Pune, June 03, 2020 (GLOBE NEWSWIRE) -- The global guidewires market size is projected to reach USD 1,401.0 million by 2026, exhibiting a CAGR of 5.9% during the forecast period. Rising incidence rate of cardiovascular diseases is expected to be one of the major forces of growth for this market. According to estimates released by the American Heart Association (AHA), a staggering 15.5 million Americans were suffering from coronary heart disease in 2016. These numbers augur good news for the guidewire market as a steady rise in the prevalence of cardiovascular disorders will necessitate the utilization of advanced guidewire technology for quicker diagnosis and delivery of more accurate treatment for these conditions.
According to the Fortune Business Insights report, titled “Guidewires Market Size, Share & Industry Analysis, By Product (Coronary Guidewire, Peripheral Guidewire, Urology Guidewire, Neurovascular Guidewire, and Others) By Material (Nitinol, Stainless Steel, and Others) By Coating (Coated and Non-Coated) By End User (Hospitals & Clinics, Diagnostic Centers, and Others) and Regional Forecast, 2019-2026”, the value of the market stood at USD 887.6 million in 2018. The report also incorporates a thorough research into the various dynamics, trends, and other factors which will influence the market and enable businesses to take strategic decisions to solidify their position in this market.
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Growing Preference for Minimally Invasive Diagnostic Procedures to Catalyze Growth
One of the primary factors driving the guidewires market trends is the demand for minimally invasive procedures for diagnostic purposes, which is gaining ground in healthcare. This is on account of the benefits offered by such procedures. For example, a patient will recover at a faster rate if the incision in her body is small and narrow. This would also minimize the patient’s hospital stay, saving her a good amount of her resources. Technologically advanced guidewires allow for superior lesion access and better visibility, which brings down procedural costs and becomes more pocket-friendly for the patient. The guidewire market stands to gain as a result.
An Overview of the Impact of COVID-19 on this Market:
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Robust Healthcare Infrastructure to Propel the Market in North America
Having generated a revenue of USD 308.2 million in 2018, North America is set to dominate the guidewires market share during the forecast period. This will be mainly attributable to variety of favorable conditions including availability of cutting-edge healthcare technology, friendly medical reimbursement policies, and a ready acceptance of modern technology.
The market in Europe will be chiefly driven by growing demand for minimally invasive procedures and increasing number of surgeries. Coupled with these is the high adoption rate of interventional diagnostic methods in Western European countries such as Germany and France, which is further fueling the market in the region.
Emergence of new market players and effective marketing will aid the market in Asia-Pacific, according to the guidewires market analysis by Fortune Business Insights. Additionally, the market in this region is poised to gain from the evolving healthcare conditions in India and China and rising healthcare investment in Australia and Japan.
In Latin America, Africa, and the Middle East, increasing number of healthcare facilities and organizations will feed market growth in the forecast period.
New Product Launches to Make Competition Exciting
Competitors are looking to consolidate their position in the guidewire market by developing and launching new products and widening their offerings to consumers. Moreover, many players are entering into partnerships to strengthen their hold on the market, accelerating the guidewires market revenue.
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Key Industry Developments:
- May 2019: Olympus Corporation launched the RevoWave Endoscopic Guidewire in the US under the distribution agreement signed by Olympus with the Japan-based Piolax Medical Devices. These guidewires are designed to perform biliary endoscopy, stent placement, and balloon dilation, providing atraumatic biliary cannulation.
- January 2018: Cardiovascular Systems entered into a strategic collaboration with OrbusNeich and Integer to broaden its portfolio and enter the peripheral and coronary interventions domain.
List of the Prominent Players Operating in the Guidewires Market are:
• Teleflex Corporation
• Olympus Corporation
• Abbott
• Boston Scientific Corporation
• Merit Medical Inc.
• Cook
• C. R. Bard, Inc.
• Terumo Medical Corporation
• Abbott
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Technological advancements in Guidewires Market
- Key Industry Developments- Partnerships, Mergers and Acquisitions
- New Product Launched by Key Players
- Prevalence of Major Cardiovascular Conditions for Key Countries
- Regulatory Scenarios
- Global Guidewires Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Coronary Guidewires
- Peripheral Guidewires
- Urology Guidewires
- Neurovascular Guidewires
- Others
- Market Analysis, Insights and Forecast – By Material
- Nitinol
- Stainless Steel
- Others
- Market Analysis, Insights and Forecast – By Coating
- Coated
- Non-coated
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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