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The global ultrafine tungsten wire market size For Medical Applications held a volume of 2,371.5 thousand km in 2017, is projected to reach a volume of 4,177.4 thousand km by the end of 2025, exhibiting a CAGR of 7.5%.
Tungsten wire is extremely valuable for medical applications such as brain stimulation and neural probing, where the diameter of the wire is required to be ultrafine. Additionally, tungsten wire has high tensile properties that offer a cost-effective alternative to many refractory metals for steerable guide wires in critical medical applications.
It is widely used to manufacture X-ray equipment and computer tomography. Tungsten wire’s high density also defines its unique radiopaque value, allowing it to be used in fluoroscopic applications. Unique medical grade tungsten alloys for 3D-printed medical implants are being developed to offer enhanced strength and capability. These alloys are ideal for manufacturing ultra-fine tungsten wire suitable for various medical applications.
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"Electro Surgery to Emerge as the Leading Medical Application"
In terms of application, the global ultrafine tungsten wire market for medical applications is segmented into medical, stents, guidewire, electrosurgery, and others. Electrosurgery application segment is expected to dominate the global ultrafine tungsten wire for medical applications market during the forecast period. This is mainly because in electrosurgery, ultrafine tungsten wire finds usage in a wide spectrum of general and specialized electrostimulation procedures such as probing and stimulation. The stents segment covered approximately 6.2% of the global market volume in 2017.
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Medical/surgical robots segment is anticipated to be the fastest-growing application segment in the ultrafine tungsten wire market for medical applications. Tungsten wire is deployed in surgical robots for various functions such as incorporating flexible arm movement, elbow and wrist mechanism, and in gripper tool for the enhanced grasping ability.
Due to its unique characteristics, tungsten wire can be used as a substitute for steel and other hard metal wires used in surgical robot arms. Further, tungsten wires have a low risk of thermal stress, thereby enabling longer service life when used in medical robotics parts.
"Widespread Adoption of Ultrafine Tungsten Wire in Electro Surgery and Surgical Robots in North America Ensures Highest Market Share"
The global market is dominated by North America mainly due to rising demand for ultrafine medical grade tungsten wire for electro surgery and surgical robots. The region held a market volume of 1,092.8 thousand km of ultrafine tungsten wire in 2017, and is expected to maintain its foothold during the forecast period. In terms of growth rate, Asia Pacific is anticipated to exhibit highest growth rate during the forecast period.
North America Ultrafine Tungsten Wire for Medical Applications Market, 2017
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Presence of abundant tungsten powder reserves and healthy growth in medical industry in APAC is likely to propel the growth of ultrafine tungsten wire for medical applications in the region. Development of customized and cost-effective tungsten wire is a prominent adoption trend observed in this region. Due to high density and high melting point, tungsten wire is visible on x-ray machines. This, in turn, is helpful in guiding the surgeon/ doctor to block valves or channels for injecting and positioning catheters accurately.
"Luma Metall AB, Xiamen Honglu Tungsten Molybdenum Industry Co., Nippon Tungsten Co., Ltd., and Plansee Leading the Global Ultrafine Tungsten Wire for Medical Applications Market in Terms of Volume"
Currently, the global ultrafine tungsten wire market displays a fragmented competitive scenario due to the presence of a large number of global and local vendors. The market is likely to direct towards consolidation during second half of the forecast period, 2022-2025. Market positioning of key players is likely to be determined by their installed capacity to supply ultrafine tungsten wire market. Among the global market leaders are Luma Metall AB, Xiamen Honglu Tungsten Molybdenum Industry Co., Nippon Tungsten Co., Ltd., Plansee, and Midwest Tungsten Service.
Adoption of innovative manufacturing technology in wires and cable industry by market leaders along with the growth of local manufacturers and suppliers or distributors in countries such as China and Korea are expected to affect the market positioning of players during 2018-2025. Other prominent players functioning in the global ultrafine tungsten wire market are Elmet Technologies, Sumitomo Electric USA, California Fine Wire Company, Ulbrich Stainless Steels and Special Metals Inc., American Elements, Tungsram, Metal Cutting Corporation, and others.
Ultrafine tungsten wire is used in medical devices for applications where electric current needs to be applied and accuracy is critical. Remarkable properties of tungsten, make it suitable for use in wire form in medical/surgical equipment for healthcare industry. Also, factors such as increasing affordability of tungsten wire due to declining prices and over production of tungsten is promoting adoption of ultrafine tungsten wire for diverse commercial applications.
The report provides qualitative and quantitative insights on ultrafine tungsten wire for medical applications and the detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by application and geographically. On the basis of application, the market is categorized into medical, stents, guide wire, electro surgery and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of market dynamics and competitive landscape. Key insights provided in the report are the adoption trends of ultrafine tungsten wire, cost structure analysis, recent industry developments such as partnerships, mergers & acquisitions, industry SWOT analysis, business strategies of leading market players, macro and micro economic indicators, and key industry trends.
Fortune Business Insights says that the volume of the global Ultrafine Tungsten Wire Market was 2,371.5 thousand km in 2017
The Ultrafine Tungsten Wire Market is projected to reach 4177.4 thousand km by 2025
The Ultrafine Tungsten Wire Market will grow at the rate of 7.5% CAGR