USD 729 Million
Report ID: SQMIG35A2110 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 119 | Figures: 67
Global Guidewire Market was valued at USD 729 Million in 2021, and it is expected to reach a value of USD 978 Million by 2028, at a CAGR of 4.3% over the forecast period (2022-2028).
Widespread use of guidewire technology allows for more accurate and precise access to vascular targets. Both surgical and diagnostic procedures benefit from the use of these devices. Cardiovascular, gastrointestinal, and interventional radiology applications make up the bulk of guidewire usage. Surgical doctors can evaluate and cure abnormalities in intricate anatomical structures because to the device's rigidity, sophisticated tip, coating, and form. Additionally, the use of cutting-edge technologies in guidewires, such as steerability and enhanced vision, can enhance the outcomes of procedures in the global guidewires market.
The technology involved in the development of advanced guidewires to improve functional performance is growing rapidly in recent days. Manufacturers involved in the development of advance guidewires are focusing on the material selection and configuration design and to create more user-friendly, minimally invasive devices that could satisfy the application needs of clinicians, which is also expected to accelerate the market growth during forecast periods.
The number of cardiovascular procedures performed each year in the global guidewires market is anticipated to increase during the projection period due to the significantly rising prevalence of cardiovascular disorders worldwide. Furthermore, it is anticipated that by 2026, the use of these devices would drive market trends for improved guidewires and be fueled by an increase in the number of endoscopic procedures. For instance, research by the American Heart Association (AHA) found that 15.5 million people in the United States had coronary heart disease in 2016 and number is likely to increased by 10 until 2024.
Global Market Size
USD 729 Million
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Global Guidewire Market is segmented based on product, material, coating, end user and region. Based on the product, the global guidewire market is segmented into coronary guidewires, peripheral guidewire, urology guidewire, neurovascular guidewire, and others. Based on the material, the global guidewire market is segmented nitinol, stainless steel, and others. Based on the Coating, the market is bifurcated into coated and non-coated. Based on the end-users, the market is divided into hospitals and clinics, diagnostic centers, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
Widespread use of guidewire technology allows for more accurate and precise access to vascular targets. Both surgical and diagnostic procedures benefit from the use of these devices. Cardiovascular, gastrointestinal, and interventional radiology applications make up the bulk of guidewire usage. Additionally, the use of cutting-edge technologies in guidewires, such as steerability and enhanced vision are enhancing the outcomes of procedures.
The number of cardiovascular procedures is anticipated to increase in the global guidewires market during the projection period due to the significantly rising prevalence of cardiovascular disorders worldwide. This is expected to drive growth for these categories throughout the projection period, along with the development of new products in the peripheral and urology business by important market participants due to greater demand. For instance, due to increased demand in both developed and developing countries, Biotronik, a major player in the vascular access devices market, expanded its peripheral guidewire product line in April 2019.
Analysis by Material
Nitinol, stainless steel, and other materials can be used to segment the guidewire market based on composition. Due to superior procedural outcomes compared to other materials, the stainless-steel is predicted to dominate the global guidewires market in terms of revenue. Additionally, stainless steels characteristics like kink resistance and higher rational stability are anticipated to further propel this market. The market for Nitinol materials is also expected to achieve a substantial CAGR due to a considerable shift in the preferred material from Nitinol to steel.
The global guidewires market is influenced by device regulations, and market adoption. Macroeconomic, regulatory, and industrial variables all have an impact on the market. Utilization of hydrophilic guidewires with ultrasound navigation is a key market development factor.
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North America is projected to continue dominating the global guidewires market during the forecast period, 2022–2028. In 2018, the region generated the sales of, around $308.2 million. North America market is majorly driven by the presence of state-of-the-art healthcare facilities, the availability of the products, and the emphasis on the use of contemporary healthcare technologies. Furthermore, it is anticipated that the region will see an increase in the adoption of guidewires due to the rigorous application of medical reimbursement policies in the U.S.
Europe guidewires market is projected to experience significant prospects for growth as a result of the region's fast rising surgical rate and strong emphasis on adopting minimally invasive procedures. Furthermore, it is projected that the market in the region would grow as technology is being used in interventional diagnostic treatments in nations like the UK, France, and Germany.
