Global Guidewires Market
Global Guidewires Market was valued US$ 816.4 Mn in 2017 and is expected to reach US$ 1203.5 Mn by 2026, at a CAGR of 4.97 % during a forecast period.
Guidewires are elastic thin tubes and guidewires used for guiding the appointment of catheter in the diseased organ. They are also used for interventional therapy by opening up the target vessels to improve device delivery & restrict vascular injuries.
Global Guidewires Market
Growing incidences of lifestyle disorders, reduction in time & cost of surgery are a major driving factor of the market. Rising influence about minimally invasive surgical procedures such as short recovery time & decrease in blood loss, and to prevent post-operative trauma & complications are also driving demand for guidewires market during the forecast period. However, High cost of surgical guidewires, lack of expert surgeons to conduct minimally invasive surgeries and expenses cuts & excise duties are limiting the market growth.
The growing medical service sector in emerging economies, government initiatives to control the burden of hospital-acquired toxicities in developed countries, and increasing healthcare expenses in developing countries provide key opportunities for the global guidewires market.
Nitinol material is expected to lead the guidewires market in terms of size as well as growth owing to the high elastic property that provides twist resistance, better trackability & offers reduced prolapse as compared to stainless steel and hybrid materials.
Hospitals & diagnostic clinics are driving the highest demand in the global guidewires market owing to increased preference by the patients for minimally invasive interventional procedures.
Coronary guidewires segment is leading the overall guidewires market in terms of share owing to the high procedure rates and the existence of large minimally invasive coronary procedure volumes. The key factor of the global coronary guidewires segment is the growing number of hospital charges, increasing occurrence of atherosclerosis patients, and rising incidence of coronary artery disease worldwide. The surging number of hospitals, FDA guidelines over the product application, product agreements are increasing the peripheral guidewire segment.
Asia-Pacific is the most rapidly growing region of the guidewires market owing to the extreme development for medical tourism in emerging markets of developing countries such as China and India are expected to drive the growth of guidewires market in the Asia-Pacific region. North America dominated the overall market in terms of revenue owing to the presence of high-frequency levels of cardiovascular & neurovascular disorders and sophisticated healthcare infrastructure.
Key player operating in the global guidewires market are Boston Scientific Corporation, Terumo Interventional Systems, Medtronic, Abbott, UROMED Kurt Drews KG, GaltNeedleTech, Olympus Corporation, Teleflex Incorporated, Cordis (A Cardinal Health Company), and Stryker.