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Medical Copper Tubing Market is Likely to Grow at a CAGR of Nearly 4.0% During the Period 2019-2029 - PMR
NEW YORK, June 12, 2019 /PRNewswire/ -- According to latest research by Persistence Market Research (PMR), the global medical copper tubing market was valued at nearly US$ 1,200 Mn in terms of value in 2018. The report projects that the medical copper tubing market is likely to grow at a CAGR of nearly 4.0% during the period 2019-2029.
Globalization of copper trade has led to the integration of supply chains, making them popular as they expand further across various countries. Copper tubes that comply with the government regulations and standards of several countries across the globe help manufacturers keep track of their products with efficient documentation. Thus, the growing trade of copper products is, in turn, expected to drive the overall medical copper tubing market throughout the forecast period. Moreover, manufacturers are highly focused on the development of medical copper tubes that are capable of withstanding corrosion, high heat intensity, and flow pressure. The availability of different types of medical copper tubes in the global market for medical copper tubing is expected to drive the medical copper tubing market during the forecast period.
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In addition, the availability of diversified tubes, fittings, and brackets for medical gas tubing, and constant advancements in these products by various major manufacturers existing in the medical copper tubing market have boosted the demand for copper tubing over the years. Moreover, different types of medical copper tubing, such as the K type and L type, have different applications, and are suitable for different end users. Key players in the medical copper tubing market specifically focus on manufacturing products as per varying affordability, infrastructure, and spending on tubing systems. Therefore, various ranges of fittings as well as brackets for medical copper tubing are being constantly upgraded for improved efficiency, safety, and reliability, and this is boosting the demand for medical copper tubing.
On the other hand, the prices of copper are highly determined by the ability of suppliers to transport and extract raw material, as well as the demand for services and goods that require copper. Volatility in copper prices can be attributed to several factors such as economic growth, the availability of substitute goods, and various political considerations. Therefore, a sudden increase in the cost of key components or raw materials is likely to lead to higher costs, which is likely to hamper the business of manufacturers, and, in turn, restrain the growth of the medical copper tubing market during the forecast period.
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The tubing segment is a leading segment in terms of revenue, by product type, in the medical copper tubing market, and registered a revenue share of more than 98% in 2017. K-type tubes are the most widely used tubing for medical copper tubing assembly. Hence, the K-type tube segment is expected to gain more that 70% of the revenue share over the forecast period. Among all the end users in the medical copper tubing market, the hospitals segment a lucrative segment, followed by the ambulatory surgical centres segment.
The analysis of the medical copper tubing market has also been conducted across the regions of Latin America, North America, Europe, Oceania, East Asia, South Asia, and MEA. Europe is a prominent region in the global medical copper tubing market, and registered a revenue share of approximately 30% in 2018. Europe is followed by South Asia in terms of revenue in the medical copper tubing market. China, India, and Brazil are among the emerging countries in the medical copper tubing market. China is among the fastest-growing countries in the global medical copper tubing market, and China's medical copper tubing market projected to grow at an approximate CAGR of 6% over the forecast period of 2019-2029.
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The medical copper tubing market report tracks some of the key companies operating in market, such Mueller Industries, Inc., OmegaFlex Inc., Cambridge-Lee Industries LLC, Lawton Tube Co. Ltd., Beacon Medaes, UACJ Corporation, Mandev Tubes, and Jiangyin Hehong Precision Technology Co., Ltd. Most companies in the medical copper tubing market are working on expanding their product portfolios. However, the most significant approach toward increasing their customer pool is through the marketing of products via online portals. The availability of these products on online channels is also expected to propel the growth of the medical copper tubing market during the forecast period.
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