The global guidewires market is anticipated to grow at a CAGR of around 6.8% during the forecast period 2020 to 2027 and to reach around US$ 3.4 Bn by 2027.
Gradual increase in number of patients suffering from chronic diseases, rapid advancements in surgical medical devices, and introduction of innovative solutions form players are major factors expected to drive the growth of global guidewires market. According to U.S. Department of Health & Human Services about 655,000 Americans die from heart disease each year that’s 1 in every 4 deaths. Every year, about 805,000 Americans have a heart attack of these, 605,000 are a first heart attack and 200,000 happen to people who have already had a heart attack.
In addition, changing government regulation related to medical devices and availability of favorable reimbursement policies are among other factors expected to support the growth of target market.
In 2018, The U.S. Food and Drug Administration (FDA) put forward the “Coronary, Peripheral, and Neurovascular Guidewires - Performance Tests and Recommended Labeling” draft guidance that provides draft recommendations for 510(k) submissions for certain guidewires intended for use in the coronary, peripheral and neurovasculature.
In April 2019, the FDA published a draft guidance titled, “Technical Considerations for Non-Clinical Assessment of Medical Devices Containing Nitinol,” which includes proposed recommendations on what manufacturers should include in their premarket submission of a device containing nitinol.
Increasing government spending on development of present hospital infrastructure in order to deliver better patient care and major players focus on strategic acquisition in order to enhance the customer base and product portfolio is expected to support the growth of target market.
In 2016, Teleflex Inc. a global provider of medical technology products acquired Vascular Solutions Inc. for US$ 1 Bn. The acquisition is expected to help the company to enhance the product portfolio.
In 2017, BTG acquired Roxwood Medical a provider of cardiovascular specialty catheters for US$ 80 Mn. The acquisition is expected to help the company to enhance the customer base and increase the revenue share.
However, factor such as high cost associated to product and lack of trained professionals are expected to hamper the growth of global guidewires market. In addition, stringent government regulations related to product approval is expected to challenge the growth of target market.
Factors such as high spending by players for product development and players focus on strengthening the distribution channel through partnerships are expected to create new opportunities for players operating in guidewires market over the forecast period. In addition, high spending by the government of development of healthcare infrastructure is expected to support the revenue transaction of target market.
Segment Analysis by Region
The market in Asia Pacific is expected to witness faster growth in the target market due to developing healthcare standards. In addition, increasing government spending on development of hospital infrastructure in order to provide enhanced care to patients and adopt advanced medical devices is another factor expected to support the growth of target market.
Increasing geriatric population in emerging economies with problems related to coronary and peripheral, coupled with rising demand of minimally invasive surgical procedures are among other factors expected to support the growth of target market.
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Global Guidewires Market
2016 – 2027
2020 – 2027
Product, Material, Application, End Use and Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Guidewires Market Segment Analysis, 2019
The global guidewires market is segmented into product, material, application, and end use. The material segment is bifurcated into nitinol guidewires, stainless steel guidewires, and hybrid guidewires. Among the material the stainless steel guidewires segment is expected to account for major revenue share in target market. The application segment is divided into coronary, peripheral, urology, and neurovascular. Among the application segment the coronary is expected to account for significant revenue share in the target market.
The players profiled in the report are Terumo Medical Corporation, Boston Scientific Corporation, Abbott, ASAHI INTECC CO., LTD., AngioDynamics, B. Braun Melsungen AG, CODMAN NEURO, Medtronic, and Stryker.
Market By Material
Stainless Steel Guidewires
Market By Product
Market By Application
Market By End Use
Hospitals, Diagnostic Centers, and Surgical Centers
Ambulatory Care Centers (ACC)
Research Laboratories & Academic Institutes
Market By Region
Middle East & Africa
Gradual increase in number of patients suffering from chronic diseases, rapid advancements in surgical medical devices, and introduction of innovative solutions from players are major factors expected to drive the growth of global market.
The global guidewires market in 2027 is expected to be above US$ 3.4 Bn.
In end use the hospital segment is growing at faster pace.
The CAGR of the global guidewires market from 2020-2027 is above 6.8%.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Terumo Medical Corporation, Boston Scientific Corporation, Abbott, and ASAHI INTECC CO., LTD
The Asia Pacific is expected to account for major revenue share in the global market.