Fine Medical Wire Market

Global Market Study on Fine Medical Wire: Rising Demand for Use in Minimally Invasive Therapy

  • April-2021
  • PMRREP32387
  • 317 Pages
  • Healthcare
  • PPT, PDF, WORD, EXCEL

About the Report

The global fine medical wire market is slated to expand at a healthy CAGR of more than 6% over the 2020-2030 assessment period. Most of the demand is expected to be for flat wire and round wire as far as shape is concerned, with both collectively accounting for a market share of nearly 90%.

Fine medical wire is narrow, flexible wire inserted into the body to guide a larger instrument, such as a central venous line, catheter, or feeding tube. Fine medical wire is used in a variety of medical applications such as orthodontics, endoscopics, orthopaedics, surgical enclosure, vascular therapy, stimulation therapy, and cochlear remediation. Exceptional properties of this wire make it suitable for use in medical and surgical equipment in the healthcare industry. Rising affordability due to over-production and declining prices of wires is likely to impact overall demand. Furthermore, adoption of advanced manufacturing technology by market players and entry of new players in the market are likely to aid market expansion.

A new report by Persistence Market Research details the trends in 20+ high growth markets, along with the impact the COVID-19 pandemic has had on the healthcare industry in general, and on the demand for fine medical wire in particular.

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Companies

  • Elmet Technologies
  • Ulbrich Stainless Steels and Special Metals Inc.
  • American Elements
  • Sandvik
  • Central Wire
  • Haynes International
  • Elektrisola Group
  • Prince Izant Medical
  • Metal Cutting Corporation
  • California Fine Wire
  • Luma Metall
  • Tokusen Kogyo Co., Ltd.
  • KOS LTD
  • Suqian Medix Alloy
  • Loos & Co., Inc
  • Venus Wires
  • Fort Wayne Metals
  • Tungsram
  • Sumitomo
  • InterWire

Historical Vs Future Market Outlook

Advent of dental material science in the orthodontic field has created huge opportunity for fine medical wire manufacturers. The first materials introduced in the dental field to make wires were gold and steel. Since then, material science has progressed to a recognized specialty in the dental field; courses in the mechanical properties of several materials have been consolidated in postgraduate orthodontics. Nowadays, titanium is used in the alloy or pure form in many areas of orthodontics, owing to its biocompatibility and other advantageous properties. For instance, titanium alloys are widely used in denture cast bases, fine orthodontic wires, dental implants, and other appliances.

In recent years, adoption of new titanium alloys such as β-titanium alloys has speedily increased because of the higher biocompatibility of these nickel-free wires. The distinctive characteristics of this new fine orthodontic wire make it almost ideal for orthodontic applications.

According to Persistence Market Research’s analysis, the fine medical wire market is projected to progress at a CAGR over 6% from 2020 to 2030.

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Will Rising Number of Orthopaedic Surgeries Drive Demand for Fine Medical Wire?

Rising number of orthopedic surgeries is another factor driving demand growth of fine medical wire. Orthopedic therapeutics is shifting toward less invasive and more precise operations, with a higher number of outpatient and overnight procedures. This trend is likely to continue and will be further enhanced by innovative technologies, making surgery more precise and orthopedic surgeons an increasingly proactive specialist.

Fine medical wire used in orthopedic surgery is K-wire (also called kirschner wire). This wire is a narrow metallic wire that is used to attach bone fragments. K-wires wires can be pierced through the bone to hold fragments in place. Fine medical wire can also be placed through the skin (percutaneously) or can be buried beneath the skin. Kirschner wires are more commonly used for traction in certain types of fractures.

Due to the outbreak of coronavirus, there has been a disruption in the demand and supply of various materials. This initially impacted the revenue of fine medical wire manufacturers. But eventually, leading manufacturers found opportunities in the wake of COVID-19 to expand their business. For instance, Sandvik’s team is diligently working double shifts to produce greater volumes of the EXERA® medical wire, which is a component used in ventilators. Adoption of ventilation machines has increased significantly in the wake of the COVID19 pandemic, particularly for supporting the lives of those most vulnerable to the virus. Hospitals across the globe have been reaching out to manufacturers to provide ventilators as the pandemic continues to put an increasing strain on the healthcare industry.

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How is Rising Demand for Minimal-Invasive Therapy Aiding Market Growth?

Minimally invasive methods involve surgical procedures that reduce the size of incisions required, thereby lessening wound healing time and associated risk of infection and pain. An increasing number of geriatric patients, today, prefer minimally invasive or non-invasive surgical treatments. Due to enormous shift in the adoption of minimally invasive surgeries, demand of guidewire for treatment and surgery is significantly increasing. This is encouraging companies to develop more advanced and useful guidewires for medical applications.

