Guidewire Market

Guidewire Market Size, Share, Growth Analysis, By Product(Coronary Guidewires, Peripheral Guidewire, Urology Guidewire, Neurovascular Guidewire), By Material(Nitinol, Stainless Steel, Others), By Coating(Coated, Non-Coated), By End User(Hospitals, Clinics, Diagnostic Centers, Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2110 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 119 | Figures: 77

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.

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FAQs

Guidewire Market size was valued at USD 729.01 million in 2019 and is poised to grow from USD 764 million in 2023 to USD 1165.05 million by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

A few players are controlling the majority of the market share in the 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 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. 'Abbott Laboratories', 'Boston Scientific Corporation', 'Medtronic plc', 'Terumo Corporation', 'B. Braun Melsungen AG', 'Stryker Corporation', 'Johnson & Johnson Services, Inc. (Cordis Corporation)', 'Biotronik SE & Co. KG', 'Olympus Corporation', 'Cook Medical Inc.', 'Teleflex Incorporated', 'Merit Medical Systems Inc.', 'Cardinal Health Inc.', 'Koninklijke Philips N.V.', 'C. R. Bard, Inc. (Becton, Dickinson and Company)', 'Penumbra, Inc.', 'Integra LifeSciences Holdings Corporation', 'AngioDynamics Inc.', 'ASAHI INTECC CO., LTD.', 'JOTEC GmbH'

Increasing Adoption of Minimally Invasive Surgeries

Increasing demand for minimally invasive procedures due to shorter hospital stays and cost-effective solutions is currently trending the guidewires market.

North America is projected to continue dominating the 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.

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Guidewire Market

Report ID: SQMIG35A2110

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