Global Ultrafine Tungsten Wire Market Derives Growth from Diverse Medical Applications of Tungsten Wire

Pune, India, April, 2019: Ultrafine tungsten wire Market is used in various applications in the medical industry owing to its exceptional properties. The increase in demand is a result of its efficiency in surgical procedures. The advent of robotic surgical procedures is boosting the use of ultra-fine tungsten wire, as the margin for error is next to none. Due to properties such as high-temperature stability, physical flexibility, and high density, ultra-fine tungsten wire is being rapidly adopted by healthcare surgeons and related doctors, worldwide.

According to a report published by Fortune Business Insights titled, ‘Ultra-Fine Tungsten Wire for Medical Applications: Global Analysis, Insights, and Forecasts, 2018-2025,’ the market is likely to expand at a rate of 7.4% from its 2017 value of US$ 36.1 Mn. This estimated CAGR implies the global ultra-fine tungsten wire market value of almost US$ 63.5 Mn by the end of 2025.

Currently, the global ultrafine tungsten wire for medical applications market is fragmented in nature, mainly due to the presence of a huge number of global and local vendors. It is estimated that the global market will undergo consolidation during the second half of the forecast period, 2022-2025. Among the existing companies, Luma Metall AB, Xiamen Honglu Tungsten Molybdenum Industry Co., Nippon Tungsten Co., Ltd., Plansee, and Midwest Tungsten Service are leading the market.

 Electro Surgery to Emerge as the Leading Segment in Terms of Medical Application

 In terms of application, the global ultrafine tungsten wire for medical applications market is segmented into medical, stents, guidewire, electrosurgery, and others. The increasing use of tungsten wire in electro-surgery will push the segment to the fore of the global ultrafine tungsten wire market during the forecast period. Ultrafine tungsten wire can be successfully used in specialized electrostimulation procedures such as probing and stimulation. The stents segment accounted for almost 6.9% of the global market in 2017.

 Medical/surgical Robots to Emerge as the Leading Segment

 Medical/surgical robots segment is anticipated to be the fastest-growing application segment. Due to their physical stability, ultra-fine tungsten wires can be widely used in robotic surgical procedures. Furthermore, low risk to thermal stress enables a longer service life when used in applications in medical roboti.

 North America Accounts for the Highest Market Share

 North America dominates the global ultra-fine tungsten wire market owing to the increasing demand for tungsten wire in electrosurgery and surgical robots segments in the region. The ultra-fine tungsten wire market in North America was valued at US$ 15.8 Mn in 2017 and is expected to maintain its foothold during the forecast period.

Among all regions, Asia Pacific is likely to exhibit the highest growth rate during the forecast period. Presence of abundant tungsten powder reserves and healthy growth in the medical industry in APAC is likely to boost the growth of ultrafine tungsten wire in this region. Development of customized and cost-effective tungsten wire is a prominent adoption trend observed in this region. High density and a high melting point of ultra-fine tungsten wire enable their visibility on x-ray machines, thereby allowing easy diagnosis and study.

Browse Complete Report Details @ https://www.fortunebusinessinsights.com/industry-reports/ultrafine-tungsten-wire-market-100167

The global ultra-fine tungsten wire market is segmented based on: