Demand for Medical Marker Bands Soars as Cost-effective Materials Boost Sales
Inadequacy of advanced manufacturing facilities in developing regions such as Asia Pacific is increasing dependency on countries such as the U.S. and Europe for import of medical marker bands. This is significantly increasing the cost of these bands in these regions. The cost of traditional materials such as gold, platinum, palladium, and platinum-iridium is relatively high.
Several manufacturers such as Putnam Plastics Corp., manufacturers of polymer medical marker bands and Stanford Advanced Materials, manufacturers of tantalum medical marker bands are using these cost-effective materials for manufacturing of medical marker bands.
Polymer and tantalum medical marker bands have eased the manufacturing process by reducing the need to swage or crimp metal tips to catheter shafts. Also, these bands possess the same transmittance properties as that of precious metals but with 50% less cost.
Introduction of advanced materials for medical marker bands with same functionality has led to a shift from traditional to cost-effective medical marker bands and is expected to boost medical marker bands market growth during the forecast year.
Both polymer and tantalum medical marker bands are witnessing higher penetration in developing regions such as MEA and Asia Pacific on the back of their affordability.
Medical Marker Bands Market Gains Traction with Rampant Use in Endovascular Surgical Procedures
Demand for catheter-based and minimally invasive heart surgeries is growing owing to reduced morbidity, lesser recovery time, and improved clinical outcome when compared to traditional methods such as open-heart surgery.
All these factors are increasing the adoption rate of minimally invasive and catheter-based approaches across various end users. Tracking a catheter in a complex endovascular procedure is very important to avoid collision of instruments with vessels.
This highlights the importance of medical marker bands in both catheters and stents, which helps the surgeon to efficiently track their position.
Increasing Healthcare Expenditure to Boost Sales of Medical Marker Bands
A surging global population and medical awareness has led developing economies to demand a share of global healthcare products. This is the outcome of relative financial prosperity which includes medical devices.
According to the World Bank, over the past two decades, all regions excluding Sub-Saharan Africa and South Asian regions have observed an increase in the healthcare expenditure as a percentage of total output.
As stated by the International Trade Administration, from 2016 to 2020, global medical devices sales are projected to grow by ~6%, annually. Though the Americas are anticipated to remain at the top of the world’s largest medical device market, Asia Pacific and European markets are projected to grow at a remarkable pace in the foreseeable future. This rapid development of the medical device market will create an incremental opportunity growth for catheter and stents medical device market. This is further expected to boost the medical marker bands market.
Medical Marker Bands Demand Heightens as Cardiac Surgeries Rise
Heart diseases are the leading cause of deaths among both men and women, globally. According to the World Health Organization, cardiovascular diseases cause 17.9 Mn deaths each year, which is around 31% globally.
Approximately, 75% of cardiovascular deaths occur in low- and middle-income countries, out of which, 85% of all cardiovascular deaths are caused due to heart attacks and strokes.
This rising prevalence of cardiovascular diseases has led to a rise in catheter-based surgeries globally, boosting the growth of the medical marker bands market.
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North America in the Forefront with Strong Government Backing and Advanced Manufacturing
Advanced manufacturing facilities and continuous support from various government agencies for development and enhancement of medical devices such as catheters and medical marker bands are favouring market growth in North America.
Gold and platinum medical marker bands are extensively used in catheter-based surgeries as these are easily visible under X-ray and help surgeons track the position of catheter.
However, shift from traditional materials to cost-effective materials with the same functionality is observed to be growing. This factor is expected to create huge growth opportunities for the medical marker bands market in North America.
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Key Segments of Medical Marker Bands Market
Fact.MR’s study on the medical marker bands market offers information divided into two important segments - material type and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
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