Guidewires Market By Product (Coronary, Peripheral, Urology, Neurovascular), By Material (Stainless Steel, Nitinol, Hybrid) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2023

Growing demand for minimally invasive procedures, particularly in pediatric and geriatric patient groups, is anticipated to support the growth of the guidewire market. A growing number of geriatric patients with a higher risk of chronic diseases increasingly prefer minimally invasive surgeries for disease treatment due to major advantages such as quick procedural time, lesser risk of infection, and quicker recovery coupled with a shorter hospital stay.

For this report, the global guidewires market is studied for segmentation based on product types, materials, and geographical distribution. Coronary, peripheral, urology, and neurology guidewires are the key product types studied in this report. Based on material type, the global guidewires market is classified into stainless steel, Nitinol, and hybrid guidewires. This study provides market size and forecasts for the mentioned segments for 2013–2023, along with their respective CAGRs for 2016–2023.

Geographically, the global guidewires market is studied for the following regional markets:

  • North America
  • U.S.
  • Canada
  •  Europe
  • U.K.
  • Germany
  • Rest of Europe
  • Asia-Pacific
  • Japa
  • China
  • Rest of Asia-Pacific
  • Middle East and Africa
  • Latin America

The market size and forecast for the period 2014–2022, along with the CAGRs for the period 2016–2022 for the covered regional and country-level markets, and further by product types, are also presented in this study.

This market assessment report provides qualitative information sets such as market dynamics (drivers, challenges, and future prospects), market inclination insights, major commercial events, and average pricing analysis by product types. Tools such as competition assessment by key players and attractive investment propositions are also included in this study for studying the global market competition. 

The report concludes with a section on company profiles that highlight key information about the major market players operating in the global guidewires market.

This report on guidewires categorizes the products segment into:

  • Coronary
  • Peripheral
  • Urology
  • Neurovascular

Coronary guidewires constitute the largest product segment in the overall guidewires market. Swift movements in the cardiovascular market, along with the rapid introduction of breakthrough products in this space, are the major trend in this market. Significant growth in the incidence of cardiac diseases and the growing demand for angioplasty procedures will correspondingly increase the demand for coronary guidewires.

Moreover, coronary guidewires' average pricing is competitive and expected to remain the same through the forecast period, thus ensuring steady growth in this segment. In addition, the growing prevalence of renal diseases and the availability of a wide range of guidewires in this space will further augment the growth of urological guidewires in the global market.

Based on the material types, the commercially available guidewires are classified into Nitinol, stainless steel, and hybrid.

Nitinol is the most significant material increasingly used for manufacturing guidewires and stents. It is made of titanium and nickel and is known for its shape memory and enhanced elasticity. Its shape memory property allows the guidewires to adapt their shape at one temperature, thus offering better navigation and reach.

Enhanced elasticity in nitinol guidewires occurs at very small ranges of temperature. SE510, a super-elastic nitinol alloy, has a low transformation temperature, giving it a sturdy feel and making it an ideal material for guidewires with better kink resistance. Other than in guidewires, Nitinol is widely used in stents, ablation devices, atrial septal occlusion systems, heart port access devices, and other surgical equipment.

North America is the current leader in the guidewires market and is anticipated to progress at a steady growth rate during the forecast period. 

An overall increase in peripheral vascular procedures is anticipated to support the market growth of this region. The aging population in North America and Europe and favorable reimbursement for guided minimally invasive procedures are the major factors contributing to the high demand for guidewires in the developed markets. However, infections caused by peripheral vascular implantation procedures may prove to be a challenge for the ready adoption of these devices.

However, better patient education and proven treatment outcomes will mitigate the challenge. As a result, Asia Pacific is anticipated to be the fastest-growing market during the forecast period. Significant growth in the geriatric population and the swift adoption of minimally invasive procedures are the key drivers of this market. Rapid economic growth, the development of healthcare infrastructure, and the burgeoning medical tourism industry in Asia-Pacific also drive the market growth of this region.

Frequently Asked Questions:

The market for Guidewires Market is expected to reach USD 2,912.6 Mn in 2023.

The Guidewires Market is expected to see significant CAGR growth over the coming years, at 5.9%.

The report is forecasted from 2016 To 2023.

The base year of this report is 2015.

Terumo Corporation, Boston Scientific Corporation, Johnson & Johnson, Abbott Laboratories, Cook Medical, are some of the major players in the global market.

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Published Date:  Aug 2016
Category:  Medical Devices
Report ID:   58031
Report Format:   PDF
Pages:   120
Rating:    4.4 (65)
Delivery Time: 24 Hours to 48 Hours   
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