Rise in the aging population globally and continuous advancements in guidewire technology are expected to boost the adoption of guidewires during the forecast period.
Rockville, Sept. 14, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Guidewires Market is projected to rise at a CAGR of 6.1% and is likely to surpass US $1,755 Mn by the end of 2033.
Guidewires are slender, flexible medical tools used to guide other instruments within the body during procedures like angioplasty and catheterization. They offer several advantages over alternatives like catheters alone. Guidewires ensure the accurate placement of instruments, enhancing safety by reducing the risk of damage to blood vessels. They are flexible yet durable, capable of navigating complex pathways without breaking.
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Key Segments of Guidewires Industry Research Report
|By Product Type||By Material Type||By Application||By End-user|
The growth of the market is mostly driven by the increasing prevalence of cardiovascular diseases, leading to a rising demand for minimally invasive procedures. Additionally, advancements in guidewire technology, such as improved flexibility, radiopacity, and durability, are bolstering their adoption. However, Meeting the rigorous standards set by regulatory bodies for medical devices can be time-consuming and costly, potentially slowing down product development and market entry.
- The US market is expected to witness a value of US $ 438.75 Mn by 2033. This is followed by China which is going to experience a market value of US $ 262. 25 Mn. Moreover, China is expected to witness a CAGR of 7.7% during the forecast period.
- The urology guidewires market is anticipated to witness a CAGR of 7% during the forecast period due to the rising incidence of chronic renal diseases and the usage of dialysis catheters. Moreover, Urology guidewires are expected to account for 15% of the global guidewire market share.
- Besides this, the market for coronary guidewires is predicted to witness 2/5ths of the guidewires market and is anticipated to witness a CAGR of 6.6% during the forecast period.
The Guidewires Market is powered by a rising incidence of cardiovascular diseases, the demand for less invasive procedures, and the expanding range of applications across various medical specialties – Says Fact.MR Expert
The guidewires market is experiencing intense competition, driven by a rising demand for guidewires in interventional procedures. This surge in demand has prompted industry leaders to diversify their product offerings through strategic acquisitions of smaller companies. Manufacturers are also prioritizing the expansion of their industrial and commercial platforms, as well as broadening their global distribution networks through acquisitions.
- In April 2021, Boston Scientific Corporation introduced its latest Kinetix guidewire designed for application in percutaneous coronary intervention (PCI) procedures.
- In January 2021, Teleflex extended the value of the ErgoPack by introducing comprehensive improvements to critical vascular access products.
|Forecast Period||2023 – 2033|
|Value Projection (2031)||US$ 1,755 Million|
|Growth Rate (2022-2031)||6.1% CAGR|
|No. of Pages||170 pages|
|No. of Tables||82 Tables|
|No. of Figures||74 Figures|
Key Companies Profiled
- Boston Scientific Corporation
- Terumo Corporation
- Cardinal Health Inc.
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- It’s important in the Market to have a variety of guidewires that are designed for specific medical procedures and patient requirements. This helps meet the unique needs of different healthcare specialties, like cardiovascular or neurovascular procedures. By offering a wide range of tailored guidewires, companies can serve a broad audience of healthcare professionals effectively.
- Major players in the industry should conduct and share clinical trials and studies to prove that their guidewire products are effective, safe, and superior. This means testing the guidewires in real medical situations and sharing the results. By doing this, companies build trust with healthcare professionals and regulators, showing that their products are reliable.
The United States Dominates the Guidewires Market
In terms of revenue, North America held the largest market share in 2018, totaling US$ 438.75 million. This dominance can be attributed to several key factors. First and foremost, there is a notable increase in the incidence of cardiovascular disorders, leading to a surge in coronary and peripheral treatments. Additionally, the growing preference for minimally invasive procedures, including cardiothoracic and coronary bypass surgery, has significantly fueled demand in the region.
The United States, in particular, stands out as a significant contributor to the market’s growth. This can be attributed to the high prevalence of cardiovascular diseases within the country and the inclination toward less invasive medical procedures. Many individuals in the U.S. prefer noninvasive techniques due to the substantial infection risks associated with invasive surgeries. Moreover, noninvasive approaches lead to shorter hospital stays, translating to both time and cost savings for patients.
Furthermore, the robust presence of industry leaders like Terumo Medical Corporation, Boston Scientific Corporation, Abbott, Cardinal Health, AngioDynamics, and B. Braun Melsungen AG underscores the immense potential of the market. The United States is indeed poised to maintain its prominent position in the Guidewires Market.
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