Dublin, April 05, 2024 (GLOBE NEWSWIRE) -- The "Global Guidewires Market (2024 Edition): Analysis By Material (Nitinol, Stainless Steel, Others), By Product, By Application, By Region: Market Insights and Forecast (2019-2029)" report has been added to ResearchAndMarkets.com's offering.
The Global Guidewires market showcased growth at a CAGR of 8.64% during 2019-2022. The market was valued at USD 1.27 Billion in 2022 which is expected to reach USD 2.03 Billion in 2029.
The report analyses the Guidewires Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, United Kingdom, Germany, France, Spain, China, Japan, South Korea, India). Guidewires Market is being propelled increasing prevalence of cardiovascular diseases, technological advancements in guidewire design and materials, rising demand for minimally invasive procedures, and expanding healthcare infrastructure in developing economies.
According to World Health Organization (WHO), Noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 74% of all deaths globally. Cardiovascular diseases, including coronary artery disease, peripheral artery disease, and cardiac arrhythmias, continue to be leading causes of morbidity and mortality globally. As the prevalence of risk factors such as obesity, diabetes, and hypertension increase, so does the incidence of cardiovascular diseases.
Guidewires are essential tools in percutaneous coronary interventions (PCI), peripheral vascular interventions (PVI), and electrophysiology procedures, driving the demand for guidewires. The increasing prevalence of chronic diseases worldwide drives the demand for guidewires by necessitating minimally invasive interventions for diagnosis and treatment. As the burden of chronic conditions continues to rise, the guidewires market is expected to expand further to meet the growing clinical needs.
The United States and China are by far the two largest spenders, with R&D spending of around 680 billion U.S. dollars and 550 billion U.S. dollars respectively in 2022. The United States, in particular, is a major contributor to global R&D expenditure in the pharmaceutical and biotech sectors. The region is home to numerous biopharmaceutical companies with substantial R&D budgets. Also, China has been increasing its R&D investments in the biopharmaceutical sector. South Korea, Japan, and Singapore also have a growing presence in biotechnology with notable R&D activities.
Advancements in metallurgical processing techniques enable precise control over the microstructure of stainless steel alloys. By carefully manipulating factors such as temperature, cooling rate, and mechanical deformation during manufacturing processes like heat treatment and cold working, manufacturers can tailor the material's grain size, phase distribution, and crystallographic orientation. This level of control allows for the optimization of mechanical properties, including flexibility, fatigue resistance, and radiopacity, while minimizing defects and enhancing overall reliability.
With a growing focus on infection control and patient safety, antimicrobial coatings are being incorporated into surgical guidewires to reduce the risk of nosocomial infections. These coatings utilize antimicrobial agents such as silver ions or chlorhexidine to inhibit the growth of bacteria and other pathogens on the guidewire surface, thereby lowering the risk of device-related infections.
Also, Hydrophilic coatings applied to the surface of surgical guidewires reduce friction and improve lubricity, facilitating smoother navigation through tortuous anatomy and enhancing steerability. Advancements in coating technologies have led to the development of highly durable and long-lasting hydrophilic coatings that maintain their lubricious properties throughout extended procedures.
Advances in medical technology have expanded the scope of minimally invasive procedures to encompass a broader range of clinical conditions and anatomical sites. In addition to established applications like coronary angioplasty and endovascular interventions, minimally invasive techniques are increasingly used in fields such as interventional oncology, neurology, and orthopaedics. Guidewires enable physicians to access and treat target areas within the body with greater precision and safety, driving their demand across diverse medical specialties.
Guidewire manufacturers are developing specialized guidewires tailored to address the unique challenges of specific clinical applications. These include neurovascular guidewires for intracranial interventions, peripheral guidewires for lower limb revascularization, and biliary guidewires for endoscopic retrograde cholangiopancreatography (ERCP). Specialized guidewires feature optimized designs and properties to meet the demands of each application, providing clinicians with the tools they need to achieve optimal procedural outcomes in diverse anatomical regions and pathologies.
Scope of the Report
- The report analyses the Guidewires Market by Value (USD Million).
- The report analyses the Guidewires Market by Epidemiology.
- The report analyses the Guidewires Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, United Kingdom, Germany, France, Spain, China, Japan, South Korea, India).
- The report presents the analysis of Guidewires Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
- The report analyses the Guidewires Market by Material (Nitinol, Stainless Steel, Others).
- The report analyses the Guidewires Market by Product (Surgical, Diagnostic).
- The report analyses the Guidewires Market by Application (Cardiology, Peripheral, Urology, Neurology, Others).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By material, by product & by application.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analyzed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Amplify technological advancement
- Escalate collaboration initiative with healthcare provider
Competitive Positioning
- Companies' Product Positioning
- Market Share of Leading Companies
Company Profiling
- Medtronic PLC
- Terumo Corporation
- Cardinal Health
- Boston Scientific
- Teleflex Incorporated
- Johnson & Johnson
- Abbott Laboratories
- Stryker Corporation
- Olympus Corporation
- Cook Group
For more information about this report visit https://www.researchandmarkets.com/r/niq45z
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