Radiopacity of medical marker bands is giving significant impetus to their demand in the medical marker bands market. The properties of medical marker bands that increases their visibility under fluoroscopes or x-ray during critical procedures is giving an uptick to their sales worldwide.
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Manufacturers of medical marker bands are also showing a marked preference for cost-effective materials such as polymer and tantalum instead of traditional gold, platinum and palladium. On the back of these factors, Fact.MR- a well-established name in the market research domain-forecasts that the global medical marker bands market will experience a major upsurge, reaching a growth of ~ US$ 28 Mn by 2029.
Key Takeaways of Medical Marker Bands Market
- According to Fact.MR, growth of the medical marker bands market is expected to increase 1.7X during the forecast year owing to increased usage of medical marker bands in cardiovascular intervention procedures
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- High visibility under x-ray is expected to be the promising factor for increased use of medical marker bands in critical medical procedures
- Feasibility of tracking catheter position in a complex endovascular procedure to avoid instrument and vessel collision is boosting the demand for medical marker bands
Acquisitions and Mergers Signify Growth in a Fragmented Market
- The medical marker bands market is fragmented. Tier 1 players functioning in the medical marker bands market include Merit Medical Systems, Inc., and Putnam Plastics. Both companies have a high market share owing to their brand recognition and global reach.
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- Dearth of advanced manufacturing facilities coupled with a large aging workforce and skills gap in countries such as India and China are encouraging export of medical marker bands from other countries such as the U.S., Germany, the U.K., etc. To overcome these issues, key players are focusing on increasing their reach through acquisitions and mergers. For instance:
- In August 2019, Biomerics merged with Northeast Laser & Electropolish, a contract manufacturer providing services to a wide range of medical device manufacturers. This merger formed Biomerics NLE, a metal division of Biomerics that provide full-service metal processing to the interventional and surgical medical device industry.
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