US Medical Wires and Cables Market is Estimated to Reach upto USD 180.24 million by 2021

February 10 19:11 2017
Rising health concerns coupled with the increasing adoption of advanced technologies in the field of medicine for various applications have been stimulating the U.S. Medical Wires & Cables market revenue in the recent years.

The U.S. Medical Silicone Wires & Cables Market is a fast growing market with high production of specialty wire and cable for medical applications in the healthcare industry in the United States. This market is anticipated to witness high growth owing to the high demand for medical cables and wires for treatment procedure, growing manufacturing of standard wire and cable and rise in supply of these specialty wire and cables in the US market as well as global healthcare market by wire suppliers is driving the scope during 2016-2021.

This market is growing at a CAGR of 2.53% during 2016-2021 and pegged to touch $180.24 million, by 2021, according to IndustryARC.

Diagnostic equipment such as X-ray, CT, Ultrasound, Molecular imaging/nuclear medicine, Endoscopy are the growth frontiers for the U.S. Medical Silicone Wires & Cables market as they are estimated to show high growth in the coming 5 years because of growing chronic disorders, increased consumer spending on cosmetic surgeries, developments in laser equipment and expanding applications in cardiology.

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Application/Industry Outlook:

Silicone Wires & Cables are specialized wires are cables that are used in many application in medical and other industries. These silicone based components are particularly favored in medical industry because they are biocompatible as well as clear all sterilization procedures. The high-growth application areas are laser medicine and endoscopy. The continuous expansion activities undertaken by companies are key factors driving the growth in this market.

The U.S. Medical Silicone Wires & Cables market is dominated by Silicone Lead wire with a market share of 65% and it is also estimated that silicone lead wire will exhibit a CAGR of 2.71% over the next five years. Silicone wires and cables are increasingly used in the healthcare industry due to the nonreactive property of silicone along with its other features. Silicone wires are flexible and stable at extreme environmental conditions, thus making it perfect for the use in treatment procedures due to its biocompatibility. There is high scope for the U.S. Medical Silicone Wires & Cables Market with growth in production of these wires by wire manufacturers during 2016-2021.

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Segmentation Insights:

The U.S. Medical Silicone Wires & Cables Market is segmented into various categories by application, by equipment and by geography as follows:

By Application: Medical Tubing, Wires & Cable (Lead Wire, others)

By Equipment: Diagnostics (X-ray, CT, Ultrasound, Molecular imaging/nuclear medicine, Endoscopy, ECG, EEG, MEG and others), Therapy (Radiotherapy, Laser medicine, Laparoscopy, Catheter technology and others), Patient Monitoring (Oxygen measurement, Temperature measurement, Blood pressure measurement and others) and others

By Geography: the entire United States

Key Players Overview:

Despite the market being pretty strongly fragmented, the industry enjoys undivided attention from 3 well established players which together make upto around 38% of the global U.S. Medical Wires & Cables Market. Large customer base and wide network of channelization and distribution are the primary factors causing the strength in those 3 vendors. Most of the products in this industry are standardized coupled with moderate to low product differentiation.

Increased numbers of wire and cable companies in the United States are looking forward and working towards increasing their unit production scale for growing demands of the healthcare industry in the US. Demand for these companies which manufacture for supplying medical wires and cables for the US as well as for offshore supply purposes are growing at sharp CAGR rates.

Risen investment into R&D for better product development will further drive the market. Out of the 40 plus industry vendors of the market studied in this report, few are:

  • Raumedic AG

  • Molex Incorporated

  • LEONI Special Cables GmbH

  • Calmont Wire & Cable Inc.

  • Lorom Industrial Co. Ltd.

  • Medtronic Inc.

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