Guidewires Market: Growing Demand for Minimally Invasive Interventional Procedures to Drive the Market

Wilmington, Delaware, United States, Transparency Market Research Inc. – The demand for minimally invasive surgical treatments is increasing as a result of benefits such as less discomfort, shorter recovery times, and smaller incisions. An increase in the geriatric population susceptible to chronic conditions including neurovascular disorders, urological disease, and cardiovascular disease is likely to play an important role in the expansion of the global guidewires market.

According to estimates from the World Health Organization (WHO), the global population of people aged 60 years and more is predicted to rise from 12% to 22% by 2050. The healthcare system is burdened by elderly population suffering from cardiovascular illnesses. As per World Bank data, about 27.04% of Japan's overall population was 65 years and older in 2017, up from about 25% in 2015. The prevalence of cardiovascular illnesses rises with age, which is predicted to increase the need for surgical guidewires. As a result, the growing elderly population is one of the major driving forces for the global guidewires market.

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In addition to that, the increasing number of adult population is adopting unhealthy lifestyles such as a sedentary work life, lack of physical activity, high alcohol and cigarette intake, and a high diet of saturated fats and sweets. These factors raise the probability of chronic illnesses including heart disease, diabetes, and obesity, and which may necessitate surgical intervention as the condition progresses. As a result, the increased prevalence of chronic diseases is likely to drive the global guidewires market in the years to come.

The National Commission for the Evaluation of Medical Devices and Health Technologies (CNEDiMTS), France, approved Philips Volcano's Verrata and Verrata Plus guidewires for add-on compensation under section V of the List of Reimbursable Products and Services (LPPR) in May 2017. CNEDiMTS also assessed Boston Scientific’s fractional flow reserve guidewire, Comet, in June 2017 for inclusion in the LPPR category based on technical equivalence.

The guidewires market in North America is predicted to develop due to the rising prevalence of cardiovascular illnesses in both men and women in the US. As per the Journal of the American College of Cardiology, cardiovascular disease claims the lives of roughly 17 million people each year, with that figure anticipated to rise to almost 23 million by 2030. The danger of acute coronary syndrome is predicted to encourage the usage of pressure guidewire, fuelling expansion of the global guidewire market.

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Development of Innovative Technologies to Drive Demand for Cardiovascular Procedures

Due to the increasing demand for minimally invasive coronary operations, the coronary category has been one of the leading segments in the market. A substantial number of atherosclerosis patients are admitted to hospitals, and the incidence of cardiovascular disease is on the rise. In 2017, over 92.1 million American adults suffered from some sort of cardiovascular illness, according to the document Heart Disease and Stroke Statistics 2018.

The development of new technologies is likely to aid the segment's dominance during the forecast period. The availability of favorable reimbursement schemes for cardiovascular procedures is further likely to boosting the global market. Teleflex's Spectre guidewire and Galeo coronary guidewires (Biotronik) are two examples of coronary guidewires that have been introduced in the last four years.

Due to the high frequency of neurovascular illnesses, the neurovascular segment is expected to grow at rapid rate in the global guidewires market throughout the forecast period. The spinal cord and brain vascular system are affected by cavernoma, cerebral hemorrhage, arteriovenous malformations, aneurysms, and stroke. Due to the existence of important blood arteries, treating such illnesses is difficult. The growing use of these devices in extremely difficult neuro-vascular minimally invasive operations, on the other hand, is supporting the market growth.

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Coronary Guidewires to Take the Lead, While Urology Guidewires to Have High Expansion Rate

The use of interventional radiology methods in image-guided diagnosis and treatment of illnesses has grown as guidewire tip technology has improved. Interventional radiology has led to substantial improvement in patient recovery.

As compared to open surgery, this is due to the fact that the technique carries a lower risk, produces less discomfort, and requires a shorter recovery period. pulmonary, hepatobiliary, gastrointestinal, vascular, and genitourinary disorders are all great choices for interventional radiology. The global guidewires market is expected to grow in the future, thanks to an increase in the use of minimally invasive operations and technical developments in surgical techniques.

The global market is likely to dominated by coronary guidewires. Incidences of coronary illnesses are expected to rise, propelling the industry ahead. To reach a lesion or vascular segment, these guidewires are straightforward to move across blood vessels. It serves as a guide for bigger catheters, making delivery to the treatment location easier. Coronary guidewires are expected to account for about half of the overall global market. This is due to the rising frequency of chronic renal disease and the usage of dialysis catheters, which is expected to fuel the expansion of the urology segment in the guidewires market. Furthermore, urology guidewires have an atraumatic hydrophilic tip that makes navigating narrow spaces easier. Urology guidewires are expected to account for a sizeable chunk of the guidewire market.

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North America Reigns to Lead, Asia-Pacific to Offer Lucrative Growth Opportunities

North America is expected to maintain its position as a leader in the global guidewires market. Key growth drivers include the high frequency of urological and cardiovascular disorders, as well as modern healthcare infrastructure and the existence of multiple guidewire producers. The North America guidewires market is expected to grow considerably during the forecast period.

The Asia-Pacific region is expected to develop at the rapid growth rate, with a considerable share of the market during the projection period. The growth of the Asia-Pacific guidewires market is likely to be aided by the growth of the business in developing markets, which is driven by increasing healthcare issues.

The use of high-quality guidewire brands imported from developed parts of the world has increased in these developing countries. Progress in the economy as well as favorable government policies have made it easier for significant market participants in the region to conduct business.

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