New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Guidewires Global Market Report 2023" - https://www.reportlinker.com/p06480075/?utm_source=GNW
Braun, Teleflex Incorporated, AngioDynamics, C.R. Bard Inc., Merit Medical, and Becton, Dickinson, and Company.
The global guidewires market is expected to grow from $2.26 billion in 2022 to $2.40 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The guidewires market is expected to reach $3 billion in 2027 at a CAGR of 5.6%.
The guidewires market consists of sales of solid core wire, mandrel wire, and ribbon wire. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods
Guidewires refer to a thin wire that is used to understand the placement of a catheter during a medical procedure that is minimally invasive. Guidewires are used to enter the vascular systems while conducting minimally invasive procedures to access the desired part of the body.
North America was the largest region in the guidewires market in 2022. Asia-pacific is expected to be the fastest-growing region in the forecast period. The regions covered in guidewires report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The main products of guidewires are interventional guidewires and diagnostic guidewires.Interventional guidewires refer to an array of wires that are unique and have design properties that make them suitable for certain procedures.
Interventional guidewires are used to access the vascular system of a person to reach the desired position.The materials of guidewires include nitinol, stainless steel, hybrid, and others that are available in coated and non-coated forms.
The guidewires find its application in coronoary, peripheral, urology, radiology, neurovascular, gastroenterology, and others by hospitals, ambulatory surgical centers, research laboratories, and others.
The rising number of chronic diseases is expected to propel the growth of the guidewires market going forward.Chronic disease refers to a condition or disease that lasts for more than a year and requires ongoing medical treatments.
Guidewires are used to assist in the treatment of heart disease which is a chronic disease by reaching the heart through the blood vessels.The guidewires market is expected to continue to grow in the coming years, driven by the increasing prevalence of chronic diseases and advancements in technology.
For instance, in January 2023, the National Center for Biotechnology Information, a US-based branch of the National Institutes of Health published a research paper that said the number of U.S. citizens above the age of 50 with chronic diseases is supposed to increase by approximately 99.5% from 71.52 million in 2020 to 142.66 million by 2050. Therefore, the rising number of chronic diseases will drive the guidewires market.
Technological advancements adopted for guidewires are a key trend in the guidewires market.Major companies in the guidewires market have adopted a new and innovative guidewire with advanced technologies to sustain their position in the market.
For instance, Merit Medical, a US-based medical device manufacturer and marketer, launched GO2WIRE Steerable Guide Wire System for peripheral diagnostic and interventional procedures.The guidewire uses Straight Linear Torque Steel Core Wire technology, a unique technology that has improved the instrument’s response by 40% to meet specific anatomical needs.
The distal tip of the GO2WIRE is reshapable, allowing clinicians to tailor the wire tip to specific anatomical needs. The platinum-enhanced tip gives exceptional visibility during fluoroscopy.
In February 2022, Boston Scientific Corporation, a US-based medical solutions company, acquired Baylis Medical Company Inc. for approximately $1.75 billion. The acquisition will provide Boston Scientific Corporation with Baylis’s products and platforms to strengthen its position in the cardiology market. Baylis Medical Company Inc. is a US-based medical devices company that manufactures guidewires, sheaths, and dilators.
The countries covered in the guidewires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The guidewires market research report is one of a series of new reports that provides guidewires market statistics, including guidewires industry global market size, regional shares, competitors with an guidewires market share, detailed guidewires market segments, market trends and opportunities, and any further data you may need to thrive in the guidewires industry. This guidewires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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