Fine medical wire for medical applications, such as fine gold wire, is the finest precious metal wire for use in minimally invasive techniques such as catheterization and with guide wires. To increase the accuracy of radiation therapy, manufacturers are focused on providing high-purity and strength gold wire that X-rays do not easily pass through, making it highly visible.

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What is the Impact of Rising Cost of Raw Material on Fine Medical Wire Demand?

In recent years, the cost of raw materials (including iron ore, steel, aluminum, and copper) has reached unprecedented levels, and this is creating a burden on fine medical wire manufacturers. In the past 20 years, the price of iron ore barely moved. Also, steel producers who use scrap metal instead of iron ore are paying very high prices. This, in turn, is negatively impacting the growth of the fine medical wire industry.

How are Increasing Product Launches Aiding Market Growth?

There have been continuous developments in medical technology and medical and device manufacturers are coming up with innovative product launches. Fine wire manufactures are finding huge opportunity to expand their product lines by developing fine wire for specific medical applications. Major players are launching advanced products to gain high share in this fragmented market. 

For instance, in May 2020, Haynes International, Inc. launched HAYNES® HR-224® alloy for advanced medical wire use.

fine-medical-wire-market

Country-wise Insights

How Big is the Opportunity in the U.S. for Fine Medical Wire?

Increasing technological advancements in the healthcare sector in the U.S. and presence of major medical devices companies are anticipated to boost fine medical wire demand in the country. Major players are expanding their distribution channels and manufacturing facilities to reach maximum number of end users across the globe. Also, local players are entering the market with advanced products and technologies. Furthermore, increasing research & development is expected to provide significant opportunities in the U.S. for fine medical wire.

Why is Demand for Fine Medical Wire Surging in Germany?

Germany holds a major share of worldwide medical technology production, and is the world's third-largest manufacturing nation. The medical technology sector of Germany has become an international landmark of performance, quality, and safety standards due to collaboration between the industry and science. Demand for innovative medical technology solutions continues to grow, in 2018 spending on medical technology in Germany reached an estimated record high of EUR 36 billion. This is leading to heightened demand for fine medical wire in the country. The market in Germany is expected to cross a valuation of US$ 50 Mn by the end of 2030.

How is Japan Dominating the East Asia Market?

Japan’s manufacturing industry is the most transformed with various advanced companies that are immensely successful. The country has become a leader in technological development in a wide range of fields of manufacturing, such as consumer electronics, semiconductors, optical fibers, automobile manufacturing, medical devices, and others. The wire manufacturing industry in Japan provides indispensable basic material for the production of various apparatus, instruments, and other equipment for medical applications. Japan accounted for around US$ 45.1 Mn revenue in 2020, and is expected to expand at a CAGR of around 7% through 2030.

What are the Factors Driving Demand for Fine Medical Wire in India?

The market in India is highly fragmented, with the presence of a large number of small and medium enterprises. The market is presently in its blooming stage in the country, and is expected to represent a significant share in the medical equipment industry over the coming years. Escalation in revenue is primarily due to growth in endoscopics and vascular therapy as an application segment of fine medical wire. Furthermore, an upsurge in revenue has been largely led by domestic factors such increase in level of investments, rising level of disposable income, increasing government expenditure on infrastructure, and technological advancements.

Why Does South Africa Hold Major Market Share in MEA?

Demand for medical devices is rapidly increasing in the country. While local manufacturers continue to grow, they remain a small part of the industry, as fewer than 5% of local industry players manufacture devices. As most devices are imported, the industry is extremely sensitive to currency volatility. There are around 600 medical equipment suppliers, many of whom are small businesses that are agents and suppliers for large multinational subsidiaries. The market in South Africa is expected to expand at a CAGR of around 6% during the forecast period.

Category-wise Insights

Why is Stainless Steel Preferred for the Manufacturing of Fine Medical Wire?

Demand for stainless steel is rising globally; stainless steel accounted for 50.7% of alloys segment revenue in 2020. Stainless steel has properties such as work hardening, cryogenic (low temperature) resistance, hot strength, high strength, ductility, and magnetic response. Exceptional properties of this alloy make it suitable for manufacturing wires for medical devices. Stainless steel is known for its corrosion resistance property, which makes it very useful in the medical industry. Equipment having rust is extremely dangerous for patients, and even a small infection can lead to very serious medical problems. As such, stainless steel is better choice. Stainless steel fine wire is widely used in endoscopy devices and equipment. Furthermore, stainless steel is the most popular wire alloy used in orthodontics because of an outstanding combination of mechanical properties, corrosion resistance, and cost.

