The size of the guidewires market in the North American region is forecasted to be worth USD 590.3 million by 2028 from USD 458.1 million in 2023, registering a CAGR of 5.2% from 2023 to 2028.
The growing preference for minimally invasive surgeries among the population of North American countries primarily drives the demand for guidewires and contributes to regional market growth. The reduced need for incisions and hospitalization has led to a higher adoption rate of these procedures in the region. In the context of such surgeries, the use of guidewires has become an integral part of surgical procedures due to their high success rate and low complication rates, making them a preferred choice for healthcare providers. Furthermore, the increasing popularity of robotic surgeries is further boosting the demand for guidewires and favoring the North American market growth. Guidewires can be utilized in conjunction with pre-programmed robotic systems to minimize human errors and enhance surgical precision.
The growing patient population of chronic diseases across North America further fuels the growth rate of the North American guidewires market. Cardiovascular disease is a major chronic ailment that relies heavily on the use of guidewires. In the United States, cardiovascular disease claims one life every 34 seconds, with nearly 697,000 fatalities reported in 2020 alone. Coronary guidewires are extensively used during angiography and percutaneous coronary intervention to facilitate catheter navigation. To keep up with the increasing complexity of cardiology treatments, guidewire engineering has witnessed significant advancements in recent years. Additionally, guidewires have also found widespread application in the treatment of oncology diseases.
The growing adoption of technological advancements in manufacturing techniques by the manufacturers of guidewires boosts the market's growth rate in North America. Researchers are currently concentrating on the development of computer models and software that can visualize the functioning of guidewires within a patient's body, thereby mitigating the occurrence of critical situations. Moreover, the development of guidewires made from diverse materials has also gained significant traction, catering to the requirements of various surgical procedures. The market has also benefited from increased investments in public and private sectors, along with an upsurge in research and development activities. Furthermore, implementing favorable reimbursement policies has further propelled the demand for guidewires in the healthcare industry.
The high costs associated with guidewires are one of the major impediments to North American market growth. The lack of skilled professionals and an insufficient supply of raw materials necessary for guidewire manufacturing further hinder the regional market growth. In addition, the use of guidewires is not without risks, including the breakage of the wire, knotting or loss, which may result in several complications, some of which may only be detected at a later stage. Such risks can also negatively impact market growth in the region.
This market research report on the North American guidewires market has been segmented and sub-segmented into the following categories.
By Product:
By Material:
By Coating:
By End-User:
By Country:
North America had the dominating share of the global guidewires market in 2022 and the domination of the regional market is estimated to continue throughout the forecast period. The growing adoption of these devices in major surgical procedures and the increasing accessibility of guidewires through online and offline pharmacy stores primarily drive regional market growth. The availability of training simulators aimed at enhancing the success rate of guidewire usage boosts regional market growth.
The United States had the largest share of the North American market in 2022 and is predicted to grow at a promising CAGR during the forecast period owing to the presence of several manufacturing facilities of guidewires in the U.S. Additionally, the U.S. Food and Drug Administration (FDA) has established a stringent set of guidelines for manufacturing guidewires meant for coronary, peripheral, and neurovascular issues. These guidelines ensure the performance and efficacy of new guidewires during surgical procedures, thereby enhancing patient outcomes. Canada is estimated to account for a considerable share of the North American market during the forecast period. In Canada, the growth of the guidewire market has been fueled by factors such as an increase in the number of clinical centers, the presence of key market players, and a surge in product approvals. For instance, in 2022, OpSens Inc. introduced a guidewire designed for transcatheter aortic valve replacement procedures that enables the continuous measurement of hemodynamic pressure during the procedure. Such innovative developments are expected to drive the growth of the market in the region.
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 a few of the notable companies operating in the North American Guidewires market.
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