The global guidewires market size is expected to reach USD 2.90 billion by 2025, at a CAGR 6.3% over a forecast period, according to a new report by Grand View Research, Inc. High prevalence of target diseases such as ischemic heart disease, brain aneurysm, and nephrolithiasis coupled with rise in preference for minimally invasive surgical procedures is anticipated to drive the growth. Increase in application of guidewires in neurovascular interventions is also among key factors driving the market.
Coronary heart disease is a major cause of disabilities and mortality globally. As per the Heart Disease and Stroke Statistics 2018, overall prevalence of myocardial infarction is nearly 7.9 million in U.S., which is 3% of the U.S. adult population, as of 2017. This study also states that the medical cost of coronary heart disease in projected to increase by 100% between 2013 and 2030. Moreover, as per OECD report, HEALTH AT A GLANCE 2015, the use of angioplasty has increased among the OECD countries, in the past 20 years. This is driving the demand for guidewires.
Technological advancements in terms of accessibility, improved flexibility with minimal deformity, and excellent tip shape retention is expected to drive the market. Motion Hybrid Wire Guide is an example of the technological advancement in guidewires. In January 2017, Cook Medical announced the launch of a two in one guidewire, Motion Hybrid Wire Guide. This product exhibits the features of Teflon fixed core guidewire and nitinol access guidewire into a single device.
Further key findings from the report suggest:
- In 2018, coronary guidewires held the largest revenue share owing to high demand in cardiovascular interventions
- Neurovascular guidewires segment is expected to expand at a rapid CAGR of 10.2% over the forecast period owing to the technological advancements and rising incidences of neurovascular disorders
- In 2018, coated guidewires segment held the leading market share of 90.6% owing to high preference for coated guidewires in minimally invasive surgeries
- North America held the largest revenue share of 33.7% owing to high adoption of technologically advanced devices leading to improved treatment rates and rise in preference of minimally invasive surgeries
- Asia pacific is expected to witness the fastest CAGR of 8.4% over the forecast period owing to growing geriatric population and burden of chronic diseases coupled with improving treatment rates
- Key players operating in the guidewires market include Boston Scientific Corporation, Abbott, Cordis (Cardinal Health) Angiodynamics, Medtronic, Stryker, Cook, Codman Neuro, and Terumo Medical Corporation.
Grand View Research has segmented the global guidewires market on the basis of product, coatings, raw material, and region:
Guidewires Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- Coronary
- Peripheral
- Urology
- Neurovascular
Guidewires Coating Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- Coated
- Hydrophilic
- Hydrophobic
- Non coated
Guidewires Raw Materials Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- Nitinol
- Stainless Steel
- Others
Guidewires Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2014 - 2025)
- North America
- US.
- Canada
- Europe
- UK.
- Germany
- Spain
- France
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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