Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Medical metal tubes are intrinsic components of various medical devices and used extensively in the manufacture of catheters and cannulas, drug delivery systems, dialysis, and intravenous tubing. Medical metal tubes are usually small tubes which 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. Generally, the structure of medical metal tubes becomes more complex with decrease in size of the tube. Medical metal tubes are available in a variety of shapes and sizes to cater to various applications. Manufacturers are also focusing on advancements in raw materials required for manufacturing medical metal tubing as these materials vary based on the application and chemical nature of the drug.
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).
Figure 1. Global Medical Metal Tubing Market Share (%) in Terms of Value, By Region, 2019
The increasing prevalence of chronic and life threatening diseases such as cancer, diabetes, cardiovascular diseases, and others is expected to drive demand for medical metal tubing which is required during the treatment procedure of a patient.
High prevalence of chronic and life threatening diseases such as cancer, diabetes, cardiovascular diseases, and others is expected to be one of the important factors driving growth of the global medical metal tubing market during the forecast period.
For instance, 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.
Figure 2. Global Medical Metal Tubing Market Share (%), by Material, 2020
Collaborations and acquisitions among key players are expected to drive the market growth during the forecast period.
Key players in the market are focused on strategic collaborations and acquisitions in order to expand their product portfolio and geographical presence by offering medical metal tubing products in untapped markets. Such strategic collaborations 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.
Medical Metal Tubing Market Report Coverage
||Market Size in 2019:
||US$ 576.0 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 893.1 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Material: Stainless Steel, Titanium, Nitinol (NiTi).
- By Application: Dialysis or Intravenous Tubing, Catheters & Cannulas, Drug Delivery Systems, Other Applications.
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.
- The increasing prevalence of chronic and life threatening diseases
- The strategic collaborations and acquisitions among key players
|Restraints & Challenges:
- Increasing use of medical tubing made from plastic.
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. Medical metal tubing has a wide range of applications in disease diagnosis, treatment and it is also used in manufacturing medical devices. However, use of medical tubes made from plastic is increasing which is expected to hamper the market growth during the forecast period.
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.