The Fine Medical Wire Market is expected to be worth Expand Twofold at a CAGR of 6.2% between 2020 to 2030. Healthcare is going the “digital” way. In other words, artificial intelligence (AI)-enabled medical devices and telemedicine are the concrete instances of the proliferation of the digital wave in the healthcare industry. This factor would be the one traversing the healthcare vertical in the forecast period.
Prevalence of vascular disease is increasing at an alarming rate. This disorder has a serious impact on life expectancy and quality of life, such as small vascular disorder can be a cause of debility and distress. In fact, vascular diseases are very common, may cause considerable discomfort, and in cases of venous ulceration, considerable disability. Cardiovascular disorders (CVDs) put major burden on the healthcare system as compared to other disorders. Around 17.7 million people died from CVDs in 2015, representing 31% of all global deaths. Rising prevalence of CVD is driving demand for fine medical wire for guide wires, catheter reinforcements, and pacing leads, which act as integral parts of medical devices.
COVID-19 negatively impacted demand for fine medical wire in the first quarter of 2020. Global lockdowns along with shutting of major economies such as China halted demand and supply activities. Shortage of fine medical wire along with limited hospital visits due to the large influx of COVID-19 patients jolted market growth.
Persistence Market Research predicts that the global fine medical wire market will exhibits over 6% CAGR during the forecast period (2020-2030).
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Companies covered in Fine Medical Wire Market Report
- Elmet Technologies
- Ulbrich Stainless Steels and Special Metals Inc.
- American Elements
- Central Wire
- Haynes International
- Elektrisola Group
- Prince Izant Medical
- Metal Cutting Corporation
- California Fine Wire
- Luma Metall
- Tokusen Kogyo Co., Ltd.
- KOS LTD
- Suqian Medix Alloy
- Loos & Co., Inc
- Venus Wires
- Fort Wayne Metals
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Key Takeaways from Market Study
- Flat wires are dominating the market at present, and are expected to continue to do so over the forecast period as well.
- Tungsten holds a major share in the metals segment, and is expected to reach US$ 484 Mn valuation by 2030, making it the predominant growth contributing factor for the market as far as material is concerned.
- Endoscopics and vascular therapy combine to contribute over 50% of the generated market revenue.
- China and India are the most flourishing nations that offer significant potential for market growth, with both markets expected to expand at over 8% CAGR through 2030.
“Rising advancements in orthodontics and increasing product launches are expected to propel demand for fine medical wire across regions,” says a Persistence Market Research analyst.
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Development of Fine Medical Wire for Cochlear Implants
Medical device manufacturing is no easy task, and OEMs turn to companies such as Sandvik to provide a one-stop-shop approach for fine wire components to ensure that their devices work effectively with one shared end-goal in mind: changing the lives of patients. The company is specialized in providing the best materials and configurations, with around 200 alloys to choose from, EXERA ® wire-based components is used for a wide range of applications such as biosensing, vascular therapy, and neurostimulation. The most successful story has been the use of the company’s medical wire for cochlear implants. Focus of manufacturers on cochlear remediation application is likely to boost demand for fine medical wire over the coming years.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the fine medical wire market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030, on the basis of wire shape (flat wire, round wire, and others), material (metals [tungsten, silver, gold, platinum, tantalum, and others] and alloys [stainless steel, 304V, Nitinol, MP35N, L605, beryllium copper, and others]), and application (endoscopics, orthodontics, orthopedics, surgical enclosure, vascular therapy, stimulation therapy, and cochlear remediation), across seven key regions of the world.
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