According to Precedence Research, the guidewires market is expected to registered growth at a CAGR of 5% over the forecast period and predicted to hit around USD 1,512.2 million by 2030.
According to Precedence Research, the guidewires market is expected to registered growth at a CAGR of 5% over the forecast period and predicted to hit around USD 1,512.2 million by 2030.
Growth Factors
Accessing vascular targets with more precision and accuracy is made possible by guidewire technology. The surgical and diagnostic techniques have improved as a result of guidewire technology. It’s used in gastrointestinal medicine, interventional radiology, and cardiology. In addition, the guidewire process has improved due to better steerability and eyesight. A guidewire is a flexible and thin tube that directs the catheter into the afflicted artery for proper insertion. To avoid damaging the blood vessels, guidewires are made largely of steel with elastic coil tip.
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The rapid adoption of minimally invasive surgeries is the primary driver of the guidewire market's massive growth, as minimally invasive surgeries offer numerous benefits over traditional open surgeries, including faster patient recovery, shorter hospital stays, increased safety and efficacy, and lower costs. As a result, healthcare professionals are looking for more efficient technology to manage patients with specific diseases such as vascular, cardiology, and cancer issues. As a result, the guidewire market is seeing increased demand due to the rising prevalence of targeted diseases and the growing popularity of minimally invasive operations. Furthermore, the increasing number of bariatric operations and laparoscopic cholecystectomy procedures are propelling the guidewire market forward.
One of the primary factors driving the guidewire market's growth is the rising prevalence of chronic diseases around the world, as well as the growing preference for non-invasive or minimally invasive operations. Guidewires are generally utilized to perform bariatric procedures as well as to diagnose and treat a variety of neurological and cardiovascular illnesses, including ischemic heart disease, brain aneurysms, and nephrolithiasis. In accordance with this, the use of nitinol materials in the production of products with improved biocompatibility, steerability, and elasticity is also contributing to market expansion. In addition, the development of novel stainless steel and coated guidewires is boosting the market's prospects. Other factors that are likely to boost the market include the growing senior population, which is more sensitive to medical diseases, as well as the improved healthcare infrastructure.
Report Highlights:
- Based on the product, the coronary segment dominated the global guidewires market in 2020 with highest market share. A large number of cardiovascular patients are admitted to hospitals and the prevalence of cardiovascular disease is on the rise.
- On the basis of coating, the coated segment holds the largest market share the global guidewires market in 2020. These products reduce friction, maintain tactile feel, and make blood vessels accessible. The two types of coatings are available on the market such as hydrophobic and hydrophilic.
- By raw material, the stainless-steel segment is the largest segment in the guidewires market. Stainless steel offers excellent support, force transfer, and torque requirements.
- North America is the largest segment for guidewires market in terms of region. This is due to an increase in the number of coronary and peripheral interventions as well as a higher prevalence of cardiovascular disorders.
- Asia-Pacific region is the fastest growing region in the guidewires market. This is attributed to the factors such as an ageing population, the preference for sophisticated non-invasive surgery techniques that deliver faster outcomes, and the prevalence of cardiovascular disorders.
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Future of Guidewires Market
During the projected period, government implemented favorable medical reimbursement policies are expected to provide considerable potential for guidewires market expansion. Strict execution of such reimbursement regulations is projected to boost the use of guidewires in surgical operations, driving the guidewires market over the projection period.
COVID-19 Impact Analysis:
- The global spread of the COVID-19 epidemic had a detrimental influence on the business in 2020.
- Due to the COVID-19 pandemic, many firms saw a drop in sales of guidewire products in 2020, owing to increase in COVID-19 infections and the postponement of non-essential surgical and non-invasive operations.
Key Developments in the Marketplace:
- True Form Reshapable Guide Wire was introduced by Merit Systems in 2017.
- Merit Medical Systems introduced the InQwire Amplatz Guide Wire in 2017.
- Terumo Corporation opened new manufacturing plant in Japan in 2017 to expand its access guidewire production capacity for interventional operations.
- Teleflex introduced Spectre Guide Wire in 2017.
- Terumo Corporation opened a new endovascular and neurovascular intervention innovation center in California in 2017.
- Olympus Corporation and Terumo Corporation formed a strategic distribution cooperation in December 2015. This key market player was expected to market and distribute endoscopic hydrophilic coated guidewires, which can be used for gastroenterological endoscopy in the U.S. under the terms of the deal.
- Cardiovascular Systems signed an agreement with OrbusNeich and Integer in January 2018. The company made a strategic decision to broaden its offering of high-quality balloon and guidewire products.
Major Market Segments Covered:
By Product
- Coronary
- Peripheral
- Urology
- Neurovascular
By Coating
- Coated
- Hydrophilic
- Hydrophobic
- Non coated
By Raw Materials
- Nitinol
- Stainless Steel
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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