Global Medical Metal Tubing Market, by Material (Stainless Steel, Titanium, Nitinol (NiTi), Others), by Application (Dialysis or Intravenous Tubing, Catheters & Cannulas, Drug Delivery Systems, Other Applications), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, Others),and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 704.2 Million in 2023 and is expected to exhibit a CAGR of 7.4 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like facility expansion is expected to drive the global medical metal tubing market growth over the forecast period. For instance, on December 07, 2022, Johnson Matthey, a U.K.-based multinational specialty chemicals and sustainable technologies company, opened a brand new nitinol facility in Mexicali, Mexico, for its Medical Device Components business. The facility has 40,000 square feet of manufacturing space for nitinol sheet and tubing. According to the company, the newly constructed plant in Mexicali is the world’s only low-cost-country manufacturer of nitinol sheet and tube. New facility will give its customers increased capacity for device launches, optimized cost, enhanced quality assurance, and dependable deliveries with shorter lead times.
Global Medical Metal tubing Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had positive impact on the global medical metal tubing market due to increasing need of metal tubings during COVID-19 related hospitalization to attach to the ventilators. For instance, according to an article published on August 2, 2022, in Critical Care Medicine Journal, A fully open access journal publishing the most contemporary research the demand for mechanical ventilators in the U.S. increased during the COVID-19 pandemic. The survey was conducted in the U.S. on different acute care hospitals and hospitals providing pediatric care. In total, 2,712 of 4,609 U.S. adult acute care hospitals responded to the survey. The multivariate adjusted relative increase in adult mechanical ventilators during the public health emergency in 2020 was 31.5%. The increase in pediatric and neonatal mechanical ventilators was 15.6%. Such increased demand for ventilators also increases demand for the tubings used in ventilator. These tubings are made of metal or plastic.
Global Medical Metal tubing Market: Key Developments
Increasing launch of newer tubings and its accessories is expected to drive the market growth.
For instance, on February 22, 2023, Alpine Laser, a U.S.-based medical equipment manufacturing company, launched its medical-tube-cutting Medicut Pro. Medicut Pro is a purpose-driven and ultra-fast laser processing workstation for cutting stainless steel tubing. Such stainless-steel tubing plays an important role in micro-catheter shafts, structural heart valve frames, stents and tubular components. The Medicut Pro is faster than other systems on the market, according to Alpine Laser. Other positive features include a Precision Regrip Module with less than 0.0005 in. positional error, 3- to 5-minute tool changeover and rapid prototyping, a CAT III safety system, and the ability to service with off-the-shelf products that Alpine stocks.
Browse 36 Market Data Tables and 34 Figures spread through 150 Pages and in-depth TOC on Global Medical Metal Tubing Market, by Material (Stainless Steel, Titanium, Nitinol (NiTi), Others), by Application (Dialysis or Intravenous Tubing, Catheters & Cannulas, Drug Delivery Systems, Other Applications), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-metal-tubing-market-4052
Key Takeaways of the Global Medical Metal Tubing Market:
- Global medical metal tubing market is expected to exhibit a CAGR of 7.4% during the forecast period. Funding raised by key market players is expected to accelerate research & development activities. For instance, on May 10, 2022, Venus Pipes and Tubes, an India-based stainless steel pipes and tubes manufacturer, raised US$ 6.02 million from anchor investors ahead of its initial public offering (IPO). Venus Pipes and Tubes manufactures stainless steel hydraulic and instrumentation tubes for medical and pharmaceutical purpose.
The funds raised through IPO will be utilized for financing project costs for capacity growth, technology upgrades, operational cost optimization, manufacturing facility support, and backward integration for hollow pipe manufacturing, and long-term working capital requirements, besides general corporate purposes.
- Among materials, stainless steel segment is expected to dominate the global medical metal tubing market over the forecast period, owing to launch of new medical metal tubes. For instance, on October 15, 2021, Accu-tube, a U.S.-based expert in precision stainless steel tubing, announced development of new stainless steel based tubes for orthopedic applications. These are being designed for minimally invasive surgery or laparoscopic applications. Accu-Tube’s recent acquisition mercury tube has expertise in 17-7 stainless steel, hence the newly combined operation was able to begin welding and drawing tubing with the strength of 17-4 at a much lower fabrication cost. Accutube is developing it for ortho because they need thicker walls to withstand the machining needed for high-force applications like drilling and cutting. What’s unique about this tubing is that they are pushing limits of outer diameter (OD)-to-wall ratio to make a much thicker wall in a smaller tube.
- Among region, North America is expected to be the dominant region in the global medical metal tubing market, owing to the increasing research & development activities in the region. For instance, on according to an article published by the Journal Polymers, on February 08, 2020, a new coating strategy for surface modification of stainless steel tube was designed to improve interfacial adhesion of medical interventional catheters. The study was conducted by Department of Biomedical Engineering, McGill University, a Canada-based public research university. A coating of thermoplastic polyurethane (TPU) was deposited on the surface of stainless steel wire to enhance the mechanical performance of braid-reinforced composite hollow fiber tube. This method takes advantage of the hydrogen bonding between polyether block amide (PEBA) and thermoplastic polyurethane (TPU) for surface modification of stainless steel wire, as well as the good compatibility between PEBA and TPU. The mechanical properties of composited tubes demonstrate that the interlaminar shear strength, modulus of elasticity, and torque transmission properties were enhanced by 27.8%, 42.1%, and 41.4%, respectively. The results indicating that the interfacial adhesion between the coated stainless steel tube and the inner and outer matrix was improved.
- Major players operating in the global medical metal tubing market include AMETEK Inc., Alleima, Teshima International Corporation, Om Steel Tubes Ltd., Tech Tube, Inc., Bison Stainless Tube, LLC, Vita Needle Company, M&M International, Fuji Seiko, Accu-Tube, Eagle Stainless Tube & Fabrication, Inc., Forefront Medical Technologies, Minitubes, Teleflex Incorporated, VIANT, and K-Tube Technologies
