The global “guidewires market size” is projected to reach USD 1,401.0 million by 2026, exhibiting a CAGR of 5.9% during the forecast period. Rising incidence rate of cardiovascular diseases is expected to be one of the major forces of growth for this market. According to estimates released by the American Heart Association (AHA), a staggering 15.5 million Americans were suffering from coronary heart disease in 2016. These numbers augur good news for the guidewire market as a steady rise in the prevalence of cardiovascular disorders will necessitate the utilization of advanced guidewire technology for quicker diagnosis and delivery of more accurate treatment for these conditions. Moreover, these devices are also crucial in diagnosing gastrointestinal disorders, which will further boost their employment in the healthcare industry. According to the Fortune Business Insights report, titled “Guidewires Market Size, Share & Industry Analysis, By Product (Coronary Guidewire, Peripheral Guidewire, Urology Guidewire, Neurovascular Guidewire, and Others) By Material (Nitinol, Stainless Steel, and Others) By Coating (Coated and Non-Coated) By End User (Hospitals & Clinics, Diagnostic Centers, and Others) and Regional Forecast, 2019-2026”, the value of the market stood at USD 887.6 million in 2018
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Key Players Operating in The Guidewire Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
Boston Scientific Corporation
Merit Medical Inc.
R. Bard, Inc.
Terumo Medical Corporation
Robust Healthcare Infrastructure to Propel the Market in North America
Having generated a revenue of USD 308.2 million in 2018, North America is set to dominate the guidewires market share during the forecast period. This will be mainly attributable to variety of favorable conditions including availability of cutting-edge healthcare technology, friendly medical reimbursement policies, and a ready acceptance of modern technology. The market in Europe will be chiefly driven by growing demand for minimally invasive procedures and increasing number of surgeries. Coupled with these is the high adoption rate of interventional diagnostic methods in Western European countries such as Germany and France, which is further fueling the market in the region.
Emergence of new market players and effective marketing will aid the market in Asia-Pacific, according to the guidewires market analysis by Fortune Business Insights. Additionally, the market in this region is poised to gain from the evolving healthcare conditions in India and China and rising healthcare investment in Australia and Japan.
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Growing Preference for Minimally Invasive Diagnostic Procedures to Catalyze Growth
One of the primary factors driving the guidewires market trends is the demand for minimally invasive procedures for diagnostic purposes, which is gaining ground in healthcare. This is on account of the benefits offered by such procedures. For example, a patient will recover at a faster rate if the incision in her body is small and narrow. This would also minimize the patient’s hospital stay, saving her a good amount of her resources. Technologically advanced guidewires allow for superior lesion access and better visibility, which brings down procedural costs and becomes more pocket-friendly for the patient. The guidewire market stands to gain as a result.
Detailed Table of Content:
Definitions and Assumptions
Technological advancements in Guidewires Market
Key Industry Developments- Partnerships, Mergers and Acquisitions
New Product Launched by Key Players
Prevalence of Major Cardiovascular Conditions for Key Countries
Global Guidewires Market Analysis, Insights and Forecast, 2015-2026
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product
Market Analysis, Insights and Forecast – By Material
Market Analysis, Insights and Forecast – By Coating
Market Analysis, Insights and Forecast – By End User
Hospitals & Clinics
Market Analysis, Insights and Forecast – By Region
Middle East & Africa
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KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the Guidewire Market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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