Pune, India -- (SBWire) -- 06/10/2019 --Increasing number of hospitals to act in favor of the growth of the global Ultrafine Tungsten Wire for Medical Application Market. Recently Fortune Business Insights published a report titled, "Ultrafine Tungsten Wire for Medical Applications Market Size, Share and Global Trend by Application (Medical/Surgical Robots, Stents, Guide Wire, Electro Surgery) and Geography Forecast till 2025." According to the report in 2017, the global ultrafine tungsten wire for medical application market was Worth US$ 36.1 Mn. The Global Market is anticipated to progress at a CAGR of 7.4% and reach US$ 63.5 Mn by the end of 2025. The report classifies the global ultrafine tungsten wire for medical application market in various segments and offers a comprehensive overview.
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As per the report in 2017, North America was dominated the global ultrafine tungsten wire for medical application market. The North America market was valued at US$ 15.8 Mn in 2017. The trend is unlikely to change and North America is expected to remain dominate the global market through the forecast period. The growth witnessed is attributable to the increasing demand for ultrafine medical grade tungsten wire in the region for surgical robots and electro surgery. The ultrafine tungsten wire for medical application market in Asia Pacific is foreseen to expand at relatively higher CAGR during the forecast period. The high presence of tungsten reserves in the region is expected to drive the Asia Pacific ultrafine tungsten wire for medical application market.
Electro Surgery Segment to Emerge Dominant in Global Market
In terms of application, the stent segment accounted for 6.9% of the global market in 2017. During the forecast period 2018-2025 the electro surgery segments is expected to emerge dominant in the global ultrafine tungsten wire for medical application market. The growth witnessed is attributable to increasing consumption of tungsten wire in specialized electrostimulation procedure such as stimulation and probing. This is likely to propel the demand for ultrafine tungsten wire. However, the surgical robot segment is expected to be the fastest growing segment during the forecast period. The adoption of tungsten wire among surgical robot developers is very high due to tungsten's distinctive features. Tungsten wire is used in robot's arms as a replacement of metal wire. Deployment of wire in robot's arm allows it to gain flexible arm movement, enhanced grasping ability, and others. Tungsten wire is less prone to thermal stress, therefore it may help to offer longer service life of robot. This is anticipated to boost the global ultrafine tungsten wire for medical application market.
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Factors anticipated to drive the global ultrafine tungsten wire for medical application market are declining prices of tungsten wire and increasing applicability of tungsten wire among medical procedures.
However, high cost associated with tungsten wire is likely to restrain the global ultrafine tungsten wire for medical application market during the forecast period 2018-2025.
Adoption of Advanced Technology to Increase Growth Rate
Adoption of advanced manufacturing technology by market players in cable and wire industry and entry of new players in the global ultrafine tungsten wire for medical application market is likely to impact the market position of existing players. Some of the companies operating in the global ultrafine tungsten wire for medical application market are-
Elmet Technologies,
Sumitomo Electric USA,
California Fine Wire Company,
Ulbrich Stainless Steels and Special Metals Inc.,
American Elements,
Tungsram,
Metal Cutting Corporation.
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