According to the latest report published by Credence Research, Inc. “Guidewires:MarketGrowth, Future Prospects and Competitive Analysis, 2016-2023,” the global guidewires market was valued at USD 1,840.3 Mn in 2015, and is expected to reach USD 2,912.6 Mn by 2023, expanding at a CAGR of 5.9% from 2016 to 2023.
Growing demand for minimally invasive surgical procedures for targeted treatments is expected to drive demand for guidewires in the global markets. Minimally invasive procedures are rapidly taking over conventional open surgeries due to offered benefit such as quick procedural time, lesser risk of infections, less blood loss, rapid recovery time and cost efficiency. Due to these benefits, minimally invasive procedures are being increasingly adopted for treating chronic conditions, particularly in geriatric patient group.
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The prevalence of coronary and peripheral occlusions is significantly high in senescent population. Cardiovascular diseases are highly prevalent across all the geographiesand is a prime cause of mortality in the world. Sedentary lifestyle, augmented longevity and other occupational and lifestyle hazards are the chief contributors for the growing in incidence of
CVDs, which as a result has contributed to growth in demand for minimally invasive CVD treatments that use guidewires for precise navigation.
Based on product types, the global guidewires market is categorized onto coronary, neurovascular, urological and peripheral guidewires. Coronary guidewires is currently the largest product segment and is expected to further progress at a steady growth rate thus maintaining its lead during the forecast period. High usage rates of coronary guidewires in surgical procedures and favorable reimbursement for the products in the developed markets, along with steady prices of the available products will further provide stability to this segment. Initiatives of manufacturers for containing operational costs and produce further cost effective procedures will open additional avenues for this segment in the emerging markets of Asia Pacific.
Nitinol is gradually becoming the most preferred manufacturing material for stents and guidewires. Their super elasticity and shape memory properties make nitinol an ideal material for navigation tools and miniature implants. Hybrid guidewires, a combination of stainless steel and nitinol is anticipated to be the fastest progressing segment in this category during the forecast period.
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Geographically, North America and Europe are the largest regional markets for guidewires. High prevalence of peripheral and coronary occlusions, large pool of geriatric population and well structured reimbursement system in North America and Western Europe are the key contributors to the dominance of these regions on the global front. Rapid and first in line regulatory approval of guidewires in these regions also is a significant phenomenon in these markets. Asia Pacific is the fastest growing market for guidewires. Identification of untapped opportunities, growing awareness, improving healthcare infrastructure and augmented healthcare expenditure are the key drivers in this region. Large senescent population in Japan, China, India and other parts of Asia Pacific and burgeoning medical tourism in the region also contribute to the rapid growth of Asia Pacific guidewires market.
This market is highly competitive and is characterized by rapid technological innovations. Some of the key players engaged in development, manufacture and sale of guidewires are Abbott Laboratories, Johnson and Johnson, Boston Scientific Corporation, Terumo Corporation, Cook Medical, C. R. Bard and several other.
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