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.
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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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Medical Marker Bands Market - Scope of the Report
Fact.MR recently published a market study on the global market for medical marker bands. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the medical marker bands market structure. The market study presents exclusive information about how the medical marker bands market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in Fact.MR study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the medical marker bands market during the forecast period.
The study is relevant for stakeholders in the medical marker bands market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the medical marker bands market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the medical marker bands market. Furthermore, small businesses and new entrants in the medical marker bands market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
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.
Key Questions Answered in Fact.MR’s Medical Marker Bands Market Report
- Which regions will continue to remain the most profitable regional markets for medical marker bands market players?
- Which factors will induce a change in the demand for medical marker bands during the assessment period?
- How will changing trends impact the medical marker bands market?
- How can market players capture the low-hanging opportunities in the medical marker bands market in developed regions?
- Which companies are leading the medical marker bands market?
- What are the winning strategies of stakeholders in the medical marker bands market to upscale their position in this landscape?
Medical Marker Bands Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the medical marker bands market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of conclusions.
Secondary resources referred to analysts during the medical marker bands market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the medical marker bands market, and makes Fact.MR’s projection on the growth prospects of the medical marker bands market more accurate and reliable.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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