Metal Components Market in Medical Devices is Forecasted to Reach USD 16.1 Billion in 2028, Says Stratview Research

The global Metal Components Market in Medical Devices is projected to witness a growth rate of 6.7% annually from 2023 to 2028, with an anticipated size of USD 16.1 billion in 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Metal Components Market in Medical Devices which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report: https://www.stratviewresearch.com/Request-Sample/3532/metal-components-market-in-medical-devices.html#form

Report Highlights: `
Market Size in 2028: USD 16.1 billion
Growth (CAGR): 6.7% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Metal Components Market in Medical Devices:
The global Metal Components Market in Medical Devices is segmented by material type, application type, technology type, end-user type and region

Based on 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.

Based on 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.

Based on technology type: The market is segmented into machining, injection molding, stamping, tubing, and others. Machining holds supremacy in the market as the prevailing technological 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.

To know the most attractive segments, click here for a free sample of the report:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America dominates the market during the forecast period. This growth outlook is majorly attributed to the following-
• 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.

Metal Components Market in Medical Devices Drivers:
The growth of the Metal Components Market in Medical Devices is driven by several factors.

• 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.

Top 10 Companies in the Metal Components Market in Medical Devices:
Stratview Research has identified the following companies as the top market players:
• Amtek
• Accu-Tube
• ATI
• Carpenter Technology Corporation
• Integer
• Johnson Matthey
• Viant
• Ulbrich Stainless Steel

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Metal Components Market in Medical Devices, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Related Reports:
• Nickel Alloys Market: https://www.stratviewresearch.com/3401/nickel-alloys-market.html
• Titanium Alloys Market: https://www.stratviewresearch.com/3089/titanium-alloy-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.