Global MedicalMetal Tubing Market, By Material (Stainless Steel, Titanium and Nitinol(NiTi)), By Application (Dialysis or Intravenous Tubing, Catheters &Cannulas, Drug Delivery Systems, and Others), and By Region (North America,Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated tobe valued at US$ 576.0 million in 2020 and is expected to exhibit a CAGR of6.5% during the forecast period (2020-2027), as highlighted in a new reportpublished by Coherent Market Insights.
Launch of advanced tubing withtechnologies is expected to be one of the most prominent growth opportunitiesfor medical metal tubing manufacturers.
For instance, in 2017,Israel-based startup, ART Medical Ltd., developed a novel sensor-based smarttube which will enable healthcare professionals to collect comprehensive dataof patients and reduce the risk of medical complications. Features offered bythis tubing are gathering of patient data such as feeding needs, salivasecretion, and urine output by using sensors embedded in the tubes. It alsoaids in regulating the feeding process and provides real-time information,including the exact location of the tube.
Hence, launch of such novel andsmart tubing is expected to create ample opportunity for players to strengthentheir product portfolio in the near future.
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Global Medical Metal TubingMarket – Impact of the Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic hasimpacted the global economy and in turn, the medical metal tubing market.Quarantine, traveling constraints, and social distancing measures are likely tolead to a steep decline in business and consumer spending until the end of thesecond quarter of 2020.
Moreover, key players operatingin the global medical metal tubing market are supplying urgent raw material formanufacturing medical devices which can help in diagnosis and treatment ofpatients suffering from the coronavirus. For instance, in April 2020, SandvikAB supplied precision wires to manufacturers of ventilators. The precision wiremanufacturing facility in Palm Coast, Florida is working double shifts toproduce the EXERA medical wire which is used in ventilators.
Governments are takinginitiatives to combat the COVID -19 pandemic. For instance, in May 2020, theCenters for Disease Control and Prevention (CDC) worked with theAll-of-Government and All-of-America approach to increase testing capacity andavailability to improve case detection and contact tracing across all states inthe U.S.
Moreover, the CDC is working withthe state and local partners to define the circumstances where testing ofasymptomatic persons is likely to be helpful in controlling the pandemic, aswell as the best application of surveillance serologic testing.
Browse 27 Market Data Tables and26 Figures spread through 162 Pages and in-depth TOC on “Medical Metal TubingMarket”- Global Forecast to 2027, By Material (Stainless Steel, Titanium andNitinol (NiTi)), By Application (Dialysis or Intravenous Tubing, Catheters& Cannulas, Drug Delivery Systems, and Others), and By Region (NorthAmerica, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Key players operating in themarket are focusing on facility expansions in order to increase their presencein the global market which is expected to drive the market growth during theforecast period. For instance, in January 2020, Sandvik AB added a new coldfinishing tube manufacturing line at its Mehsana Mill, in Gujarat, WesternIndia. The new high-tech line is aimed at the production of heat exchangertubing and for other demanding industrial applications.
Key Takeaways of the GlobalMedical Metal Tubing Market:
The global medical metal tubingmarket is expected to exhibit a CAGR of 6.5% during the forecast period owingto the increasing incidence of chronic diseases such as kidney diseases andcardiovascular diseases. For instance, according to the U.S. Department ofHealth & Human Services, in 2016, around 125,000 people in the U.S. startedtreatment for end-stage kidney disease (ESKD) and over 726,000 people (2 inevery 1,000 people) were on dialysis or they had kidney transplant.
Among material, the stainlesssteel material segment accounted for the largest market share in 2019 owing toits properties such as corrosion resistance, metallurgical stability,formability, and easy weldability. Moreover, properties such as fabricationcharacteristics, mechanical properties and attractive finish contribute to theoverall quality of stainless steel tubing, and make it a popular choice in themedical metal tubing industry.
Key players operating in theglobal medical metal tubing market are AMETEK Inc., Sandvik AB, Teshima, OmSteel Tubes Ltd., Tech Tube, Inc., TE Connectivity, Bison Stainless Tube, LLC,K-Tube Technologies (Cook Group), Vita Needle Company, M&M International,Fuji Seiko, and Minitubes.
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CoherentMarket Insights is a prominent market research and consulting firm offeringaction-ready syndicated research reports, custom market analysis, consultingservices, and competitive analysis through various recommendations related toemerging market trends, technologies, and potential absolute dollaropportunity.
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