Medical metal tubing finds wide application in medical devices and equipment. It is used for applications such as in surgical and dental equipment, endoscopy equipment, catheters, biopsy devices and other medical equipment that require tubes for fluid/gas transfer or shaping medical devices. Medical metal tubing provides various advantages such as corrosion resistance, durability, and sterilizability which makes it an ideal choice for medical equipment. The growing demand for minimally invasive surgeries and increasing healthcare expenditure is expected to propel the demand for medical metal tubing over the forecast period.
The global Medical Metal Tubing Market is estimated to be valued at US$ 704.2 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The market Opportunity lies in the growing healthcare infrastructure development especially in emerging economies. Rapid urbanization and rising disposable income has boosted healthcare infrastructure development programs across key emerging nations like India, China, Brazil, and others. This growing healthcare infrastructure development is expected to drive the installation of modern medical equipment and devices that use medical metal tubing. The large unmet medical needs of the growing population in developing markets will propel the governments to invest heavily in developing healthcare facilities which will ultimately drive the demand for medical metal tubing over the forecast period.
Porter's Analysis
Threat of new entrants: The medical metal tubing market requires high capital investment and compliance with strict regulations which poses barriers for new players. The established players also enjoy economy of scale.
Bargaining power of buyers: The buyers in the medical metal tubing market include medical device manufacturers and hospitals. Their bargaining power is moderate as there are many established suppliers. However, price sensitivity is high for commodity products.
Bargaining power of suppliers: The suppliers include raw material producers and metal tube manufacturers. Their bargaining power is moderate due to availability of close substitutes and established buyer relationships of major players.
Threat of new substitutes: While plastic tubing is a substitute, medical metal tubing has better compatibility and durability. Development of new advanced material is a threat.
Competitive rivalry: The market is fragmented with presence of large multinational corporations. Players compete based on product quality, innovation, and pricing.
SWOT Analysis
Strengths: Developed production infrastructure, strong distribution network, stringent quality standards help build brand trust.
Weaknesses: High R&D and production costs, regulatory approvals are lengthy and expensive. Supply chain disruptions impact productivity.
Opportunities: Growing healthcare spending, increasing demand for minimally invasive surgeries and implantable devices drive market growth. untapped regions offer new opportunities.
Threats: Price wars among players, stringent regulations. Substitute products and raw material price volatility are challenges.
Key Takeaways
The Global Medical Metal Tubing Market Share is expected to witness high growth over the forecast period driven by increasing expenditure on healthcare and rising demand for surgical procedures. The global Medical Metal Tubing Market is estimated to be valued at US$ 704.2 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to presence of major players and advanced healthcare infrastructure. fastest growing regions include Asia Pacific and Latin America supported by growing medical tourism industry and economic development.
Key players operating in the medical metal tubing market are The Kraft Heinz Company,Nestlé, The Kellogg Company, Unilever, Calbee, Intersnack Group GmbH & Co. KG. Players focus on new product development and expansion in emerging countries for market share growth.
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