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Europe Guidewires Market Research Report - Segmented By product, material, coating, end-user, and Country (United Kingdom, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands and Rest of Europe) - Industry Size, Share, Trends and Growth Forecast (2022 to 2027)

Published: March, 2023
ID: 11475
Pages: 100
Formats: report pdf report excel report power bi report ppt

Europe Guidewires Market Size (2022 to 2027)

As per our research report, the size of the Europe guidewires market is predicted to grow at a CAGR of 5.08% between 2022 to 2027 and worth USD 401 million by 2027.

Factors such as the growing number of geriatric people in Europe and Y-O-Y growth in the incidence of chronic diseases associated with unhealthy lifestyles are expected to drive the European guidewires market during the forecast period. Unhealthy habits such as smoking and alcohol consumption are significantly increasing the incidence rate of chronic diseases. According to the World Health Organization (WHO) statistics, around 40 million people suffer from chronic diseases in Germany. This growing number of chronically ill patients is expected to raise the demand levels for guidewire products for surgical procedures in Germany.

Additionally, the growing adoption of minimally invasive surgery is anticipated to boost the European guidewires market. For instance, according to the European Cardiovascular Disease Report, there have been almost 12.5 million and 7.1 million new cases of CVD in Europe and the European Union, respectively. This factor is expected to accelerate the adoption of guidewires in this region and fuel the growth rate of the European guidewires market growth rate during the forecast period. In addition, surgeons have adopted minimally invasive surgeries in a wide range. Minimally invasive surgery offers several benefits to patients, such as smaller incisions and scars and reduced pain, and less time to recover. The aforementioned factor is a big plus to the market to grow further.

An increasing number of product launches is also one of the indicators that represent the growth of investments to develop new products.

The high costs associated with the guidewires and increasing excise cuts are likely to hamper the growth of the European guidewires market during the forecast period. However, in developed countries, reimbursements for certain minimally invasive surgeries can sometimes exclude the cost of guides. Therefore, the high costs of the products and the partial reimbursement coverage may restrain the market's growth to a certain extent. The shortage of professionals trained in economic development could limit market expansion in the short term.

Impact of COVID-19 on the Europe guidewires market:

COVID-19 is an unprecedented global public health emergency that has affected nearly all industries, with long-term effects expected to impact industry growth over the forecast period. Although the production of the guidewire market has been affected due to the pandemic, the demand has increased tremendously due to the high prevalence rate of chronic diseases in the region and surgeries related to complications after COVID-19 infection.

This market research report on the European guidewires market has been segmented and sub-segmented into the following categories.

By Product:

  • Coronary Guidewire
  • Peripheral Guidewire
  • Urology Guidewire
  • Neurovascular Guidewire
  • Others

By Material:

  • Nitinol
  • Stainless steel
  • Others

By Coating:

  • Coated
  • Non-Coated

By End-User:

  • Hospitals and Clinics
  • Diagnostic Centres

By Country:

  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Russia
  • Sweden
  • Denmark
  • Switzerland
  • Netherlands
  • Turkey
  • Czech Republic
  • Rest of Europe

The European guidewires market was the second-largest regional market in the global guidewires market in 2020, while North American secured the top position. During the forecast period, the European market is forecasted to register a healthy CAGR. Factors such as the Y-O-Y rise in chronic diseases and advancements in medical technology are majorly promoting the EU market.

Within Europe, the German guidewires market is predicted to lead the EU market. It is predicted to grow at a CAGR of 4.5% from 2022 to 2027 due to the growing approvals for minimally invasive surgeries over the region. The major manufacturers of the surgical instruments industry are present in the country, which would complement the growth of the German guidewires market during the forecast period. The increasing demand for minimally invasive surgical procedures coupled with advanced treatment procedures drives the growth of the guidewire market in Germany. In addition, the country has a well-established infrastructure, medical equipment, and the availability of the latest technologies, which will increase the demand for products and expand the local market. In 2018, Germany reported 205.4 laparoscopic cholecystectomy procedures per 100,000 population.

The UK guidewires market is forecasted to showcase a lucrative CAGR during the forecast period. In 2019, 5,535 bariatric surgeries were performed in the UK; 336 bariatric surgeries are recurrent. During the period 2017-2019, the percentage of bariatric surgeries increased by 4.2%. This is mainly attributed to the high prevalence of cardiovascular disease and the increase in the number of coronary and peripheral interventions. Additionally, the growing preference for minimally invasive surgeries such as coronary artery bypass grafting and cardiothoracic surgery is also one of the key factors driving regional demand.

The growing number of healthcare centers and organizations are expected to fuel the market growth during the forecast period in France, Netherlands, and Sweden.

KEY MARKET PLAYERS:

Some of the noteworthy companies operating in the European guidewires market analyzed in this report are 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.

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