A recent report published by Fact.MR divides the global medical marker bands in five key regional segments.
A recent report published by Fact.MR divides the global medical marker bands in five key regional segments. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, currently, the global medical market bands market is expected to be dominated by the regional segment of North America. 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 favoring 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,” notes Fact.MR This factor is expected to create huge growth opportunities for the medical marker bands market in North America.
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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Increasing Medical Awareness in Emerging Economies to Help Market Development
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.
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Rising Popularity of Minimally Invasive Surgeries to Fuel Market Growth
“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,” states Fact.MR 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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