Guidewires Market Anticipates a Reach of USD 3.8 billion by 2033, Propelled by a 4.8% CAGR | Market.us
Market.Us
11 min read
Market.Us
The growing prevalence of chronic diseases such as cardiovascular diseases, peripheral artery diseases, and urological disorders is driving the demand for minimally invasive procedures. Guidewires play a crucial role in these procedures, leading to increased demand for guidewires.
New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- According to Market.us, The Global Guidewires Market size was projected to be USD 2.5 billion in 2023. By the end of 2024, the industry is likely to reach a valuation of USD 2.6 billion. During the forecast period, the global market for guidewires is expected to garner a 4.8% CAGR and reach a size of USD 3.8 billion by 2033.
Guidewires are mostly operated in gastrointestinal, cardiovascular, and interventional radiology applications. Guidewires are utilized to extend lesions in the blood artery and coated with hydrophobic and hydrophilic chemicals to help lubrication during vascular involvements and significantly invasive processes. Combined with this the integration of advanced technologies in guidewires such as superior vision and steerability can enhance procedural outcomes. Guidewires are specially engineered devices used for navigation through blood arteries. Their coatings feature hydrophobic and hydrophilic chemicals to aid lubrication during interventions or other complex procedures requiring blood vessel access, while cutting-edge technologies like superior vision and steerability further improve procedural outcomes and demonstrate medical advances within this field.
The Guidewires Market size is projected to be worth around USD 2.4 Billion by the end of 2023.
The market is growing at a CAGR of 4.8% from 2022 to 2032.
Guidewires technology is notably used in applications such as gastrointestinal, cardiovascular, and interventional radiology.
The surgical segment of the global guidewires market had a 53.2% market share in 2022.
The stainless steel segment in terms of material had the highest market revenue share in 2022.
The coated guidewire segment accounted for 56.4% of the revenue share in 2022.
The cardiology segment, based on the application, is predicted to have significant growth during the forecast period.
The hospitals and specialty clinics segment is anticipated to drive the market during the forecast period.
North America accounted for a 46% market revenue share of the global guidewires market.
Asia-Pacific is expected to register the highest CAGR of 8.4% during the forecast period.
Boston Scientific Corporation and Medtronic plc are among the key players that held the majority of the market share.
Factors affecting the growth of Guidewires Market
Several factors can affect the growth of the guidewires market. Some of these factors include:
Increasing Target Disease Incidence: Increasing target disease incidence and continuous product launches by key market players propel the market growth.
Rising Approval of Minimally Invasive Procedures: Rising approval of slightly invasive surgical techniques across major countries drives market growth.
Increasing Demand for Guidewires Production: Increasing demand for guidewires production to cater to the increasing global demand of guidewires propel the market growth.
Rise in Geriatric Population: The rise in the geriatric population is related to various chronic diseases such as cardiovascular and neurological diseases driving the market growth.
Increasing Burden of Chronic Disease: The increasing burden of chronic conditions boost the market growth in the upcoming years.
Top Trends in Global Guidewires Market
The materials used in the guidewires market play a significant role, as they offer various advantages. The nitinol alloy material tolerates guidewire manufacturers to achieve unique characteristics in undertaking phase change when subjected to temperature variations, mechanical loadings, and external forces. Also, this material offers developed shape memory and provides resistance by holding its structure an important straining distortion. Nitinol when related to other materials such as polymers, and stainless steel provides excellent biocompatibility, visibility, and radio capacity.
The Favorable characteristics and properties of nitinol have led to high acceptance of this material in the production of vascular guidewires. Hence, the increase in the usage of nitinol material in guidewires will boost market growth.
Market Growth
The increasing prevalence of cardiovascular diseases and rising preference for significantly invasive surgeries are the main factors driving the growth of the market. Developing countries across the world are concentrating on healthcare expenditure which has a positive influence on the growth of the global guidewires market.key players working in the global industry are concentrating on the launches of advanced products which propels the market growth. The growing number of laparoscopic cholecystectomy and bariatric surgeries are driving market growth. The increasing geriatric population is fueling the growth of the guidewires market globally.
Regional Analysis
The guidewires market was dominated by North America, which acquired the most significant revenue share. This is mainly attributed to the increasing prevalence of cardiovascular diseases and the increase in the amount of coronary and peripheral intentions. However, the growing preference for minimally invasive surgeries such as cardiothoracic surgery and coronary bypass is one of the factors driving the regional demand.
Europe vastly growing amount of surgeries combined with a strong emphasis adoption of minimally invasive surgeries is likely to offer significant opportunities for the market in the region. In Asia-Pacific, the entrance of novel market players and the implementation of strategic marketing policies by them are anticipated to boost the growth of the region and generate the highest CAGR of 8.4% during the forecast period. due to factors such as the dominance of cardiovascular disease and the rising geriatric population. Preference for advanced minimally invasive surgery techniques that provide faster results and high accuracy. In Latin America & Middle East Africa, the rising number of healthcare facilities is projected to drive the growth of the market in this region.
