Fine Medical Wire Market Segmented By Flat Wire, Round Wire Shape in Metal and Alloy Material
Industry: Healthcare
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 317
Report ID: PMRREP32387
Worldwide revenue from the fine medical wire market stands at US$ 599.9 Mn in 2022, with the global market estimated to surge ahead at a CAGR value of 6.0% to reach a valuation of US$ 1.1 Bn by the end of 2033.
|
Fine Medical Wire Market Size (2022) |
US$ 599.9 Mn |
|
Projected Market Value (2033) |
US$ 1,145.0 Mn |
|
Global Market Growth Rate (2023-2033) |
6.0% CAGR |
|
Market Share of Top 5 Countries |
64.0% |
As assessed by Persistence Market Research, fine medical wire products are expected to hold a market value of US$ 1,145.0 Mn by 2033. Overall, Fine Medical Wire market sales account for approximately 6.7% revenue share in the global cables and leads for medical equipment market, which was valued at around US$ 4.5 Bn in 2022.
The global market for fine medical wire recorded a historic CAGR of 5.8% in the last 7 years from 2015 to 2022.
The fine medical wire market is expected to grow significantly during the forecast period, due to rising number of cardiovascular disorders, surgeries and technological advancements in the medical devices.
The minimally invasive method involve surgical procedure that reduces the size of incisions required and so as to lessen wound healing time and associated risk of infection and pain. An increasing number of geriatric population, today, prefers treatments which are wither non- invasive or minimally invasive options.
Due to enormous shift in adoption of minimally invasive surgeries, the demand of guidewire for treatment and surgery is significantly increasing. This is encouraging the companies to develop guidewires, an advanced version to the current guidewires as well as can be utilized in wide applications within the medical sector. The growing demand for guide wires in turn is likely to boost the demand in market.
The rising number of orthopedic surgery is another factor driving the growth of the market. The orthopedic sector is shifting towards less invasive and more precise operations, with a higher number of outpatient and overnight procedures. Since, fine medical wires provide facility to be buried beneath the skin or be placed through the skin (percutaneously), they provide wide applicability in the orthopaedic segment.
In addition, the advent of the dental materials science in orthodontic field creates a huge opportunity for fine medical wire industry to grow. The first material introduced in the dental field to make wires were gold and steel.
The global fine medical wire market is thus likely to show high growth over the coming years a CAGR value of 6.0% and reach a global market size of US$ 1.1 Bn by 2033.
“Rising Development of Fine Medical Wire”
The medical sector especially the manufacturing firms and OEMs are slowly shifting towards manufacturing and adopting innovative equipment which are more technologically developed utilizing lesser energy as compared to the traditional equipment.
For instance, companies like Sandvik have been producing fine wire components for OEMs and other manufacturers in order to ensure their devices working smoothly and effectively.
The introduction of these new technologies is expected to result in high adoption rates, which will in turn drive market growth during the forecast period.
“Rising cost of Raw Material Affect the Medical Wire Manufacturing”
The medical device industry is growing exponentially by bringing in innovative products. The demand for good medical equipment is witnessing an upsurge but high cost of raw material is major hindrance in the market growth.
In the recent years, there has been an increase in the cost of various raw materials including steel, aluminium, copper and iron ore, creating an increased burden for the manufacturers of fine medical wires. Furthermore, producers of steel have been paying high prices even for the scrap metal instead of iron ore. This in turn is impacting the growth of the market.
Moreover, one of the major restraint of fine medical wire is the wire breaks and internal defects that occur during the drawing of superfine wires. The fine wire defects can occur due to the difference of tensile stress and compression stress during the drawing process. The breakage of wire during the drawing process of fine wires are mostly induced by inclusions in the wire material. It was analysed that the fine wire with an inclusion, when a big inclusion passes through a die, drawing stress rapidly increases, causing wire breakage.
Why is the U.S. Fine Medical Wire Market Booming?
“Increasing prevalence of vascular disorders in U.S.”
The U.S. accounted for around 87.8% market share in the North America in 2022, and a similar trend is expected over the forecast period.
The prevalence of vascular disease is increasing at an alarming rate in the U.S. As stated by Centres for Disease Control and Prevention in 2022, in United States every 34 second, an individual dies due to cardiovascular disease.
This disorder has a serious impact on life expectancy and quality of life, such as minor vascular disease can be a cause of debility and distress. Aortic dissection and aortic aneurysm frequently present difficult challenges for medical disciplines including anaesthesia, surgery, radiology and critical care. The growing prevalence of CVD thus drives the demand for fine medical wire for catheter reinforcements, pacing leads and guide wires, which act as an integral part of medical devices.
