Medical Guidewires Market is Expected to Reach $2.19 bn by 2027
The Medical Guidewires Market was valued at US$1.4 billion in the year 2019 and is estimated to reach US$ 2.19 billion by 2027, at a CAGR of 5.81%.
Medical Guide wire is a thin tube used to reach lesion in blood vessel and guide proper placement of catheter. Guidewires facilitate the placement of balloon dilatation catheters during percutaneous transluminal coronary angioplasty (PTCA) and percutaneous transluminal angioplasty (PTA). Guidewires are coated with hydrophilic and hydrophobic materials to increase lubrication and decrease friction. There are hydrophilic and hydrophobic surgical and diagnostic guidewires available in the market. The tip of the medical guide wires is made into “J” curve or a variety of angles or straight tips are made to help navigate within the blood vessel. Diameter of guide wires range between 0.014 and 0.038 inches while length ranging from 80 to 450 cm.
Guidewire material option includes nitinol, stainless steel, platinum & palladium, bimetal, tungsten; gold plated and range of polymers. Medical Guidewire performance depends on factors like tensile, torque strength, fatigue resistance, shape resistance, lubricity and durability.
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According to World Health Organization, global surgical rate was estimated to be 4469 operations per 100 000 people per year in 2016. Around 17.9 million lives are estimated to be affected by cardiovascular diseases each year and one of leading causes for death, globally. In USA, more than 50 million surgical procedures were performed last year attributing more demand of surgical equipment. Medical Guidewires are used for both diagnostic and surgical purposes, gaining more attention in the present scenario due to minimal invasiveness of the procedure.
North America accounts major medical guide wires market due to increase in geriatric population, high prevalence of cardiovascular diseases and more preference for minimally invasive surgical techniques.
The key market drivers for medical guidewires include decrease of hospital stays, increased adoption rate and preference of medical guidewires by physicians and rise in patient awareness. Rise in geriatric population in need of surgery and increased global surgical burden, chronic disease burden and demand of minimally invasive surgical methods are the factors enhancing medical guidewires market growth. Increased procedural efficiency by using guidewires in surgical procedures and newer product launches will drive the market positively.
The major market restraints include high cost, skilled physician’s usage of medical guidewires. Investments in development of hydrophilic coated or a tip with hydrophilic coated guidewires might impact the market growth positively. Manufacturing of guide wires pertaining to factors like biocompatibility, recovering elongation, resistivity, steerability, and super elasticity products to resist deformations is the major challenge in medical guidewires market. Government funding and reimbursement policies, initiatives in usage of medical guidewires will fuel the market growth in the forecast period to 2027.
Major companies for Medical Guidewires Market include Boston Scientific, Abbott, Hugo Kern und Liebers GmbH & Co. KG, SP Medical A/S, Medtronic Plc, Merit Medical Systems, Heraeus Holding, Terumo Medical Corporation, Biotronik, Cordis, Angiodynamics and many more…
Based on Product (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn):
- Surgical Guidewires
- Diagnostic Guidewires
Based on Material (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn):
- Stainless Steel
Based on Application (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn):
- Infusion therapy
Based on Geographic Region (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- North America
- Provides a detailed Analysis of the Market Structure along with forecast of the various segments and sub-segments.
- Provides a Comparative Analysis of Key Marketed and Pipeline Products.
- Provides Key Information on Players involved.
- Provides a Complete Overview of Market Segments and the Regional Outlook.
- Provides In-depth Coverage of Key News, including Major Mergers, Acquisitions and Product Development updates such as clinical trial progression updates and regulatory updates.
The Report Provides Key Insights on
- History of the Medical Guidewires Market, 2015 to 2018
- Forecast of the Medical Guidewires Market Growth till the year 2027
- The key market drivers, restraints, challenges, future opportunities and the market dynamics driving the Medical Guidewires Market
- Analysis of potential growth segments which will drive the market
- Landscape analysis of the major companies, and new market entrants and companies which possess disruptive technologies which can change the trend of the entire market
- Key market approaches adopted by the organizations and in-depth intelligence of potential strategies which could alter the market dynamics
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