March 1, 2024
Medical Metal Tubing Market

The Growing Need for Medical Devices is Driving the Medical Metal Tubing Market

Medical metal tubing is used extensively in the production of various medical devices and equipment. Metal tubing is used in everything from catheters and guidewires to surgical instruments and diagnostic equipment. They provide structural support, protection, and paths for fluids, gases, electrical wires or optical fibers in medical applications. The growing global disease burden and aging population has led to rising demand for medical devices, thereby driving the need for high-quality metal tubing in their manufacturing.

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 key trends:

One of the key trends in the medical metal tubing market is the shift towards miniaturized devices. The demand for minimally invasive surgical procedures has increased significantly owing to benefits such as less pain, fewer complications, smaller incisions and scars, shorter hospital stays, and faster recovery times. This has created opportunities for medical device manufacturers to develop smaller and more intricately designed equipment which rely extensively on miniaturized metal tubing in their construction. Furthermore, technological advancements such as laser cutting, CAD modeling, and 3D printing have enabled manufacturers to develop metal tubing with intricate shapes, micro-diameters, and thin walls required for miniaturized medical devices. Miniaturization is expected to continue driving innovations in metal tubing design and manufacturing.

Porter’s Analysis

Threat of new entrants: The medical metal tubing market has moderate threat of new entrants given the average capital investment required for production. However, established companies have scale advantages and brand recognition.

Bargaining power of buyers: Individual buyers have lower bargaining power due to the availability of a wide range of product choices from different manufacturers. However, large healthcare facilities and group purchasing organizations have higher bargaining power.

Bargaining power of suppliers: The medical metal tubing market has a moderate level of threat from suppliers given the availability of substitute raw materials. However, suppliers of premium raw materials have some pricing power.

Threat of new substitutes: There is a moderate threat of substitutes like plastic tubing. However, medical metal tubing has advantages in applications requiring rigidity, strength, and flexibility at high temperatures.

Competitive rivalry: The medical metal tubing market has high competitive rivalry due to the presence of several global and local players. Companies compete based on product quality, innovation, brand, and pricing.

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 2.8% over the forecast period 2023 to 2030.

North America captured the largest share of the medical metal tubing market in 2023 owing to increasing healthcare expenditure and demand for minimally invasive procedures in the region.

Key players operating in the medical metal tubing market include The Kraft Heinz Company, Nestlé, The Kellogg Company, Unilever, and Calbee. Regional analysis Asia Pacific is expected to register the fastest growth rate during the forecast period due to improving healthcare infrastructure and increasing healthcare expenditure in the region. 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.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it