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.
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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).
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.
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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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one-stop solution with regards to bettering customer experience. It does engage
in gathering appropriate feedback after getting through personalized customer
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