An 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 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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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Analysis by Top Key Players:
- Elmet Technologies,
- Sumitomo Electric USA,
- California Fine Wire Company,
- Ulbrich Stainless Steels and Special Metals Inc.,
- American Elements,
- Metal Cutting Corporation
“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 electrosurgery segment is expected to emerge dominant in the global ultrafine tungsten wire for medical application market. The growth witnessed is attributable to the increasing consumption of tungsten wire in specialized electrostimulation procedures 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 the robot’s arms as a replacement of metal wire. Deployment of wire in the 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 a longer service life of the robot. This is anticipated to boost the global ultrafine tungsten wire for medical application market.
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, the 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 the 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, and Metal Cutting Corporation.
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