The size of the Asia-pacific guidewires market was worth USD 298.71 million in 2023. As per our research report, it is further predicted to grow at a CAGR of 7.45% between 2023 to 2028.
The guidewires market growth in the APAC region is primarily driven by the factors such as the proliferation of chronic diseases in developing countries such as India and China. In addition, rise in the geriatric population across the APAC region. Urological disease prevalence influences the guidewire market growth. Moreover, the Y-O-Y rise in cardiovascular diseases leads to a rise in the demand for guidewires. Minimally invasive procedures offer remarkable benefits over clinical advantages over conventional open approaches that will increase guidewires' market growth in the ASIA Pacific region. It is estimated that the patient preference towards minimally invasive procedures is projected to propel the market growth during the forecast period. Several companies offer rapid tip shapes and wire configurations, enabling healthcare professionals to opt for the right product as per the application. Besides, lifestyle habits such as smoking, obesity, and dietary regularities are more prone to cardiovascular diseases, increasing guidewires' market growth. Awareness and government investments further encourage market growth.
However, these surgical guidewires' high cost is considered one of the challenging factors for market growth. Also, growing cuts with exercise tax are estimated to impede the market growth of the guidewires market. Moreover, a shortage of skilled professionals for performing cardiovascular procedures remains the growth decline factor. Also, the issues related to the lost retrieval and associated risks with using guidewires hinder the market growth. The lost guidewires need to retrieve immediately and, if left untreated, lead to severe cardiovascular complications and be fatal.
Impact of COVID-19 on the APAC Guidewires market:
The guidewire market supply chain had been disrupted due to a nationwide lockdown and a ban on transportation. Limited manufacturing of guidewires was performed due to limited available resources and workforce. In addition, cardiovascular procedures were postponed as there was no demand for the guidewires during the COVID-19 pandemic as the world's focus was to combat SARS-COV-2. Manufacturing of guidewires has been resumed after the uplift of the lockdown. The demand for guidewires has increased due to the prevalence of chronic and cardiovascular diseases in the recent past, and estimated that it would register substantial growth during the forecast period.
This research report on the Asia-Pacific guidewires market has been segmented and sub-segmented into the following categories.
Hospitals and Clinics
Rest of APAC
Geographically, the Asia Pacific region accelerated the guidewires market in previous years. Active participation of market players, new players'players'e, and implementation of strategic marketing policies boost the guidewires market in APAC. The major contributors in this region are China, India, Japan, and Australia.
Due to the increasing healthcare expenditure, the Chinese guidewires market is expected to record exponential growth during the forecast period. In addition, improving healthcare infrastructure will likely encourage the Guidewires market in China.
The Indian guidewires market has been one of the significant contributors to the APAC region's growth. It is projected to increase i s market growth with influential growth factors such as public awareness about minimally invasive procedures and investments by the government and public investments.
The Japanese guidewires market is anticipated to witness significant growth over the forecast period. Japan is expected to provide opportu cities for the market players in this region. In addition, the proliferation of cardiovascular and chronic diseases is projected to gain market growth.
The Australian guidewires market is estimated to grow at a prominent CAGR during the forecast period. The growing adoption of technologies in interventional procedures is anticipated to propel market growth. Moreover, higher utilization of vascular guidewires in coronary procedures and reduction in the mortality risk is expected to grow the guidewires market during the forecastguidewires' continue its growth in the coming years.
KEY MARKET PLAYERS:
Companies such as Medtronic, Boston Scientific, CR Bard, Abbott Laboratories, Terumo Corporation, B. Braun, Johnson & Johnson, Stryker Corporation, Olympus Corporation, Angiodynamics, Cardinal Health, Merit Medical Systems, Teleflex, Cook Group & Asahi Intecc are some of the promising companies in the APAC guidewires market.
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