The failure rate for interventional cardiology procedures was high a decade ago, but due to the improved guidewire technology along with improved stent & balloon platforms the failure rate is reduced to less than 1% in the current scenario. This has increased the adoption of minimally invasive vascular procedures among patients as well as healthcare providers.
Vascular Guidewires Market Report, published by Allied Market Research, forecasts that the global market was valued at $1,051 million in 2015, and is expected to reach $1,610 million by 2022, supported by a CAGR of 6.2% during the forecast period 2014 to 2022. The coronary guidewires segment accounted for more than two-thirds of the total market in 2015.
A guidewire is a long and flexible spring that assists the introduction and placement of implantable medical devices into a patients body. Vascular guidewires are used during various interventional cardiology procedures (including placement of angioplasty balloons, stents, and inferior vena cava filters) as they guide a surgeon for the correct placement of these devices.
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Rise in prevalence of cardiovascular disorders, increase in geriatric population, demand for minimally invasive procedures, and rapid technological advancements in guidewires drive the market. However, risks and complications associated with guidewires, and availability of effective conventional treatment options restrict the market growth. Conversely, increase in use of nitinol in vascular guidewires and growth opportunities in the emerging economies of the Asia-Pacific and LAMEA regions are expected to provide several opportunities for the market growth during the forecast period.
Coronary guidewires segment is expected to maintain its dominant position throughout the analysis period, mainly due to due to the increase in prevalence of cardiac disorders globally. Peripheral guidewires segment is expected to grow at the highest CAGR of 7.7% from 2016-2022, owing to increased demand for minimally invasive procedures for peripheral interventions.
Key Findings of Vascular Guidewires Market:
- Based on end user, hospitals segment accounted for three-fifths of the total market in 2015
- Based on coating type, hydrophilic coating accounted for more than half of the total market in 2015
- Asia-Pacific is expected grow at the highest CAGR of 7.0%, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of vascular disorders
- In terms of procedure volumes, North America accounted for one-third of the total volume market in 2015
North America accounted for majority of the share (nearly two-fifths) in the market in 2015, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of cardiovascular diseases, unhealthy diet habits, lack of necessary physical activity, increase in the elderly population, and favorable reimbursement rates for interventional procedures. In addition, the high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructure are anticipated to provide new growth opportunities for the key players in this market.
The major companies profiled in the report include Abbott Laboratories, B. Braun Melsungen AG, Biotronik SE & Co. KG, Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., Cook Medical, Inc., Medtronic plc, Terumo Corporation, and The Spectranetics Corporation.