NEW YORK, April 16, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global guidewires market is forecasted to attain revenue of $1,126.5 million by 2023, the growth is led by favorable reimbursement scenario, increasing prevalence of chronic and lifestyle associated disorders, and growing demand for minimally invasive surgeries (MISs).
On the basis of material type, the market has been categorized into nitinol, stainless steel and hybrid type. Nitinol material is predicted to lead the guidewires market, in terms of size and as well as growth. The category held an estimated contribution of 47.2% in the global market in 2017 and is expected to progress at a CAGR of 5.9% during the forecast period. This leading position is mainly attributable to various features of these products such as high elastic property that provides kink resistance, better trackability and offers reduced prolapse, when compared to stainless steel and other materials.
On the basis of product, the guidewires market is categorized as surgical and diagnostic guidewires. Surgical product category is expected to showcase faster growth in demand, witnessing a CAGR of 5.7% during the forecast period. According to a report, Global Surgery 2030, published by Lancet Commission on Global Surgery, 143 million additional surgical procedures are needed each year to save lives and prevent disability, globally.
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These products find application in coronary, peripheral, urology, neurovascular, gastroenterology and other health related disorders. Among these the neurovascular application category is expected to witness fastest growth in demand, growing at a CAGR of 6.7% during the forecast period, owing to the increasing number of neurovascular disorders globally.
Hospitals and diagnostic clinics, and ASCs are the key end users in the guidewires market. Hospitals and diagnostic clinics are the largest end user, with an estimated share of 86.9% in 2017. This end user category is also expected to showcase fastest growth in demand, witnessing a CAGR of 5.7% during the forecast period, mainly due to the increasing number of hospitals globally.
The APAC guidewires industry is expected to witness the fastest growth in demand, at a CAGR of 6.4%, during the forecast period, owing to growing aging population, increasing prevalence of chronic diseases, growing medical tourism and continuously improving healthcare infrastructure.
Browse report overview with 55 tables and 59 figures spread through 143 pages and detailed TOC on "Guidewires Market" at:https://www.psmarketresearch.com/market-analysis/guidewires-market
According to the International Diabetes Federation Atlas, China and India are among the top two countries with highest number of diabetic patients aged between 20 to 79 years. There were 114.4 million people in China and 72.9 million people in India suffering from diabetes in 2017, which is predicted to increase to 119.8 million in China and 134.3 million in India by 2045. Thus, increasing prevalence of diabetes and other lifestyle associated diseases is expected to fuel the growth of the APAC guidewires market.
Globally, key players in the guidewires industry are launching new products to gain a larger market share. For instance, in May 2017, Cook Medical LLC launched Motion two-in-one hybrid guidewire for urology procedures. The new device combines both features of nitinol access guidewire and teflon fixed core safety guidewire. Hybrid guidewire allow clinician to streamline their procedures by reducing the number of guidewires required for procedures.
Some of the other key players operating in the guidewires market are Cardinal Health Inc., Stryker Corporation, B. Braun Melsungen AG, CONMED Corporation, Medtronic PLC, Asahi Intecc Co. Ltd., Abbott Laboratories, and Terumo Corporation.
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