“The 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 by 2028.”
Market Dynamics
Introduction
Metal components play a critical role in 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 preferred in industry due to their exceptional biocompatibility, corrosion resistance, and integration 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 popular.
Market Drivers
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.
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 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
“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
“Machining holds supremacy in the market as the prevailing technological choice.”
The market is segmented into machining, injection molding, stamping, tubing, and others. 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 dominates the market during the forecast period.”
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 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.
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 metal component market in medical devices are as follows (material suppliers):
- Amtek
- Accu-Tube
- ATI
- Carpenter Technology Corporation
- Integer
- Johnson Matthey
- Viant
- Ulbrich Stainless Steel
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
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Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth analysis of the Metal Components Market in Medical Devices
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How lucrative is the future?
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The market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast
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Who are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirements?
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10% free customization
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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.
Customization Option
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 five players)
- SWOT analysis of key players (up to five players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
Recent Market News & Developments
The market has recorded a fair number of M&A activities over the years. Many 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.
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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.
