Guidewire Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Category : Healthcare and Pharmaceuticals | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC443

Introduction

A guidewire refers to a flexible and thin tube (medical device) that is used to guide various catheter-based products for placement in the desired treatment location or a diseased artery. Femoral artery at the groin is the most common insertion point for the catheter and guidewire. In addition to this, coronary arteries and brachial artery are the additional possible points where guidewire can be inserted.

Market Dynamics

Many factors such as rapidly increasing population along with rising incidences of heart diseases as well as other cardiovascular problems is the major driver for the guidewires market. Also, with the rise in number of minimally invasive methods, the demand for guidewires is anticipated to witness a positive growth in the coming years. Generally, the guidewires are produced from lost cost stainless steel and a coil tip made of elastic in order to evade damage to the blood vessels. Since, the guidewires are recyclable in nature and thus for making a choice of raw material, the manufacturers often choose low cost stainless steel. Many companies offer a wide variety of tip shapes and wire configurations for the healthcare experts to decide the perfect tool for surgical procedures. The biochemical properties of guidewires are another factor responsible for driving the growth of guidewires market. Furthermore, rising awareness among patients regarding the advantages of minimally invasive procedures including less traumatic surgical experience, faster recovery and reduced hospital stay is further expected to spur the market growth.

Market Classification and Overview

The market for guidewires is segmented by product type into peripheral guidewire, neurovascular guidewire, coronary guidewire and urology guidewire. Geographically, the guidewires market is bifurcated into North America, Latin America, Europe, Asia-Pacific and Middle East & Africa (MEA). North America is the leading market for guidewires whereas Europe holds the second position in terms of market share. The drivers for growth of guidewires in these regions include the increase in geriatric population, and rising lifestyle diseases. In addition to this, the rising demand for minimally invasive surgeries, unique biochemical guidewire properties and increasing preference for healthcare professionals for the efficient medical devices usage are the factors propelling the demand for guidewires market.

Asia-Pacific is anticipated to experience a potential growth for guidewires market. The market for guidewires in Asia-Pacific region is growing at a faster rate owing to the presence of huge number of patients with peripheral vascular diseases that is expected to result in the rise in volume of endovascular procedures in countries with dense population particularly, China and India. Moreover, economic growth, improving healthcare amenities, rising disposable incomes and initiatives by government in economies including India and China are providing a huge base of patient population with approach to improved healthcare facilities at an inexpensive rate. The market for coronary guidewire is expected to dominate the market attributed to increasing incidences of peripheral vascular diseases during the coming years. Approximately 12 billion of America’s population suffers from peripheral arterial diseases, according to the American Heart Association estimates. Also, the neurovascular guidewires segment is expected to grow at a faster rate owing to the rising prevalence of neurovascular disorders coupled with increasing penetration rates due to advancement in technology.

Report Coverage

Market

Global Guidewire Market

Analysis Period

2014 – 2024

Historic Data

2014 – 2015

Base Year

2016

Forecast Data

2017 – 2024

Market Stratification

Product Type, Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,

Player Profiling, Value Chain Analysis

 

Market Participants

Several companies operating in the guidewires market are constantly engaged in developing new guidewires for various medical procedures. Technological developments and innovation across different type of guidewires, related to the construction, flexibility and tip retention are some of the factors which are considered during manufacturing of medical guidewires. Few of the companies engaged in offering medical guidewires globally includes Abbott Vascular, Asahi Intecc Co. Ltd., AngioDynamics Inc., B. Braun Melsungen, Codman Neurovascular, Boston Scientific, Cook Medical, Covidien, Cordis Corp, Medtronic, Inc, Terumo Medical Corporation and Stryker among others.

Market Segmentation

Market By Product Type

·         Peripheral guidewire

·         Neurovascular guidewire

·         Coronary guidewire

·         Urology guidewire

Market By Geography

·         North America

o   US

o   Canada

o   Mexico

·         Europe

o   UK

o   Germany

o   France

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   India

o   Australia

o   Rest of Asia-Pacific

·         Latin America

o    Brazil

o   Chile

o   Rest of Latin America

·         Middle East and Africa (MEA)

o   South Africa

o   Saudi Arabia

o   Rest of MEA


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