Why is Demand Growing for Endoscopic Application?

The endoscopic technique requires medical devices to perform complex operations in limited and confined accessibility parts of the body. Fine medical wire products give these devices added features through increased strength and flexibility, regardless of the technique. Manufacturers are making advanced wires for specific equipment in the medical industry. Navigation and orientation are important application of these wires, and endoscopy is a widely performed navigation procedure as compared to other procedures such as colonoscopy, laproscopy, and others.

Competitive Landscape 

The global fine medical wire market is consistently rising, and therefore, many new players are looking to enter this space. Key players are focusing on acquisitions and partnerships with small players and suppliers for the expansion of market presence. Manufacturers are adopting this strategy to expand their footprint across regions. Major manufactures such as Haynes International and Sandvik are focusing on the expansion of their product portfolio through product launches and approvals

Moreover, manufacturers are also focusing on research & development activities to develop wire for different application such as for vascular therapy, surgical enclosure, and others.

Leading players in the domain of fine medical wire are:

  • Elmet Technologies
  • Ulbrich Stainless Steels and Special Metals Inc.
  • American Elements
  • Sandvik
  • Central Wire
  • Haynes International
  • Elektrisola Group
  • Prince Izant Medical 
  • Metal Cutting Corporation
  • California Fine Wire
  • Luma Metall
  • Tokusen Kogyo Co., Ltd.
  • KOS LTD
  • Suqian Medix Alloy
  • Loos & Co., Inc
  • Venus Wires
  • Fort Wayne Metals
  • Tungsram
  • Sumitomo
  • InterWire

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence is available in the report.

Scope of Report

Attribute

Details

Forecast Period

2020-2030

Historical Data Available for

2015-2019

Market Analysis

USD Million for Value and Kms for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Brazil
  • Mexico
  • Colombia
  • Argentina
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Nigeria

Key Segments Covered

  • Wire Shape
  • Material
  • Application
  • Region

Key Companies Profiled

  • Elmet Technologies
  • Ulbrich Stainless Steels and Special Metals Inc.
  • American Elements
  • Sandvik
  • Central Wire
  • Haynes International
  • Elektrisola Group
  • Prince Izant Medical 
  • Metal Cutting Corporation
  • California Fine Wire
  • Luma Metall
  • Tokusen Kogyo Co., Ltd.
  • KOS LTD
  • Suqian Medix Alloy
  • Loos & Co., Inc
  • Venus Wires
  • Fort Wayne Metals
  • Tungsram
  • Sumitomo
  • InterWire

Report Coverage

  • Market Forecasts
  • Competition Intelligence
  • Market Value by Each Segment
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Market Segmentation by Category

Wire Shape

  • Flat Wire
  • Round Wire
  • Others

Material

  • Metals
    • Tungsten
    • Silver
    • Gold
    • Platinum
    • Tantalum
    • Others
  • Alloys
    • Stainless Steel
    • 304V
    • Nitinol
    • MP35N
    • L605
    • Beryllium Copper
    • Others

Application

  • Endoscopics
  • Orthodontics
  • Orthopedics
  • Surgical Enclosure
  • Vascular Therapy
  • Stimulation Therapy
  • Cochlear Remediation

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East and Africa (MEA)

Key Questions Answered in Report

Q1. Which is the most lucrative market for fine medical wire? 

The U.S. currently leads the global market for fine medical wire. Sales in the U.S. are estimated to reach 34.2% of the global market share by the end of the forecast period.

Q2. Which is the most sought-after wire shape? 

Flat wire is the most dominant segment in every market, owing to higher adoption for medical devices and equipment.

Q3. Which application is driving revenue of fine medical wire manufacturers?

Endoscopics is leading the application segment is this market, owing to increasing number of product launches in the field of endoscopy across the globe, followed by vascular therapy due to the rising demand to manage vascular disorders.

Q4. Which are some of the leading companies offering fine medical wire? 

Some of the leading companies offering fine medical wire are Elmet Technologies, Ulbrich Stainless Steels and Special Metals Inc., American Elements, Sandvik, Central Wire, Haynes International, Elektrisola Group, Prince Izant Medical, Metal Cutting Corporation, California Fine Wire, Luma Metall, Tokusen Kogyo Co., Ltd., KOS LTD, Suqian Medix Alloy, Loos & Co., Inc, Venus Wires, Fort Wayne Metals, Tungsram, Sumitomo, and InterWire.

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Is this research conducted by Persistence Market Research?

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