Global Guidewires Market Size & CAGR (2021 to 2026)
The size of the global guidewires market is predicted to be USD 1075 million in 2021 and USD 1384 million by 2026, growing at a CAGR of 5.2% from 2021 to 2026.
Impact of COVID-19 on the global guidewires market:
The globe has been shaking by COVID-19. Governments all across the world imposed lockdowns and social segregation. As a result, individuals became more sedentary, and harmful behaviors developed—the number of chronic illness cases and operations increases due to this. As a result, the need for surgical guidewires has grown in the COVID – 19 pandemics.
Furthermore, several studies have discovered that patients with pre-existing chronic diseases such as heart disease, renal failure, cancer, and diabetes are more likely to contract the coronavirus. Therefore, the care of these individuals becomes a top focus. This compelled the big businesses to research guidewire development. However, owing to the lockdown, most sectors have come to a halt, and production and manufacturing facilities have stopped. As a result, the supply chain is interrupted, which restricts product transportation. As a result, guidewire production has slowed. In addition, while most elective operations had to be postponed or canceled owing to COVID, certain cases could not be postponed and had to be conducted with extra care. The number of laparoscopic operations conducted in 2020 has dropped due to these efforts, which has impacted several associated markets, including guidewires.
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KEY DRIVING FACTORS:
Rising inclination towards minimally invasive procedures is driving the global guidewires market growth.
Minimally invasive procedures are becoming increasingly popular worldwide due to benefits such as smaller incisions, quicker recovery periods, less discomfort, and less scarring. In almost every minimally invasive procedure, a guidewire is required. As a result, guidewires are in great demand in the healthcare industry. In addition, advances in interventional radiology have increased the availability of adoption guidewires. Vascular, gastrointestinal, hepatobiliary, pulmonary, and genitourinary disorders all benefit from interventional radiology. According to a recent market survey, approximately 15 million laparoscopic operations are performed annually throughout the world. While the United States alone accounts for 32 % of the total or about 4,800,000 operations,
The rising prevalence of chronic diseases is also driving the guidewires market.
Chronic illnesses have become more common as a result of changing lifestyles and bad eating habits. Guidewires are frequently used in various diagnostic and surgical procedures in cardiology, gastrointestinal, urology, cancer, and interventional radiology. They make device distribution easier and reduce the risk of vascular damage. According to the World Health Organization, CVDs claimed the lives of 17.9 million people in 2019, accounting for 32 % of all fatalities worldwide. Heart attacks and strokes were responsible for 85 % of these fatalities. Chronic diseases including heart disease, stroke, cancer, diabetes, and chronic lung disease account for around 70% of worldwide deaths. As a result, the market is seeing rapid expansion.
The expansion of the guidewire market may be limited by the high cost associated with guidewires. Tungsten, hydrophilic coating, polytetrafluoroethylene, nitinol, titanium, and stainless steel make modern guidewires. As a result, the product’s final price has increased. Further, stringent reimbursement policies of minimally invasive surgeries also impede the market growth.
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KEY MARKET INSIGHTS:
- Based on product material, the stainless-steel segment dominated the guidewires market. Stainless steel is highly chosen as raw material for guidewires as it is cost-efficient and offers more twisting ability, push ability, and good shape ability.
- Based on application, the coronary segment holds the largest share. The changing lifestyle raises cardiovascular disease cases, which play an important role in market growth.
- Based on coating, the coated segment dominates the guidewire market. The adoption of coated guidewires has increased due to the smooth transmission. It also minimizes the risk of infection and injuries.
- Based on end-user, the hospitals and clinics segment is poised to expand at 5% CAGR through 2026. The rising surgical procedures in hospitals raise the market growth.
- Geographically, North America is projected to hold the largest share in the global guidewires market. The latest technologies and medical equipment fuel the regional expansion. The increasing availability of reimbursement for the healthcare sector favors the market growth in the region.
- The prominent players in the global guidewires market include Medtronic plc, Koninklijke Philips N.V., Cook Group Incorporated, Boston Scientific Corporation, B. Braun Melsungen AG, and Olympus Corporation. These companies adopt competitive strategies to stay competitive in the market, such as mergers & acquisitions, partnerships, agreements, collaborations.
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Recent Market Developments:
- In March 2021, Cardiovascular Systems (CSI) acquired WavePoint Medical’s portfolio of peripheral support catheters used for guidewire support to aid lesion crossing and guidewire exchanges.
- In May 2020, Transit Scientific announced the FDA cleared the XO Cross® Microcatheter platform for guidewire support, exchange, and contrast media injection in the peripheral vasculature.
- In August 2020, Philips launched OmniWire, the world’s first solid core pressure guidewire for coronary artery interventional procedures. Physicians may more easily manipulate the wire in the patient’s circulatory system to assess blood pressure along the artery and guide the administration of catheters and stents due to the wire’s revolutionary solid core design.
SEGMENTS IN THE REPORT:
- Coronary Guidewire
- Peripheral Guidewire
- Urology Guidewire
- Neurovascular Guidewire
- Stainless steel
- Hospitals and Clinics
- Diagnostic Centres
- North America
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Boston Scientific
- CR Bard
- Abbott Laboratories
- Terumo Corporation
- Braun Medical Inc.
- Johnson & Johnson
- Stryker Corporation
- Olympus Corporation
- Cardinal Health
- Merit Medical Systems
- Cook Group
- Asahi Intecc
BROWSE REGIONAL AND RELATED REPORTS:
- North America Guidewires Market
- Europe Guidewires Market
- APAC Guidewires Market
- Latin America Guidewires Market
- Global Vascular Guidewires Market
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