The competitive landscape of the market has also been examined in this report. Key players operating in the global guidewires industry are concentrating on the launches of advanced products that drive the target industry market. The guidewires market is highly consolidated as a limited number of key players hold the majority of the market share Boston Scientific Corporation and Medtronic plc are the key companies that hold the majority of the market share. Owing to the strong brand presence and consolidated customer base. Some of the major players include
Medtronic plc
Boston Scientific Corporation
Cook Medical, Inc.
Merit Medical Systems, Inc.
Cardinal Health, Inc.
Terumo Medical Corporation
R. Bard, Inc.
Abbott
Johnson & Johnson
Braun Melsungen AG
Teleflex Incorporated
Boekel Scientific
ARCOX TMC GROUP
KARL STORZ & Co, KG
Stryker Corporation
Olympus Corporation
Other Key Players
Scope of the Report
Report Attributes
Details
Market Value (2023)
USD 2.5 Billion
Forecast Revenue 2032
USD 3.8 Billion
CAGR (2023 to 2032)
4.8%
North America Share
46%
Base Year
2023
Historic Period
2018 to 2022
Forecast Year
2023 to 2032
Market Drivers
Increased demand for slightly invasive surgeries worldwide due to their benefits such as reduction in cost, lesser hospital, faster recovery, and better patient experience are recognized to the guidewires market growth throughout the forecast period. Moreover, technological developments in surgical equipment and diagnostics are expected to offer lucrative growth opportunities for slightly invasive surgeries. Will drive the growth of the market. Thus, combined with advantages offered by advanced guidewire features such as superior lesions, improved vision, and low technical cost is expected to boost the market growth during the forecast period. Favorable medical policies performed by government authorities are anticipated to significant growth in the market.
Market Restraints
The present commercially available guidewires are manufactured using various materials such as stainless steel, nitinol, and hybrid polymers. Hybrid polymers are used to manufacture guidewires owing to their tensile strength and flexibility. Moreover, the use of these, materials significantly raises the price of the product as related to conventional guidewires. The high cost of surgical guidewires is the major factor hampering the market growth.
Market Opportunities
Developing markets provide lucrative opportunities for market growth. The prominent market players are tapping the market to manage with rises demand for guidewires for various surgical processes. Owing to the increasingly high incidence of target diseases such as kidney failure and hypertension. Increasing demand for a better healthcare system and huge opportunities are fueling the market growth. The health of the increasing geriatric population is a main concern in North Asian countries like China, Korea, and Japan.
The surgical category dominated the guidewires market, which also held the greatest revenue share. Due to factors such as the increasing adoption of significantly invasive surgical processes for the treatment of vascular disease. Among medical professionals as well as patients, due to its procedural benefits and accessibility of reimbursements for vascular treatment processes across developed countries.
Material Insight
The stainless steel segment accounted for the highest market revenue share in 2022. Due to improved procedural consequences over other materials. However, the abilities of stainless steel such as higher rational stability and resistance are anticipated to boost this segment. The growth is recognized to the outstanding properties obtainable by stainless steel such as good support and push force transmission.
Coating Insight
The coated accounted for the majority of revenue share during the forecast period. It minimizes the risk of infections and injuries. Due to high requirements, these products reduce friction, allow easy access to blood vessels, and preserve tactile feel. These coatings is responsible for the smoother transmission of guidewires through complicated anatomical structures.
Guidewires Market Share
Application Insight
In 2022, The cardiology segment dominated the guidewires market, which also held the largest revenue share. Due to factors such as increasing adoption of guidewire among cardiologists. Attributed to the benefit of guidewires in the manufacture of cardiology.
End-User Insight
The hospitals and specialty clinics segment accounted for the highest market revenue share over the forecast period. The rising numeral of cardiovascular and gastrointestinal surgeries in hospitals is expected to drive market growth. Combined with the gradual shift of patient inclination from inpatient visits to outpatient visits, these are expected to offer important growth opportunities in the hospitals.
In April 2021, Boston Scientific Corporation introduced the presentation of its novel Kinetix Guidewire for usage in percutaneous coronary intervention procedures.
In January 2021, Teleflex Expanded value of ErgoPack complete developments to critical vascular access products.
Browse More Related Reports
Digital Pregnancy Test Kits Market Size is projected to reach approximately USD 275.1 million by 2033, up from USD 149.6 million in 2023.
Radiotherapy Market size is expected to be worth around USD 32.6 Billion by 2032 from USD 6.5 Billion in 2022
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
CONTACT: Global Business Development Team – Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: inquiry@market.us Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us/
