Guidewires Market - Emerging Trends & Global Future Forecasts


Posted April 21, 2022 by mmvaidya

The global guidewires market is expected to reach USD 764.0 million by 2022 from USD 605.2 million in 2017, at a CAGR of 4.8%.
 
Growth in the guidewires market can be attributed to factors such as increasing target disease incidence, continuous product launches by major manufacturers and favorable medical reimbursements for guidewires in developed countries.

Expected Revenue Growth:

The report studies the global guidewires market over the forecast period of 2017 to 2022. Factors such as the rising adoption of minimally invasive surgical procedures across major countries, rising prevalence of target diseases and the increasing applications of guidewires are driving the growth of the market. The guidewires market is projected to reach USD 764.0 Million by 2022 from USD 605.2 Million in 2017, at a CAGR of 4.8%.

Driver - Rising adoption of minimally invasive surgical procedures across major countries

Minimally invasive medical procedures offer significant clinical advantages over conventional open procedures, such as shorter hospital stays, faster patient recovery, higher procedural safety & efficacy, and greater affordability. Healthcare professionals are increasingly looking for therapeutic alternatives that offer safer and more effective disease management strategies for patients suffering from target diseases, including vascular diseases, cardiological diseases, urological diseases, and oncology disorders, among others. Owing to this, medical professionals are increasingly adopting minimally invasive surgical procedures over conventional open procedures due to the clinical advantages offered by the former.

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Recent Developments:

# In 2017, Merit Medical Systems (US), launched True Form Reshapable Guide Wire.

# In 2017, Teleflex (US), launched Spectre Guide Wire.

# In 2017, Terumo Corporation (US) established new manufacturing facility in Yamaguchi, Japan to strengthen the production capacity of access guidewires used in interventional procedures.

# In 2017, Terumo Corporation (US) established a new innovation center of neurovascular and endovascular intervention in California, US.

# In 2017, Merit Medical Systems (US), launched InQwire Amplatz Guide Wire.

Restraint- High Cost of Surgical Guidewires

The current commercially available guidewires are manufactured using various materials, such as nitinol, stainless steel, Teflon or parylene, and other hybrid polymers. Hybrid polymers are also used to manufacture guidewires due to their varied benefits, such as flexibility, kink resistance, tensile strength, columnar strength, and torque. However, using these materials significantly increases the price of the product as compared to conventional guidewires. For example, the average cost of a conventional diagnostic guidewire ranges from USD 3 to USD 15 in the US, while the average cost of a hydrophilic guidewire ranges from USD 100 to USD 140.

Moreover, in developed countries, reimbursements for some minimally invasive surgical procedures may sometimes exclude the cost of guidewires. Therefore, high product costs and partial reimbursement coverage may restrict market growth to a certain extent.

Key Questions Addressed by the Report:

# What are the growth opportunities related to the adoption of guidewires market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of guidewires. Will this scenario continue in the next five years?
# Where will all the advancements in products offered by various companies take the industry in the mid- to long-term?
# What are the new trends and advancements in the guidewires market?

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North America is expected to account for the largest share of the guidewires market during the forecast period

The report covers the guidewires market across four key geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the global guidewires market in 2017. increasing availability of reimbursements for guidewires among developed countries, increasing patient preference for minimally invasive surgical procedures (including atherectomy, thrombectomy, embolectomy, and gastrointestinal endoscopy), and strong market presence of key OEMs (that replicates into easy availability of guidewires) are the factors that drive the demand growth of guidewires in the region. The Asia Pacific region is expected to grow at the highest CAGR due to the increasing healthcare expenditure and growing initiatives to promote the use of guidewires during minimally invasive surgeries in Asia Pacific countries.
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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags guidewires , guidewires market
Last Updated April 21, 2022