The global guidewires market size is predicted to be worth USD 1130.9 million in 2023 and USD 1457.1 million by 2028, growing at a CAGR of 5.2% during the forecast period.
Guidewires are essential medical devices used in life-saving operations. In clinical practice, guidewires are widely used across various specialties. Their use has become more widespread due to developments in endourology and interventional radiology, and angiographic procedures. Tiny guide wires are designed to enter a lesion or vessel section by guiding vessels. It serves as a template that larger catheters can easily follow for easier delivery to the treatment site until the system's tip arrives at its destination. Some wires are coated with a polymer to improve lubricities, such as silicone or polytetrafluoroethylene (PTFE). Hydrophilic coatings eliminate friction during deployment and for more effortless movement in tortuous vessels. The wires are often hard to see on fluoroscopic X-ray imaging, so radiopaque markers are widely used to increase visibility. These involve marker bands of gold or the addition of a wire of platinum.
Impact of COVID-19 on the global guidewires market:
Caused by the severe acute respiratory syndrome coronavirus 2 (SARS CoV-2), COVID-19 has an immense burden on healthcare systems worldwide. Although advice is being collected on managing cardiovascular conditions in the COVID-19 environment, little is known about the impact of the pandemic on the practice of interventional cardiology. The first reports from heavily affected areas identify a decrease in the number of patients who have acute coronary syndrome (ACS) in the European emergency department (ED) (ACS). A survey among its members was conducted by the Association of Percutaneous Coronary Interventions (EAPCI) of the European Society of Cardiology to shed light on the effect of the COVID-19 pandemic on the treatment of patients encountered in routine interventional cardiology practice. The reduction in the operation of the Cath laboratory was significant, particularly for elective procedures.
Technological innovations and growth in the geriatric population susceptible to various chronic diseases such as cardiovascular diseases, urological diseases, and neurovascular disorders are promoting the growth rate of the global guidewires market.
The prevalence of cardiovascular diseases rises with age, and surgical procedures are expected to increase the demand for the guidewires market. Globally, CVDs are the number 1 cause of death; an estimated 17.9 million people, representing 31% of all global deaths, died from CVDs in 2016. 85% of these deaths are due to heart attack and stroke. In Europe, CVD causes 46 times the number of deaths and 11 times the burden of illness caused by AIDS, tuberculosis, and malaria combined. In addition, some other factors such as the increasing adoption of minimally invasive procedures for surgery, Growing numbers of emerging economies with lifestyle disorders, various schemes in developed countries towards reimbursement, development of the worldwide geriatric population base, and advancements in technology are further expected to provide a significant boost to the global guidewires market growth.
Increased use of vascular guidewires and growth prospects are expected to provide substantial profitable opportunities for producers in the vascular guidewire market in the developing economies of the Asia-Pacific and LAMEA regions. From 12% to 22% between 2015 and 2050, the world population's percentage over 60 years will almost double.
However, it is anticipated that the risks and complications associated with guidewires and the availability of successful traditional treatment methods would inhibit the market's growth for vascular guidewires. In addition, high surgical guidewire costs and rising excise tax cuts are likely to hinder the development of the guidewire market in the forecast period referred to above. High surgical guidewire costs and increasing excise tax cuts are likely to impede the growth of the guidewire market in the forecast period referred to above.
Market Size Available
2022 to 2028
2023 to 2028
By Product, Material, Coating, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa
This market research report on the global guidewires market has been segmented and sub-segmented based on the product, material, coating, end-user, and region.
Guidewires Market – By Product:
Based on the product, the coronary guidewire had the largest market share in 2022 and is expected to grow reasonably during the forecast period. The increase in cases of cardiovascular diseases worldwide is expected to drive the market's growth, and the rising chances are due to the rise in the old population and the prevalence of unhealthy lifestyles. In addition, improving healthcare facilities and increasing awareness will also play an essential role in determining the market growth.
Peripheral guidewire held the second largest market share in 2022, with an expected growth rate very high in the future. The increase in the geriatric population around the globe will positively affect the market.
The urology segment had the third-highest market share in 2022, with a reasonable growth rate projected during the forecast period. The increasing cases of urology diseases due to the rising effects of an unhealthy lifestyle are the main factor contributing to the segment growth.
Guidewires Market – By Material:
Based on the material, the stainless-steel segment dominated the market in terms of revenue in 2022 and is expected to grow significantly during the forecast period. The main reason for the higher preference is the enhanced procedural outcomes over other materials, and the properties of stainless like kink resistance and kink rational stability, are the most valuable benefits in this market. In addition, the increase in popularity and awareness increases the share of this segment.
Nitinol is expected to grow at the fastest pace during the forecast period. The increase in guidewires' usage has led to a shift from stainless steel to nitinol, propelled by more advantages like better flexibility of nitinol than stainless steel.
Guidewires Market – By Coating:
Based on the coating, the coated segment will dominate the market in the forecast period. The coated wires are further subdivided into Hydrophobic and hydrophilic guidewires. The use of these coatings is to ensure the smooth transmission of guidewires through complex anatomical structures. The other advantage of coated guidewires is minimizing the risk of infections and injuries.
The non-coated is expected to have second place in the market share with a negative growth rate due to the transition to coated guidewires from non-coated guidewires.
Guidewires Market – By End-User
Based on the end-user, the Hospitals and Clinics segment is expected to dominate the future market. The main reason for the prominent growth rate is increased cardiovascular and gastrointestinal procedures in hospitals and clinics. In addition, the availability of better healthcare facilities in hospitals and clinics makes people more attracted to hospitals.
Diagnostic centers are expected to grow reasonably during the forecast period. The gradual shift in patients' preferences from inpatient to outpatient visits has driven the market's growth.
Guidewires Market – By Region:
Regionally, the North American guidewires market had the largest market share in 2020 and is expected to grow at a reasonable rate in the forecast period. The availability of quality healthcare facilities with the best technology currently used globally is the primary factor contributing to the market's growth. In addition, the further increase in the geriatric population will ensure increasing market growth.
The European guidewires market region had the second-largest share due to an increase in the geriatric population and improvement in healthcare quality in all the major European countries. In addition, rising healthcare expenditures by governments will ensure that cutting-edge technology is being used for the treatment procedure.
The Asia Pacific guidewires market is expected to grow with the highest growth rate during the forecast period. The rising government initiatives and the increasing population in India and China are significant growth-driving factors.
KEY MARKET PARTICIPANTS:
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 leading companies operating in the global guidewires market.
RECENT HAPPENINGS IN THIS MARKET:
As per our research report, the global guidewires market size is estimated to be worth USD 1457.1 Mn by 2028.
Yes, in this report, the COVID-19 impact on the global guidewires market is included.
Geographically, the North American regional market dominated the guidewires market in 2022.
Companies playing a leading role in the global guidewires market 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.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]