Guidewires Market Growth Rate Analysis 2020 to 2026
Burgeoning demand for minimally invasive procedures is expected to fuel global Guidewires Market growth over the forecast period. Technological innovations in the healthcare sector have led to the development of hybrid guidewires that can efficiently deliver access solutions for complex anatomies, multiple pathologies, and multiple treatment modalities.
The surging
geriatric population suffering from lifestyle disorders has further accelerated
the demand for guidewires. As per the WHO (World Health Organization), the
population aged 60 years and above is anticipated to grow from 12% in 2015 to
22% by 2050. As this class of population is prone to various cardiovascular
diseases, guidewires are expected to record significant demand in surgical
interventions in the forthcoming time. Meanwhile, industry participants are
focusing on new product innovation and development to tap major market share
and expand their product portfolio.
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As per the study conducted by Global Market Insights Inc., the global guidewires market is anticipated to exceed USD 1.2 billion by 2026, and is expected to record a growth rate of 5.8% during the forecast timeframe.
Industry-leading
participants have been producing guidewires with a variety of materials,
flexibility, length, diameters, coatings, and other mechanical properties for
suitability in a wide range of clinical applications. Based on material, the
stainless steel segment held 22.5% of the total market share in 2019. Stainless
steel is preferred raw material owing to the fact that it exhibits superior
mechanical properties like more torque ability, push ability, and good shape
ability.
Nitinol
is another important material segment that is expected to push guidewires
industry outlook in terms of growth rat as well as revenue share. The
companies have started manufacturing Nitinol-based guidewires steel due to its
advantages such as superior flexibility and low cost as compared to other
materials, which is likely to improve global guidewires business outlook.
Guidewires
have been a mainstay of peripheral procedures and are now a fundamental tool
used to establishing access to vascular systems. In fact, the peripheral
guidewires segment held 28.9% of the total market share in 2019. Peripheral
guidewires are used in supporting the placement of catheters in vessel anatomy.
Some of peripheral guidewires that have gained prominence in the healthcare
settings include Gaia PV peripheral guidewires, ASAHI Gladius, ASAHI Halberd
(Asahi Intecc Co., Ltd.), Victory Guidewires (Boston Scientific), and carnelian
support (Biotronik).
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On the
regional front, the Europe guidewires market is expected to record USD 331.2
million by 2026. This growth is majorly attributed to the high prevalence of
cardiovascular diseases and an increase in the number of peripheral and coronary
interventions. As per the EHN (European Heart Network) estimates, in 2017, CVD
was responsible for the deaths of 3.9 million people in Europe. This has led to
an increase in the demand for minimally invasive surgeries, which in turn
driving Europe guidewires market size.
As per
estimates, based on volume, the guidewires market is estimated to be over 77.5
million units by 2026. The strong presence leading industry participants is a
key reason boosting guidewires market volume. Companies such as Cook Group
Incorporated, B. Braun Melsungen AG, Medtronic plc., Boston Scientific
Corporation, and Olympus Corporation have been leveraging organic and inorganic
growth strategies like mergers, acquisitions, and product innovations to tap
major market share.
The
recent approval of cutting-edge hybrid guidewires made from nickel, stainless
steel, and titanium has also created lucrative opportunities for leading
companies. Hybrid guidewires serve a comprehensive range of applications with
numerous OD, tip shape, and length options.
Recently,
Olympus Corporation launched UltraTrackHybrid guidewires to enable easy access
and secure placement during the most challenging procedures. The product
consolidated its portfolio and augmented their revenue generation. Such
initiatives are likely to accelerate guidewires market growth over 2020-2026.
Browse key industry insights spread across 469 pages with 978 market
data tables and 19 figures & charts from the report, Guidewires Market
in detail along with the table of contents:
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Report Content
Chapter 3. Guidewires Industry
Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rising adoption of minimally invasive
surgical procedures
3.3.1.2. Increasing number of lifestyle
disorders in developing countries
3.3.1.3. Various reimbursement policies
in developed countries
3.3.1.4. Growing geriatric population
base across the globe
3.3.1.5. Technological advancements
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of guidewires
3.3.2.2. Dearth of skilled professionals
in developing economies
3.3.2.3. Risks associated with
guidewires
3.3.2.4. Preference of drugs over
devices
3.4. Growth potential analysis
3.4.1. By material
3.4.2. By coating
3.4.3. By application
3.4.4. By diameter
3.4.5. By length
3.4.6. By end-use
3.5. COVID-19 impact analysis
3.6. Regulatory landscape
3.7. Technology landscape
3.8. Porter’s analysis
3.9. Competitive landscape, 2019
3.9.1. Company share analysis (Hydrophilic), 2019
3.9.2. Competitive matrix analysis
3.10. PESTEL analysis
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