The global guidewires market size is expected to surpass around USD 1,512.2 million by the end of 2030, according to new report study by Precedence Research.
OTTAWA, Feb. 02, 2021 (GLOBE NEWSWIRE) -- The global guidewires market size was estimated at USD 980.2 million in 2020 and expanding at a CAGR of 5% over the forecast period 2021 to 2030.
Guidewires refers to the flexible tube is used for guiding the catheter into diseased artery for accurate placement. Guidewires offers advantages including quicker recovery time, smaller incisions, and reduced pain. Growing demand for the guidewires owing to its benefits for the minimally invasive surgical procedures is supporting the global industry growth. Geriatric population across the globe is increasing continuously and leading to the various chronic diseases like neurovascular disorders, cardiovascular diseases, and urological diseases intern boosting growth of the global industry in the near future. Governments in developed countries are offering favorable reimbursement framework which is expected to support the growth of the guidewires industry. Emerging markets are spending heavily on the healthcare and offering lucrative growth opportunities for the vendors, distributors, end uses across the world. Major trends witnessed in the global market are healthcare providers in Europe are focusing on consolidation. The trend is anticipated to continue and will propel industry growth in the near future.
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Growth Factors:
Growing incidences of target diseases across the globe is major factor driving growth of the global guidewires market. In addition to this, key players operating in the global industry are focusing on the launches of the advanced products which is propelling the target industry market in the near future. Furthermore, favorable medicinal reimbursements for the guidewire are another factor to boost growth of the global industry in the near future. Furthermore, growing demand for the guidewire, owing to increasing minimally invasive surgical procedures worldwide. Moreover, increasing applications of the guidewire for various end uses purposes is another factor expected to have positive impact on the growth of the target industry in the near future. Continue increase in the old aging population is in turn creating huge demand for the guidewires and propelling industry growth. Some factors such as declining rate of fertility, growth in the longevity and worldwide migrations are anticipated to augment growth of the global industry over the next 10 years. Ongoing technological advancements by the major manufacturers across the globe are creating potential opportunities for the target industry growth. However, high costs associated with the guidewires are major factor hampering on the market growth. Also, risks associated with the guidewires may hamper growth of the target market in the near future.
Report Highlights:
- Among the product, coronary segment accounted for the largest revenue with significant share in 2020. This is growth is due growth in the prevalence of cardiovascular diseases across the globe. Neurovascular segment is expected to grow at a noteworthy CAGR during the forecast time-frame.
- Among the coating segment, coating accounted for the largest revenue with significant share in 2020. This is growth is attributed to the rising preference for the hydrophilic coated guidewires in vascular procedures across the globe.
- On the basis of raw materials, stainless steel segment accounted for the largest revenue with significant share in 2020. This is growth is due to the excellent corrosion resistance property offered by stainless steel across the globe. Nitinol are expected to grow at a significant CAGR during the forecast time-frame.
- Abbott, accounted for a significant share of the global guidewires market. The growth is attributed to various business strategies adopted by the company.
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Regional Analysis:
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 30%. United States represented the highest share in the North America region primarily due to growing preference for the minimally invasive surgical procedures in the country. Further availability of reimbursements for the guidewires is another factor expected to fuel growth of the region in the near future. Further Europe is an important market in the guidewires. The growth of the guidewires industry in the countries of the Asia Pacific is attributed to growing adoption of the guidewires due to increasing minimally invasive surgical procedures in the countries including China, India, Japan, among others. Asia Pacific anticipated growing at the maximum CAGR in the forecast period due increasing launch of advanced products in the countries of the region. Also, developed economies across the globe are adopting guidewires owing to favorable medical reimbursements by the regulatory bodies in the region. Latin America and the African and Middle Eastern region will show perceptible growth over the forecast period owing to growing applications of guidewires in the countries including Brazil, Mexico, GCC of the regions.
Key Market Players and Strategies:
The major companies functioning in the worldwide guidewires are Olympus Corporation, B. Braun Melsungen AG, Abbott, Asahi Intecc, Co Ltd, Medtronic, Boston Scientific Corporation, Terumo Corporation, Stryker Corporation, Cook Group, AngioDynamicis Inc, and Cardinal Health among others. Investment in the research and development of the guidewires along with strategic collaborations are the crucial business strategies undertaken by the major players operating in the global guidewires market.
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