Latin America Guidewires Market

Latin America Guidewires Market Size (2023 to 2028)

As per our analysis report, the size of the Latin American Guidewires market is projected to be growing steadily rate during the forecast period. Brazil has a huge prevalence of CVDs and the Latin American region and is experiencing faster development in every aspect of health care. Due to the prevalence of CVDs in most of the population in Brazil, there is a huge push for the usage of guidewires in non-invasive heart surgeries. As Latin American countries are witnessing huge development, there is also a trend in rising cancer and tumor rate. This factor drives the usage of guidewires in oncology applications, thus increasing the market share in this region. Argentina is a major hub for medical device manufacturing.

The incidence of CVDs is significantly growing in the Latin American region, which is anticipated to drive market growth. The aged population is more exposed to chronic diseases such as cardiovascular, neurovascular, and others. Technological advancements in the manufacturing of guidewires and growing approvals for the recently launched guidewires are favorable signals to the Latin American guidewires market. Increasing demand for minimally invasive procedures and advantages associated with the guidewires such as quick recovery time and less pain are expected to favor the market. The growing awareness among patients regarding the benefits of minimally invasive procedures and increasing demand for advanced guidewires are expected to a big plus to the market growth. The growing number of hospitals with a rising patient count and availability of qualified professionals are supporting the market.

However, high costs associated with the guidewires limit the market growth. Unfavorable reimbursement policy coverage in some Latin American countries for minimally invasive surgeries acts as a potential barrier to guidewire market growth.

Impact of COVID-19 on the Latin American Guidewires Market:

The SARS-CoV-2 reagent caused the novel coronavirus to affect millions of people and business sectors across the globe. The new virus has originated from Wuhan, China, and has spread to all parts of the world, caused many deaths. The guidewires market had a slight decline in its growth path during the first half of 2020 due to the lockdown instructions in multiple Latin American markets. Due to the pandemic, the supply of raw material required for manufacturing the guidewires has reduced because of the transportation ban and lack of workforce. Post to the lockdown's uplift, a new normal has started, and the demand for the guidewires has started increasing. By the end of 2020 and 2022, the growth of the guidewires is expected to, as usual, leaving a "V" shape in its growth track. 

This research report on the Latin American 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:

• Brazil
• Mexico
• Argentina
• Chile
• Rest of Latin America

Geographically, the Latin American guidewires market is expected to grow steadily during the forecast period due to the growing demand for guidewires used in different procedures such as vascular, urological, and oncology illnesses. The aging population is significantly growing in Latin America, which is expected to boost the market growth. According to the Demographics of Population Ageing in Latin America, the individual count aged 80 years and above is estimated to grow faster than young people.

The Brazilian guidewires market is expected to account for most of the market share in Latin American during the forecast period, followed by Mexico and Argentina.

KEY MARKET PLAYERS:

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 companies playing an active role in the Latin American guidewires market.