Medical Specialty Tubes Market Analysis | 2022-2027

Market Insights

The medical specialty tubes market was estimated at USD 45.3 million in 2021 and is likely to grow at a CAGR of 4.7% during 2022-2027 to reach USD 60.3 million in 2027.

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Market Dynamics

Introduction

In the medical industry, tubes are used in many applications. Each application requires tubes that meet a particular set of specifications. Manufacturing methods are evolving to meet those specs and to produce ever more elaborate designs, one such design is specialty tubes. Medical specialty tubes are manufactured for a range of medical applications, from dental implants and coronary stents to trauma nails and leg screws.

COVID-19 Impact

The medical specialty tubes market suffered a significant decline of 4.3% in 2020 due to the global economic recession led by COVID-19. The market suffered a slow growth, following the outbreak of the pandemic. Key challenges that arose in front of the industry stakeholders on account of the pandemic were supply chain disruptions, cash flow constraints, and temporary shutdowns in production facilities. The overall demand for medical specialty tubes was reduced as a result of these factors.

Market Drivers

The global spending on healthcare more than doubled over the past two decades, reaching ~US$ 8.7 trillion in 2020, with high-income countries accounting for approx—80% share. Generally, the healthcare industry follows the global health spending trajectory, whose impact is apparent in the entire supply chain including medical devices, components, sub-components (such as tubes), etc.

Continuous and ground-breaking innovations in medical devices and the march toward more complexity are expected to drive the market in the foreseeable future. Also, small diameters appear to be the direction the medical tube is heading, and it’s largely being driven by the move to miniaturization that’s needed for new types of minimally invasive surgeries.

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Key Players

Most companies are deploying various strategies regarding product development & differentiation, pricing, brand, technology, and customized products to gain a competitive advantage. The following are some of the key players in the medical specialty tubes market:

• Sandvik AB
• AMETEK Specialty Metal Products Inc.
• HandyTube
• Accu-Tube
• Eagle Stainless Tube & Fabrication, Inc.
• International Tube
• TE Connectivity
• Vita Needle Company

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

Based on the material type, the market is classified as stainless-steel alloys, titanium alloys, and nickel alloys. Stainless steel alloys are likely to remain the most widely used material for medical specialty tubes in the foreseen future. Stainless steel is well suited for medical device applications requiring a high degree of structure, high modulus (stiffness), or high-pressure fluid flow. These include stents, surgical cutting instruments, bone screws, stethoscopes, cannulas, endoscopy equipment, etc. Among different stainless-steel alloys, such as 304L, 316/316L, 17-4PH, and 17-7PH, 316/316L is dominantly used in medical specialty tubes.

By Application Type

Based on the application type, the market is segmented as medical instruments, cardiovascular & diagnostics, trauma, and others. Among these application types, medical instruments are likely to remain the biggest demand generator for specialty tubes during the forecast period. Medical instruments, dental implants, surgical instruments, and endoscopic instruments are the key applications of specialty tubes. Medical instruments are also expected to grow with the highest CAGR during 2022-2027.

Regional Insights

In terms of region, North America led the market in 2021 and accounted for almost half of the global market. North America is anticipated to maintain its leading position throughout the forecast period. This is attributable to the huge healthcare spending, specifically in the USA. In addition, various market players are driving innovations in the medical industry in order to provide innovative treatments and devices. On the other hand, Asia Pacific is estimated to be the fastest-growing market during 2022-2027 owing to the rising demand for better healthcare infrastructure.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s medical specialty tubes market realities and future market possibilities for the forecast period of 2022 to 2027.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The medical specialty tubes market is segmented into the following categories:

By Material Type

• Stainless Steel Alloys
• Titanium Alloys
• Nickel Alloys

By Diameter Type

• <12mm
• 12-24 mm
• >24mm

By Application Type

• Medical Instruments
• Cardiovascular & Diagnostics
• Trauma
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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