Selbyville, Delaware, Feb. 22, 2022 (GLOBE NEWSWIRE) --
Global guidewires market value is predicted to surpass USD 1.5 billion by 2028, according to a new research report by Global Market Insights Inc. Increase in the adoption of minimally invasive procedures owing to rising chronic disease cases such as stroke and related diseases will boost the global market statistics.
The favorable reimbursement scenario in the developed nations such as the U.S. and UK will have a positive impact on the market expansion during the analysis period. Government policies such as the Center for Medicare and Medicaid Services in the U.S., provides financial assistance to U.S. citizens for surgical procedures by reimbursing the cost of surgery. This will augment the business demand over the coming years. Furthermore, rising number of patients suffering from chronic disease is expected to drive the number of surgeries, especially cardiovascular surgeries. Thus, this will propel the demand for guidewires.
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Stainless steel segment accounted for 22.4% market share in 2021. High segmental growth is due to advantages offered by this material guidewires. The advantages include good support, better push ability, torque, as well as possesses better shape ability. Stainless steel guidewires are traditional guidewires and are being utilized in few of the underdeveloped economies due to cost constraints.
Some major findings of the guidewires market report include:
- The rising incidence of target diseases coupled with the increasing population has demanded for more research related to guidewires, thereby fostering the market outlook.
- Factor responsible for Asia Pacific market growth is rising prevalence of various chronic diseases such as cardiovascular disease and chronic kidney disease among others.
- Increasing chronic disease in Europe region will propel industry landscape in the region throughout the projected period.
Browse key industry insights spread across 460 pages with 977 market data tables & 21 figures & charts from the report, “Guidewires Market Analysis By Material (Nitinol, Stainless Steel, Hybrid), By Coating (Coated {Hydrophilic Coating, Anti-thrombogenic/Heparin Coating, Hydrophobic Coating, Silicone Coating, Tetrafluoroethylene (TFE) Coating}, Non-coated), By Application (Coronary Guidewires, Peripheral Guidewires, Urology Guidewires, Neurovascular Guidewires) By Diameter (0.014-inch, 0.018-inch, 0.025-inch, 0.032-inch, 0.035-inch, 0.038-inch), By Length (80 cm, 120 cm, 145 cm, 150 cm, 180 cm, 260 cm, 300 cm, 450 cm), By End-use (Hospitals, Ambulatory Surgical Centers, Research laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022– 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/guidewires-market-report
Coated segment is set to reach USD 1.3 billion by 2028. Guidewires are being coated with a polymer such as polytetrafluoroethylene (PTFE) or silicone. This helps in increasing the lubricity and thus can be easily facilitated in coronary and urological procedures. Such aforementioned factors are expected to propel the industry growth.
Guidewires market from neurovascular guidewires segment accounted for USD 54 million in 2021. Neurovascular guidewires are available according to various diameter size and is used to treat blood clots and aneurysms. These guidewire reaches the affected area or tiny blood vessel and treat the affected area by delivering subsequent therapy. However, such problems left untreated may lead to hemorrhage or stroke that may cause death or serious disabilities in a patient.
0.025-inch guidewires accounted for over 6.1% revenue share in 2021. These guidewires are commonly used in Endoscopic retrograde cholangiopancreatography (ERCP) related procedures and plays a major role by increasing the success rate in the diagnosis and treatment of biliopancreatic disease. These guidewires possess low risk of accidents and enables for a high degree of freedom during operation. Such aforementioned factors are estimated to foster the business landscape.
Guidewires market from 150 cm guidewires segment exceeded USD 201.2 million in 2021 and is expected to show similar trend during the forecast period. The 150cm length of guidewire is ideally used in specialized microcatheters. This length of wire is suitable for ureteroscopic procedures to access the ureter and guide instrumentation. Also, they are used for standard angiography in peripheral and coronary territories. Thus, usage of 150 cm guidewires in various procedure will drive the business landscape.
Guidewires industry from research laboratories segment is likely to cross USD 214.7 million by 2028. The rising incidence of target diseases coupled with the increasing population has demanded for more research related to guidewires. For instance, unexplored potential of guidewires in varied applications and novel materials specific to surgical and diagnostic procedures among others.
Asia Pacific guidewires market is expected to grow at a significant pace of 6% during the forecast timeframe. Factor responsible for regional growth is rising prevalence of various chronic diseases. High pervasiveness of coronary heart disease is attributable to adoption of sedentary and unhealthy lifestyle. Also, growing demand for minimally invasive procedures is projected to drive the indystry in developing Asian countries such as China, Japan, and India.
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Some of the prominent key players operating in the market include Boston Scientific Corporation, Medtronic plc, B. Braun Melsungen AG, Cook Group Incorporated and Olympus Corporation among other players. Key players are focusing on various strategies such as acquisition, business expansion and innovative product development to strengthen their product portfolio and increase innovative product offerings to healthcare settings.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
