Medical Metal Tubing Market Is Growing with Increasing Prevalence of Chronic Disease

 

Medical Metal Tubing Market

Medical metal tubing is widely used in the healthcare industry. It is used as bulk disposable tubing, in drug delivery systems, catheters and cannulas, peristaltic pumps, and for draining blood. Thus, growth of the medical metal tubing market is driven by the rapid growth of the healthcare industry in both developed and developing regions. Healthcare has become one of India’s largest sector, both in terms of revenue and employment. According to the India Brand Equity Foundation (IBEF), Indian healthcare market is expected to increase three-fold to US$ 133.44 billion (Rs. 8.6 trillion) by 2022. Moreover, the government aims to increase healthcare spending to 3% of the Gross Domestic Product (GDP) by 2022.

Medical metal tubes are widely used to manufacture intravenous tubing, dialysis, drug delivery systems, catheters and cannulas, etc. These medical devices are available in a variety of shapes and sizes nad are usually inserted into the patient’s body through the nose, mouth, or any cut in the skin to deliver drugs, anesthesia, oxygen, or any other fluid. With the increasing number of non-invasive procedures worldwide and increasing demand for technologically advanced medical devices, the demand for medical metal tubes is also increasing, which in turn, driving the medical metal tubing market growth. For instance, Raumedic’s intracranial brain pressure catheter made using single lumen tubing is embedded with a microchip which measures brain pressure and temperature & oxygen level.

Growth of the medical metal tubing market is mainly driven by the increasing prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, etc. Chronic diseases are the leading causes of death and disability worldwide. According to the Centers for Disease Control and Prevention (CDC), one person dies every 36 seconds from cardiovascular disease in the United States. Moreover, according to American Cancer Society, in 2020, there will be an estimated 1.8 million new cancer cases diagnosed and around 606,520 cancer deaths in the United States.

With increasing prevalence of chronic diseases, the demand for medical metal tubing is also increasing with a rapid pace. Thus, market players are adopting various inorganic strategies, such as product launch, business expansion, partnership, collaboration, etc. For instance, in 2018, Cook Group opened a new facility in the United States and collaborated with Indiana University School of Medicine to develop technologies that advance solutions in emerging areas of bioprinting, regenerative medicine, precision medicine, and immunotherapy. While in 2019, Sandvik AB acquired Summerill Tube Corporation to expand its precision tubes portfolio and strengthen its position in the global market.

However, increasing utilization of medical tubes made from plastic is restraining growth of the medical metal tubing market.

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