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.
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).
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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: