Product ID: SQMIG35A2110
Global Guidewire Market Size, Share, Growth Analysis, By Product(Coronary Guidewires, Peripheral Guidewire), By Material(Nitinol, Stainless Steel), By Coating(Coated, Non-Coated), By End User(Hospitals, Clinics) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2110 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
119 |
Figures:
77
Global Guidewire Market Dynamics
Guidewire Market Driver
- Increasing Adoption of Minimally Invasive Surgeries
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.
Guidewire Market Restraint
- Surgical Guidewires Are Expensive
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.
Global Guidewire Market Report Snapshots
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