Will Germany Be a Lucrative Market for Fine Medical Wire Product And Service Providers?
“Medical Device Industry raising Demand for Fine Medical Wire”
Germany held around 21.8% market share of the Europe Fine Medical Wire market in 2022.
Germany continues to be the European Union's second largest in adoption rate of fine medical wires. Many manufacturers are focusing on developing application specific fine medical wires. This has proven to be beneficial in controlling movement disorders such as parkinson’s disease. The brain stimulation system has two parts: electrical pulse generator and microelectrodes. The electrodes are incorporated in the brain to transmit the impulses to the nerves and the electrical pulse generator develops stimulation impulses. Minute conductive wires connects the electrodes to the pulse generator. Presence of large number of manufacturers and high product demand make Germany a lucrative region for the market players
For example, Sandvik provides high quality conductive fine wires of high durability which form an integral part of modern neurostimulation devices.
How is Japan Emerging as a Prominent Market for Fine Medical Wire?
“Investment in technology is shifting from Europe and North America to Asia Pacific”
Japan held the largest market share of about 47.8% of the East Asia Fine Medical Wire market in 2022.
Asian countries provides great scope for attracting outsourcing of many projects within the medical field, due to abundance of qualified manpower and skilled workers at reasonable costs. Moreover, Asia Pacific government is supporting the growth of domestic manufacturers by offering various support including attracting foreign direct investments and providing tax exemptions facilities for R&D, increased budgets and funding and creating public and private corporations.
Which Product is Driving Growth of the Global Fine Medical Wire Market?
“Huge Utilization of Flat Wires in Equipment Manufacturing across Regions”
The flat wire products segment held around 47.8% share of the total fine medical wire market in 2022.
Flat medical wires has the tightest dimensional and strength tolerances with defined curvature and straightness. Flat cables are extremely flexible while bending. Flat wires are thus, highly adopted by medical device industry for equipment manufacturing, thus accelerating market growth.
Which Material is Highly Adopted for Fine Medical Wire Products Manufacturing?
“Growing Demand for Alloy Fine Medical Wire in Medical devices”
Alloy segment by material hold a larger share of about 54.0% with a market value of around US$ 323.9 Mn in 2022 globally. An Alloy is an admixture of metals, or a metals combined with one or more other elements. Each alloy offers different combination of strength, ductility, corrosion resistance, and biological response for diagnostic purpose. Due to its high quality and biologically compatibility this material is highly used thus, generating more revenue in the global market sphere.
Which Application Drives Demand the Most for Fine Medical Wire?
“Endoscopic Devices Manufacturing are at High Pace.”
Endoscopic application held the largest market share of around 27.0% in 2022 within the global market. Rising prevalence for vascular disorder and lumen related disorders creates high demand for endoscopy devices and subsequently demand for fine medical wire utilized in the endoscopes. Rising prevalence is directly proportional to adoption and manufacturing of endoscopy devices and so this segment hold largest share among all applications.
Key companies within this market space have been encouraged to adopt strategic merger & acquisitions to develop their current market and thus, creating an increased space for the products as well.
For instance:
|
Attribute |
Details |
|
Forecast Period |
2023-2033 |
|
Historical Data Available for |
2015-2022 |
|
Market Analysis |
USD Million for Value |
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
By Wire Shape:
By Material:
By Application:
By Region:
To know more about delivery timeline for this report Contact Sales
The global fine market is currently valued at around US$ 599.9 Mn in 2022.
Sales for market are set to witness a high growth rate of 6.0% and be valued at US$ 1.1 Bn by 2033.
Demand for fine medical wire increased at 5.8% CAGR from 2015 to 2022.
The U.S., Germany, U.K., Japan and China account for currently holding 64.0% market share.
The U.S. accounts for around 87.8% share of the North American market.
Rising adoption of tungsten wire, increased awareness regarding fine medical wire for specific application, and outbreak of COVID-19 creating vast opportunity for healthcare industries to expand are some of the key trends in this market.
India is projected to grow with a CAGR of 8.0% in the forecast period.
Germany held around 21.8% market share of the Europe Fine Medical Wire market in 2022.
Sandvik, Ulbrich Stainless Steels and Special Metals, Tokusen Kogyo Co., Ltd. are the top three manufacturers of fine medical wire products.
Japan held the largest market share of about 47.8% of the East Asia Fine Medical Wire market in 2022.
