The Global Guidewires Industry is on track for significant expansion, according to recent market research. Currently valued at US$3.7 billion in 2022, the market is expected to reach an impressive US$5.9 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 6.1% over the next eight years.
In an era marked by a surge in sedentary desk jobs, health concerns loom large for individuals worldwide, with heightened risks of diabetes, obesity, and cardiovascular diseases stemming from excessive sugar and saturated fat consumption. Consequently, an increasing number of patients are opting for surgical interventions, favoring minimally invasive procedures over traditional open-heart surgery.
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Guidewires emerge as indispensable tools in the realm of medical interventions, specifically for the precise placement of stents, catheters, and various other medical devices. Notably, the rising incidence of catheter-related infections acquired within hospital settings is a prominent driving force behind the burgeoning Global Guidewires Industry. This trend is expected to persist and continue driving market growth in the foreseeable future.
As the healthcare landscape continues to evolve, the Global Guidewires Industry is set to play a pivotal role in enhancing patient care and treatment outcomes. Stay tuned for further developments and insights as this dynamic industry unfolds.
Neurovascular diseases like dural arteriovenous fistula, arteriovenous malformations, aneurysms, cavernoma, cerebral hemorrhage, and stroke are asking for guidewires on the part of treatment. Hydrophilic coating is drawing maximum revenue and as far as raw material is concerned, stainless steel witnesses maximum demand. However, nitinol is expected to overpower stainless steel in the years to come. This could be attributed to better flexibility coupled with better kink resistance.
At the same time, limitations like blood clots on guidewire, catheter tip flaring, abrasion of vessels, and risk of unraveling could restrain the guidewire market going forward.
Future Market Insights has walked through these facts with insights in its latest market study entitled ‘Global Guidewires Industry’. It has its set of analysts and consultants to execute through macros and micros.
“With quicker recovery time, smaller incisions, and lessened pain, the Global Guidewires Industry is expected to grow on an astounding note in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Global Guidewires Industry
- North America holds the largest market share with the US witnessing a growing inclination toward minimally invasive surgical procedures.
- Europe holds the second-largest market share with Germany ruling the roost. This could be credited to the country being subject to an unprecedented rise in the number of chronic conditions coupled with a sedentary lifestyle.
- The Asia-Pacific is expected to grow at the fastest rate in the guidewires market going forward with China spending excessively on modern-day medical tools and devices for improving surgical outcomes and enhancing patients’ lives.
Competitive Guidewires
- Teleflex, in January 2021, did expand the value of ErgoPack Complete improvements to the vascular access products that are critical to function.
- Boston Scientific Corporation, in April 2021, did announce launching Kinetix Guidewire for utilization in the PCI (percutaneous coronary intervention) procedures.
- Cardiovascular Systems Inc., in October 2019, received approval from the US FDA for ViperWire Advance Coronary Guide Wire. This guidewire is abreast with Diamondback 360 orbital atherectomy system; thereby facilitating outcomes of treatment and navigation.
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What Does the Report Cover?
- The research study is based on interventional guidewires (hydrophilic guidewires and hydrophobic guidewires) and diagnostic guidewires (hydrophilic guidewires and hydrophobic guidewires)), application (coronary guidewires, peripheral guidewires, urology guidewires, radiology guidewires, neurovascular guidewires, gastroenterology guidewires, and likewise), material type (nitinol guidewires, PTFE guidewires, stainless steel guidewires, and hybrid guidewires), tip shape (J tip, angled tip, and straight tip), and end-user (hospitals, Ambulatory Surgical Centers, cardiac catheterization laboratories, and specialty clinics).
- With growing incidences of chronic ailments like cardiovascular diseases, neurovascular diseases, and urological diseases in the wake of an exploding geriatric population, the Global Guidewires Industry is bound to grow stupendously in the forecast period.
Key Companies Profiled from the Global Guidewires Industry:
- Boston Scientific Corporation
- Terumo Corporation
- Cardinal Health Inc.
- Cook Medical Inc.
- Johnson & Johnson
- Medtronic PLC
- Teleflex Corporation
- Stryker Corporation
- B. Braun Melsungen AG
- Abbott Laboratories
- Olympus Corporation
- Merit Medical Inc.
- Becton, Dickinson and Company
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Key Market Segments Covered In Global Guidewires Industry Research
By Product:
- Interventional Guidewires
- Hydrophilic Guidewires
- Hydrophobic Guidewires
- Diagnostic Guidewires
- Hydrophilic Guidewires
- Hydrophobic Guidewires
By Application:
- Coronary Guidewires
- Peripheral Guidewires
- Urology Guidewires
- Radiology Guidewires
- Neurovascular Guidewires
- Gastroenterology Guidewires
- Others
By Material Type:
- Nitinol Guidewires
- PTFE Guidewires
- Stainless Steel Guidewires
- Hybrid Guidewires
By Tip Shape:
- J Tip
- Angled Tip
- Straight Tip
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Cardiac Catheterization Laboratories
- Specialty Clinics
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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