Global Medical
Metal 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 to
be valued at US$ 576.0 million in 2020 and is expected to exhibit a CAGR of
6.5% during the forecast period (2020-2027), as highlighted in a new report
published by Coherent Market Insights.
Launch of advanced tubing with
technologies is expected to be one of the most prominent growth opportunities
for medical metal tubing manufacturers.
For instance, in 2017,
Israel-based startup, ART Medical Ltd., developed a novel sensor-based smart
tube which will enable healthcare professionals to collect comprehensive data
of patients and reduce the risk of medical complications. Features offered by
this tubing are gathering of patient data such as feeding needs, saliva
secretion, and urine output by using sensors embedded in the tubes. It also
aids in regulating the feeding process and provides real-time information,
including the exact location of the tube.
Hence, launch of such novel and
smart tubing is expected to create ample opportunity for players to strengthen
their product portfolio in the near future.
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Global Medical Metal Tubing
Market – Impact of the Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has
impacted the global economy and in turn, the medical metal tubing market.
Quarantine, traveling constraints, and social distancing measures are likely to
lead to a steep decline in business and consumer spending until the end of the
second quarter of 2020.
Moreover, key players operating
in the global medical metal tubing market are supplying urgent raw material for
manufacturing medical devices which can help in diagnosis and treatment of
patients suffering from the coronavirus. For instance, in April 2020, Sandvik
AB supplied precision wires to manufacturers of ventilators. The precision wire
manufacturing facility in Palm Coast, Florida is working double shifts to
produce the EXERA medical wire which is used in ventilators.
Governments are taking
initiatives to combat the COVID -19 pandemic. For instance, in May 2020, the
Centers for Disease Control and Prevention (CDC) worked with the
All-of-Government and All-of-America approach to increase testing capacity and
availability to improve case detection and contact tracing across all states in
the U.S.
Moreover, the CDC is working with
the state and local partners to define the circumstances where testing of
asymptomatic persons is likely to be helpful in controlling the pandemic, as
well as the best application of surveillance serologic testing.
Browse 27 Market Data Tables and
26 Figures spread through 162 Pages and in-depth TOC on “Medical Metal Tubing
Market”- Global Forecast to 2027, 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).
Browse Research
Report: https://www.coherentmarketinsights.com/market-insight/medical-metal-tubing-market-4052
Key players operating in the
market are focusing on facility expansions in order to increase their presence
in the global market which is expected to drive the market growth during the
forecast period. For instance, in January 2020, Sandvik AB added a new cold
finishing tube manufacturing line at its Mehsana Mill, in Gujarat, Western
India. The new high-tech line is aimed at the production of heat exchanger
tubing and for other demanding industrial applications.
Key Takeaways of the Global
Medical Metal Tubing Market:
The global medical metal tubing
market is expected to exhibit a CAGR of 6.5% during the forecast period owing
to the increasing incidence of chronic diseases such as kidney diseases and
cardiovascular diseases. For instance, according to the U.S. Department of
Health & Human Services, in 2016, around 125,000 people in the U.S. started
treatment for end-stage kidney disease (ESKD) and over 726,000 people (2 in
every 1,000 people) were on dialysis or they had kidney transplant.
Among material, the stainless
steel material segment accounted for the largest market share in 2019 owing to
its properties such as corrosion resistance, metallurgical stability,
formability, and easy weldability. Moreover, properties such as fabrication
characteristics, mechanical properties and attractive finish contribute to the
overall quality of stainless steel tubing, and make it a popular choice in the
medical metal tubing industry.
Key players operating in the
global medical metal tubing market are AMETEK Inc., Sandvik AB, Teshima, Om
Steel 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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report: https://www.coherentmarketinsights.com/insight/buy-now/4052
About
Coherent Market Insights:
Coherent
Market Insights is a prominent market research and consulting firm offering
action-ready syndicated research reports, custom market analysis, consulting
services, and competitive analysis through various recommendations related to
emerging market trends, technologies, and potential absolute dollar
opportunity.
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