New York, USA, May 17, 2023 (GLOBE NEWSWIRE) -- Guidewires Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Guidewires Market Information By Product, Coating, Raw Material, End User and Region - Forecast till 2032”, the market is projected to grow from USD 1.04 Billion in 2023 to USD 1.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.80% during the forecast period (2023 - 2032)
Market Scope:
The global guidewires market is demonstrating notable revenue growth in the next few years. The growing use of guidewires in minimally invasive surgeries drives market growth. Market Research Future (MRFR) confirms that the global guidewires market size is poised to escalate from USD 1.0 billion in 2022 to USD 1.4 billion by 2032, growing at a 3.80% CAGR during the assessment period (2023-2032).
Guidewires are utilized during minimally invasive coronary operations as safety measures. These products facilitate the access and positioning of catheters, stents, and other medical devices during implanting. High-performance guidewires can provide a safer and more efficient surgical experience for interventional procedures while reducing the occurrence of surgical complications.
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Guidewires witness extensive demand in treatments of cardiovascular, gynecological, urological, oncological, and bariatric procedures. Catheters and image-guided platforms are key application areas of guidewires. With their well-recognized precise guiding capabilities, guidewires can meet the different needs of clinical treatments of ischemic and hemorrhagic stroke. The need for guidewires and other essential vascular access products will continue to grow due to the rapidly evolving interventional procedures.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 1.4 Billion |
| CAGR | 3.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Coating and Raw Material |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising preference for minimally invasive surgical procedures |
| Technological advancements |
Guidewires Market Competitive Analysis
Several giant players are operating in the global Guidewires market, forming a competitive landscape. With their strong global presence, these players make the market appear highly competitive and fragmented. The growing competition among Guidewires providers to develop advanced products drives the market growth. They focus on developing advanced resources to meet the growing global demand. Well-established players incorporate acquisitions, collaborations, partnerships, expansions, and product & technology launches to stay ahead in market competition.
For instance, on Apr. 23, 2023, Zylox-Tonbridge Medical Technology Co., Ltd. (Hong Kong) announced that it has entered into strategic cooperation with Guangdong Hicicare Science Co., Ltd. to access its innovative vascular guidewire solutions. The collaboration will enable Zylox-Tonbridge and Hicicare to introduce their co-developed vascular guidewire products and accelerate their commercialization in the neuro- and peripheral-vascular interventional device market.
Leading Guidewires market players are Olympus Corporation, Abbott, Asahi Intecc, Co Ltd., Braun Melsungen AG, Medtronic, Terumo Corporation, Boston Scientific Corporation, Stryker Corporation, AngioDynamicis Inc., Cook Group, and Cardinal Health, among others.
Industry Trends
Increasing demand for minimally invasive surgeries (MIS) drives the guidewires market growth. MISs are increasingly becoming increasingly popular, offering quicker outcomes and higher accuracy. Minimally invasive procedures are increasingly replacing open/invasive surgeries. WHO, in its 2018 report, states that the prevalence of cardiovascular disease is increasing at an alarming rate, accounting for 17.7 million fatalities annually.
The rise in congenital heart disease patients also creates a vast market demand for guidewires. Growing developments and evaluation of steerable mechatronic guidewires for stroke treatment boost the market size. Sterile, Class III single-use steerable mechatronic guidewires are used to facilitate the access and positioning of a catheter to reach.
Growing awareness of catheter-associated infections and their effects on patient's quality of life impede the guidewires market growth, limiting catheter use. Nevertheless, technological improvements aimed at minimizing catheter-associated infections and government initiatives to raise awareness of the proper use of catheters would support market growth throughout the upcoming period.
Browse In-depth Market Research Report (128 Pages) on Guidewires: https://www.marketresearchfuture.com/reports/guidewires-market-11544
Guidewires Market Segmentation
The global guidewires market report is segmented into products, coating, raw materials, and regions. The product segment is sub-segmented into peripheral, coronary, urology, and neurovascular. Of these, the coronary segment accounts for a larger revenue share, witnessing the increased demand for minimally invasive coronary operations. The growing prevalence of atherosclerosis and cardiovascular diseases supports segment growth.
The coating segment is sub-segmented into coated and non-coated. Among these, the coated segment accounts for the largest market share, witnessing growing adoption. Coated guidewires facilitate easy access to blood vessels while reducing friction and maintaining tactile sense.
The raw material segment is sub-segmented into nitinol, stainless steel, and others. Of these, the stainless-steel segment accounts for a larger market share, witnessing extensive use due to this metal's anti-corrosion, antibacterial, non-magnetic, and non-staining properties. Also, strong support, push-force transfer, and torque standards of stainless-steel materials. By regions, the guidewires market is segmented into North America, Europe, Asia-Pacific, and rest-of-the-world (RoW).
Guidewires Market Regional Analysis
North America dominates the global guidewires market. The growing prevalence of cardiovascular disorders & diseases and the increase in coronary & peripheral treatments are key growth drivers. Moreover, the growing preference for minimally invasive procedures like cardiothoracic and coronary bypass surgery is a key trend boosting the guidewires market demand in this region.
Leading guidewire providers in this region, such as Terumo Medical Corporation, Boston Scientific Corporation, and Abbott, influence the market shares positively. Also, large advances in technologies substantiate market revenues. The US guidewires market accounts for the largest market share, while Canada is the fastest-growing market for Guidewires in North America.
Europe is another lucrative guidewire market due to the advances in minimally invasive procedures. The use of futuristic utilities to treat target ailments and favorable government policies in this region boost the guidewires market size. The rising geriatric population, cardiovascular disease prevalence, and the preference for cutting-edge minimally invasive surgery techniques push the regional market growth.
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Additionally, the presence of guidewire developers, such as Medtronic, B. Braun Melsungen AG, Cook Medical, and Stryker, substantiates the market growth. The German market of Guidewires holds the largest market share, while the UK market of Guidewires is the fastest-growing market in the European region.
The Asia Pacific guidewires market is growing rapidly due to the vast growth in the healthcare sector. With their denser population, developing countries like China and India demonstrate significant untapped potential for the market of Guidewires. China's market of Guidewires accounts for the largest market share, while India is the fastest-growing market for Guidewires in the Asia-Pacific region.
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