By 2026, it is anticipated that the entry of new market participants in the guidewires market and their use of strategic marketing strategies would propel regional growth in Asia Pacific region. Furthermore, it is projected that the region would have considerable development prospects due to the rapidly expanding healthcare infrastructure in nations like China and India and the rising healthcare costs in Japan and Australia. The expansion of healthcare facilities in Latin America and the Middle East & Africa is predicted to accelerate market expansion in these regions.
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Numerous technological developments and trends are being seen in this sector. Due to the exponentially rising prevalence of cardiovascular diseases, guidewire adoption is anticipated to increase in both developed and developing nations. The rise of the guidewires market during the projected period may be attributed to the rising demand for minimally invasive operations around the world because of their advantages, including shorter hospital stays, lower costs, better patient experiences, and quicker recovery. This is expected to fuel the market over the forecast period, along with benefits provided by sophisticated guidewire characteristics like enhanced vision, superior lesion access, and decreased procedure costs.
Additionally, it is projected that technical developments in diagnostic and surgical equipment would present profitable expansion prospects for minimally invasive operations, which will ultimately accelerate the growth of the guidewire market by 2026. Additionally, concentrating operational firms' efforts on strategic partnerships and new product releases with a view to creating and commercializing new guidewire technology may provide additional incentives for boosting guidewire usage. For instance, one of the market's leading competitors, Olympus Corporation, announced the U.S. launches of the RevoWave Endoscopic Guidewire and CleverLock Guidewire Locking Device in 2019. The recently introduced guidewire is anticipated to provide painless and trauma-free biliary cannulation.
The incidence of chronic diseases increases with age, and is anticipated to accelerate the demand for guidewires in surgical procedures.The increase in geriatric population is likely to increase several complex health problems including several chronic diseases which imposes a high burden on the healthcare system which will drive the market.
These days, a variety of materials are available around the global guidewires market, including nitinol, stainless steel, Teflon or parylene, and other hybrid polymers are used to make the guidewires that are currently on the market. Due to their many advantages, including flexibility, kink resistance, tensile strength, columnar strength, and torque, hybrid polymers are also utilized to make guidewires.
However, compared to traditional guidewires, adopting these materials dramatically raises the cost of the device. For instance, a normal diagnostic guidewire typically costs between USD 3 and USD 15 in the US, whereas a hydrophilic guidewire costs between USD 100 and USD 140. Additionally, in industrialized nations, guidewire costs may occasionally not be covered by insurance reimbursements for certain minimally invasive surgical procedures. Therefore, high product costs and uneven reimbursement coverage can somewhat restrain market expansion.
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A few players are controlling the majority of the market share in the global guidewires market. However, the guidewires industry has become highly consolidated. Wherein Boston Scientific Corporation, Medtronic, and Abbott are racing for the higher market share across the globe. Boston Scientific Corporation, major player in the global guidewires market, leads in terms of revenue, which is mostly attributable to its strong brand recognition, consolidated client base, and robust distribution network. Due to ongoing product releases, strategic alliances, and a focus on market penetration in emerging regions, it is predicted that Medtronic and Abbott's market share will rise over the forecast period.
Top Player's Company Profiles
Improving healthcare infrastructure and increasing medical expenditure by respective governments would support the setting up and usage of advanced medical devices in medical institutions such as hospitals . The increasing trend of cardiovascular disease all around the developing economies such as China, Brazil, India, Mexico, and South Africa will create the demand for guidewires.
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According to our global guidewire market analysis, increased adoption of minimally invasive surgery along with rising prevalence of cardiovascular diseases, global guidewire market is anticipated to expand in both developed and developing nations. Furthermore, favorable medical reimbursement policies put into place by the government are anticipated to present added substantial potential for the growth of this market.
One important trend in the guidewires market is larger players strategically buying smaller and mid-sized businesses and collaborating with them to build long-term value and future sustainable growth. For instance, the medical device outsourcing (MDO) maker Integer Holdings Corporation bought Oscor, Inc. in December 2021. With the addition of low-cost production capacity to support expansion, the acquisition of Oscor strengthens Integer's capacity to serve customers and expands their product offering in neurostimulation leads, cardiac sheaths, and steerable sheaths, which is likely to accelerate the market's growth in the near future.
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|Market size value in 2021||USD 729 Million|
|Market size value in 2028||USD 978 Million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Guidewire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Guidewire Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Guidewire Market:
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