Market Insights
The global metal component market in medical devices is estimated to grow at a healthy CAGR of 6.7% during the forecast period to reach a value of US$ 16.1 billion in 2028.
Metal components play a critical role in the field of medical devices, encompassing a wide range of applications such as implants, surgical instruments, diagnostics, dental products, imaging, orthopedics, and prosthetics. These components offer crucial properties that contribute to the success and efficacy of medical procedures. Materials like titanium and stainless steel are preferably used in the industry due to their exceptional biocompatibility, corrosion resistance, and ability to integrate with human tissues. These qualities ensure that implants function effectively and promote favorable outcomes for patients. Besides, surgical instruments heavily rely on metal components for their construction. Stainless steel, renowned for its mechanical properties, ease of sterilization, and corrosion resistance, is a popular choice.
The medical device industry operates under strict regulations concerning the safety and performance standards of devices and components. Furthermore, technological advancements and product performance significantly influence the utilization of materials, including metals. The medical device industry constantly seeks to develop groundbreaking devices and products that can revolutionize healthcare and well-being. Specialty metal components serve as a fundamental basis for advancements in this industry, particularly in the production of increasingly sophisticated minimally invasive medical devices and components. Metal component market demand in medical devices is flourishing due to various factors, including an aging population, the expansion of healthcare infrastructure, a rise in per capita healthcare spending, and increasing demand for specialty metals in minimally invasive medical devices and implants.
Recent Market JVs and Acquisitions: The market has recorded a fair number of M&A activities over the years. A large number of metal component suppliers contribute to low market concentration and cater to market demand. There have been a significant number of mergers and acquisitions in the industry.
- For instance, Ulbrich acquired the ATI Speciality Rolled Products distribution facility in Pico Rivera, California, in 2022. Besides, Resonetics and Ingpuls joined forces in 2022 to establish a new joint venture called Ingpuls Medical. This collaborative effort is dedicated to the advancements and production of nitinol tubing, wire, sheet, and powder specifically for medical device applications.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Material-Type Analysis
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Titanium Alloys, Nickel Alloys, Stainless Steel, and Others
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Stainless steel is expected to remain the dominant material, whereas Titanium alloys offer the fastest growth during the forecast period.
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Application-Type Analysis
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Diagnostic Imaging, IVD, Orthopaedics & Prosthetics, Consumables, Dental Products, and Others
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Diagnostic Imaging is likely to remain the largest segment in the years to come; however, consumables depict the fastest growth.
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Technology-Type Analysis
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Machining, Injection Molding, Stamping, Tubing, and Others
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Machining is expected to maintain dominance and on the other hand, tubing is likely to be the fastest-growing segment during the forecast period.
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End-User-Type Analysis
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Hospitals, Diagnostic Centers & Clinics, and Others
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Hospitals act as the primary end-users across the globe during the study period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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North America is expected to remain the largest market over the next five years, and Asia-Pacific is also likely to grow at the fastest rate.
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Material Type
Among all materials, stainless steel is the most dominant metal and accounts for more than three-fourths share of the market. Grade 304 stainless steel, comprising approximately 18% chromium and 8% nickel, is widely utilized as a medical-grade alloy due to its widespread application in the industry. Titanium is poised to experience rapid growth due to its growing popularity in biomedical implants. Its exceptional corrosion resistance, compatibility with living tissue, and inherent capability to integrate with human bones establish it as the preferred material for implant-related purposes.
Application-Type
In terms of application type, the largest portion of the market is attributed to diagnostic imaging. Key application areas encompass MRI, CT scan, PET scan, X-Ray, USG probe, and radiography. Consumables also hold a substantial share, primarily fueled by the extensive use of metal in high-volume applications. Notable examples of such applications include catheters, staplers, needles/syringes, and cannulas, contributing to the segment's substantial presence in the market.
Technology Type
The market is segmented into machining, injection molding, stamping, tubing, and others. Machining holds supremacy in the market as the prevailing technology choice. Its exceptional capability to fabricate intricate features, precise tolerances, and complex shapes makes it an ideal option. Machining finds extensive applications in a diverse range of medical device components, including prosthetic implants, orthopedic implants, stents, catheters, and cannulas. The manufacturing of medical devices often involves common machining processes, such as milling, turning, drilling, and grinding, and incorporates advanced techniques like laser cutting.
Regional Analysis
North America takes a commanding position in the market, primarily due to its substantial investment in healthcare infrastructure and swift adoption of advanced medical technology. The USA, in particular, serves as a prominent manufacturing hub for medical devices, housing numerous renowned manufacturers in the industry. Notable key players of medical devices in the region include 3M Healthcare, Abbott Laboratories, Baxter International, GE Healthcare, Johnson & Johnson Services, and Boston Scientific Group.
The metal components market in medical devices is segmented into the following categories:
By Material Type
- Titanium Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Nickel Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Stainless Steel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Application Type
- Diagnostic Imaging (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- IVD (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Orthopaedics and Prosthetics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Consumables (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Dental Products (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Technology Type
- Machining (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Injection Molding (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Stamping (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Tubing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By End-User Type
- Hospitals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Diagnostic Centers & Clinics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Italy, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, South Korea, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Key Players
The market is highly populated with the presence of several regional and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. Some of the key players catering to the market are as follows (material suppliers):
- Amtek
- Accu-Tube
- ATI
- Carpenter Technology Corporation
- Integer
- Johnson Matthey
- Viant
- Ulbrich Stainless Steel
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s metal component market in medical devices realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating 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 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, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for existing and new players.
- Key success factors.
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Company Profiling
- Detailed profiling of additional market players (up to five players)
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Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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