The Global Guidewires Market demand is expected to develop at a 6.1% CAGR from 2022 to 2030, with a market size of roughly US$ 3.7 billion in 2022. Guidewires Market is expected to reach US$ 5.9 Billion by 2030.
The advancement of guidewire tip technologies has increased the use of interventional radiology techniques in image-guided disease diagnosis and treatment. Interventional radiology has greatly improved patient outcomes. This is because the procedure involves minimum risk, less pain and faster recovery time compared to open surgery. Interventional radiology is highly suitable for vascular, gastrointestinal, hepatobiliary, pulmonary and genitourinary diseases.
As the incidences of non-communicable diseases (NCDs) such as cancer, diabetes and chronic respiratory diseases continue to increase, healthcare providers are making concerted efforts to reduce their prevalence by providing sophisticated medical care. As a result, the use of technologically advanced guidewires has grown in importance.
Get Sample Report + Related Graphs & Charts@ https://www.futuremarketinsights.com/reports/sample/rep-gb-11706
Because of the need to reduce trauma, minimally invasive surgeries have grown in popularity over the years. As a result, guidewire adoption has skyrocketed. Guidewire engineering has progressed to more advanced lesions, such as chronic total occlusions (CTO), which are better at improving cardiac anomalies by reducing ischemia and improving left ventricular function. As a result, market players are introducing novel products to address CTO lesions.
The coronavirus pandemic is expected to cause a minor hiccup in the guidewires market. Many manufacturers are operating at reduced capacities as a result of lockdowns, limiting daily output of guidewires. As a result, the demand-supply dynamics have become significantly disequilibrated. This mismatch is expected to last until the fourth quarter of 2020, when production will resume at full capacity.
“Guidewire manufacturers need to concentrate on cost management and product distribution by collaborating with regional players in order to expand geographical presence. Furthermore, widening the product portfolio by virtue of introducing technologically enhanced guidewires is a trump card for market success, which is being capitalized upon,” infers an FMI analyst.
Key Takeaways from the Guidewires Market Study:
- Interventional Guidewires are expected to increase at a 5.3% CAGR until the conclusion of the forecast period, with a market share of more than 73% in 2021.
- Peripheral Guidewires has a revenue share of 32.5% in 2021 and is expected to have a share of 28.4% over the forecast period.
- Stainless Steel Guidewires have a revenue share of 44.7% in 2021 and are expected to have a share of 40.6% over the forecast period.
- Straight Tips anticipates a profitable growth rate of 5.4% until the conclusion of the projected period, with a market share of more than 64% in 2021.
- The United States dominates the North American region, with a total market share of around 91.8% in 2021, and is expected to rise rapidly throughout the forecast period.
Our advisory services are aimed at helping you with specific, customized insights that are relevant to your specific challenges. Let us know about your challenges and our trusted advisors will connect with you@ https://www.futuremarketinsights.com/ask-question/rep-gb-11706
Key Trends
- According to the World Health Organization, seven out of ten patients succumb to non-communicable diseases, especially in the low and middle income nations. This has increased the need for surgical procedures for NCDs, pushing up guidewire usage
- Interventional guidewires are experiencing increased adoption in minimally invasive surgical procedures as they reduce trauma and pain from surgical incisions.
- Majority of the guidewires demand is stimulated from the Asia-Pacific, owing to high fatalities due to diseases like cancer, diabetes, cardiac arrests and asthma.
Guidewires Market: Competitive Landscape
The presence of prominent regional as well as global vendors characterises the global guidewires market, making it highly competitive. Principal growth strategies include inorganic growth promotion, product portfolio diversification through new product launches, cost optimization, technological advancements, and collaboration with other players to broaden geographical presence.
Boston Scientific collaborated with the Mayo Clinic in 2019 to develop minimally invasive technologies for urology, neuromodulation, endoscopy, heart rhythm management, and interventional cardiology.
For product launches, Cardiovascular Systems Inc., doled out its Viper Wire Advance Coronary Guidewire which received clearance from the US FDA in October 2019. Earlier in May of the same year, Medtronic unveiled its Telescope Guide Extension Catheter to provide additional backup support and access to distal lesions.
Key Players
- Medtronic PLC
- Teleflex Corporation
- Stryker Corporation
- B. Braun Melsungen AG
- Abbott Laboratories
- Others
Contact Sales for Further Assistance in Purchasing this Report@ https://www.futuremarketinsights.com/checkout/11706
Key Market Segments Covered In 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
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
