The market for Neurovascular Guidewires Market is expected to reach US$ 394.4 Mn by 2026.
The global market for neurovascular guidewires was valued at US$ 265.4 million in 2017 and is expected to reach US$ 394.4 million by 2026. Rising cardiovascular disorders, along with demand for minimally invasive procedures, will drive the overall neurovascular guidewires market's growth globally. During the forecast period, the overall market would be driven by advancements in guidewire technology as well as rising acceptance for wrapped guidewires.
The global sale of neurovascular-wrapped guidewires is increasing significantly, mainly in Asia Pacific and Europe. The coating facilitates access to past obstructions and negotiates tortuous anatomy. It also provides a low coefficient of friction to facilitate progression and catheter tracking. Other major factors driving the growth include product expansion for guidewires with hydrophobic or hydrophilic coatings (guidewire technology) among neurologists, advancement in fluoropolymer coatings, and utilization of hybrid guidewires, along with higher precision and safety, which will drive the growth of the market.
Nitinol hydrophilic guidewires are slowly gaining traction in emerging markets. The properties of nitinol guidewires, such as flexibility, stiffness, low friction navigation, torqueability, and hydrophilic coating, play a vital role during treatment procedures. Other major factors enhancing the material type segment include increasing minimally invasive procedures in radiology, angiography, and cardiology procedures, reduced cost, and advanced guidewire technology.
As per the recent data provided by the Centers for Disease Control and Prevention, more than 800,000 individuals in the U.S. experience stroke every year. Around 50 million surgical procedures are performed every year in the U.S. Neurovascular guidewires are primarily utilized to carry catheters, stents, and balloons to cure cerebral aneurysms or arteriovenous malformations. Nearby 2% to 3% of the global population suffers from cerebral aneurysms.
A growing population, as well as the prevalence of cardiovascular and neurological disorders, will drive hospital demand. Additionally, demand for minimally invasive treatment procedures due to their advantages over open surgeries—fewer complications and a shorter hospital stay—along with growing neurovascular cases, is generating a noteworthy revenue share in the global market. However, a deficiency of skilled physicians, less availability of branded products, high costs, and no or limited reimbursement are factors restraining the growth of the neurovascular guidewires market on a global scale.
The U.S. generated the largest revenue share in the global neurovascular guidewires market. Additionally, the swift commercialization of innovative medical devices will drive growth in North America. Partnerships, new technology expansion in guidewire technology, demand for hybrid products, and growing cardiovascular procedures will further spur revenue growth in the U.S. market. The massive patient population in emerging nations improved reimbursement structure, and medical device company partnerships will drive global market growth.
Major players in the neurovascular guidewires market are Stryker Corporation, Cardinal Health, Inc., Boston Scientific Corporation, Cook Medical Incorporated, Medtronic, Inc., Abbott Laboratories, Cordis Corp., ASAHI INTEC CO., LTD., St. Jude Medical, Inc., Lepu Medical Technology (Beijing) Co., Ltd., Terumo Medical Corporation, Integra LifeSciences Corporation, Conmed Corporation, and others. Companies are executing growth strategies through new guidewire technology, new product launches, and technology expansion into hospitals and neurological centers.
This study report includes an analysis for each segment from 2016 to 2026, with 2017 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2018 to 2026.
The current report also includes qualitative and quantitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to provide a more comprehensive understanding of the global neurovascular guidewires market. Additionally, the report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
The market for Neurovascular Guidewires Market is expected to reach US$ 394.4 Mn by 2026.
The Neurovascular Guidewires Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
ASAHI INTEC CO., LTD., St. Jude Medical, Inc., Lepu Medical Technology (Beijing) Co., Ltd., Terumo Medical Corporation, Integra LifeSciences Corporation, Conmed Corporation, are some of the major players in the global market.