Medical Metal Tubing Market Size Worth US$ 893.1 Million at a CAGR of 6.5% by 2027 | AMETEK Inc., Sandvik AB, Teshima, Om Steel Tubes Ltd.

Medical metal tubes are essential components of several medical devices and are used basically in the production of catheters and cannulas, drug delivery systems, dialysis, and intravenous tubing. Stainless steel is the preferred material for medical metal tubes. Stainless steel tubing is the primary support feature of handheld surgical devices. The production process for these products is highly automated these tubes are inserted into the patient’s body through the mouth, nose, or any cut in the skin to deliver oxygen, anesthesia, drugs, or any other fluid. Medical metal tubes are available in a variety of shapes and sizes to cater to various applications.

According to the U.S. Department of Health & Human Services, more than two million people have end-stage kidney disease and one in three will need a transplant. As a result, medical tubing will be in high demand.

The global medical metal tubing market 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).

The rise in prevalence of chronic and life threatening diseases such as cancer, diabetes, cardiovascular diseases, and others is driving demand for medical metal tubing which required during the treatment procedure of a patient.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐚𝐧𝐝 𝐆𝐞𝐭 𝐅𝐥𝐚𝐭 𝐔𝐒𝐃 𝟐𝟎𝟎𝟎 𝐎𝐅𝐅

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐅𝐮𝐥𝐥 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 @ https://www.coherentmarketinsights.com/promo/buynow/4052

Growing prevalence of chronic and life threatening diseases such as cancer, diabetes, cardiovascular diseases, and others is driving growth of the global medical metal tubing market during the forecast period.

For example, according to the International Agency for Research on Cancer’s  2018 report, there were around 18.1 million new cases and 9.6 million deaths due to cancer in 2018. Moreover, according to the same source, one in 5 men and one in 6 women worldwide develop cancer during their lifetime, and one in 8 men and one in 11 women die due to the disease. Similarly, according to the same source, the total number of people who are alive within 5 years of a cancer diagnosis (called the 5-year prevalence) was around 43.8 million across the globe in 2018.

According to the World Health Organization’s 2017 report, an estimated 17.9 million people died from cardiovascular diseases (CVDs) in 2016, representing 31% of all global deaths, out of which, around 85% deaths were caused due to heart attack and stroke.

Partnership and acquisitions among key players are projected to drive the market growth during the forecast period.

Key players in the market are focused on strategic partnership and acquisitions in order to expand their product portfolio and geographical presence by offering medical metal tubing products in untapped markets. Such strategic partnership and acquisitions are expected to create a conducive environment for the market growth in the near future.

For instance, in December 2019, Sandvik AB acquired Summerill Tube Corporation, a manufacturer of high precision tubes. As a result of this acquisition, Sandvik AB has expanded its precision tubes portfolio and increased its share in the global market.

In October 2018, Cook Group opened its new facility in Indianapolis, Indiana, U.S. and announced a collaboration with Indiana University School of Medicine to develop tools and technologies that advance solutions in emerging areas of immunotherapy, precision medicine, drug delivery, regenerative medicine, and bioprinting.

𝐓𝐨 𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐋𝐚𝐭𝐞𝐬𝐭 𝐂𝐨𝐯𝐢𝐝𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 @ https://www.coherentmarketinsights.com/insight/request-sample/4052

Global Medical Metal Tubing Market – Impact of the Coronavirus (Covid-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries around the globe with the World Health Organization declaring it a public health emergency. According to the World Health Organization’s report, the manifestation of the coronavirus (COVID-19) has resulted in more than 16.2 million infected individuals worldwide as of 27 July 2020. Furthermore, the global COVID-19 pandemic has led to a pause in manufacturing activities across the globe, which has affected demand for metal, as well as production and processing of medical metal tube products and accessories. The most critically impacted end-use segments in the metal tubes industry are medical, automotive & transportation, consumer goods, industrial equipment, construction, and electronics.

Global Medical Metal Tubing Market: Restraint

With advancements in medical technology and development of minimally invasive procedures, medical device designers are focusing on introducing smaller diameter medical tubing products that are sophisticated yet cost-effective. Recently, the use of medical tubes made from plastic is increasing which is projected to hinder the market growth during the forecast period.

Key Players

Major 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.