In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global medical marker bands market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
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Developing economies are highly dependent on developed nations like US and Europe for availing advanced manufacturing facilities. Developing regions like Asia Pacific import medical marker bands from developed regions. Such imports increase the cost of these bands. Cheap materials have emerged in the market as the conventional ones like gold and platinum are costly. Different manufacturers including Putnam Plastics Corp. who have been using materials like polymers and Stanford advanced materials to manufacture medical marker bands, are now switching towards different materials that are cost-effective. Global medical marker bands can be segmented on the basis of materials into Gold, Platinum-Iridium, Platinum, Polymer, Palladium and Tantalum.
Advanced materials used in manufacture of medical marker bands
Materials like polymer and tantalum are employed as they make the manufacturing process of medical marker bands easy. They reduce the requirements of different components like crimp metal tips and swage. Moreover, these materials hold transmittance property which is same as that of the precious metals but is available in half of their price. Usage of advanced materials for manufacture of medical marker bands is expected to propel the global medical marker band in the forecast period 2019-2029. Fact.MR report predicts the global medical marker bands market to grow at around 5% CAGR in the period 2019-2029. Both materials, tantalum and polymer are gaining popularity and market penetration in regions like Asia Pacific and MEA as they are affordable.
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Approaches that are catheter-based and are minimally-invasive are getting adopted in medical treatments like Heart surgeries because of the different benefits offered by them like reduced morbidity, less recovery time and improved outcomes. These factors have significantly increase the adoption rate of these approaches. Cather is increasingly used in endovascular procedures that are complex as they avoid collision between vessel and instruments. Catheters and stents aid surgeons in tracking their position efficiently.
Medical devices bring financial prosperity
Factors like population growth and increasing health awareness are increasing demand for different health care products in developing nations. Medical devices are known to bring financial prosperity in such regions. World Bank highlights the fact that health care expenditure has increased in majority of regions across the globe. International Trade Administration projects the sale of medical devices to grow globally and its growth rate for the period 2016-2020 is expected to be ̴6% annually. America leads the global market for medical devices. Market in regions including Europe and Asia Pacific is expected to expand at a very rapid rate. This rate of progression will generate plethora of opportunities global market for medical devices like catheter and stents.
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Advanced facilities for manufacture and government support surge the activities in development of medical devices like medical marker bands and catheters. Medical marker band made up of materials like gold and platinum are extensively used in surgeries that are catheters-based because of the clarity of vision in different techniques like x-rays. Clear vision helps the surgeons to efficiently track catheter position. However, the new cost-effective materials in the market to exhibit similar properties.