Economic: Rising disposable income levels and growing health awareness are increasing healthcare spending globally. Improving economic conditions provide opportunities for market growth.

Social: Changing lifestyle and increasing lifestyle diseases are driving demand for advanced medical treatments. Growing elderly population undergoing various medical procedures also supports market expansion.

Technological: Developments in material science and advancement of manufacturing processes help to produce tubing with precise dimensions and high quality. Miniaturization of devices requires tubing with tighter tolerances which boosts technological innovations.

Key Takeaways

The Global Medical Metal Tubing Market Share is expected to witness high growth over the forecast period of 2023 to 2030. 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.

North America dominates the global market and is expected to maintain its leading position throughout the forecast period. The region is an early adopter of advanced medical technologies and has a highly developed healthcare infrastructure.

Key players operating in the Medical Metal Tubing Market are Adelaide Brighton Ltd, Boral Ltd., Sibelco Australia, Omya Australia Pty Ltd, Wagners, and Lime Group Australia. Key players focus on developing innovative tubing solutions for the medical industry through extensive R&D efforts. They also focus on partnerships and agreements to strengthen their product offerings.

The global Medical Metal Tubing Market provides immense opportunities for existing as well as new market players. Stainless steel tubing is expected to remain the mostly used material owing to its corrosion resistance and non-reactive properties. New product launches catering to specific application areas and investments in manufacturing facilities will help companies to gain competitive advantage. Precision metal tubing with tighter tolerances allows design of miniaturized medical devices.

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