Selbyville, Delaware, United States, October 23 2020 (Wiredrelease) Global Market Insights, Inc –: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 GMI 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 rate 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).
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.
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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.
Partial Chapter of the Table of Content
Chapter 4. Guidewires Market, By Material
4.1. Key segment trends
4.2. Nitinol
4.2.1. Market size, by region, 2015-2026 (USD Million)
4.2.2. Market size, by region, 2015 – 2026 (‘000 Units)
4.3. Stainless Steel
4.3.1. Market size, by region, 2015-2026 (USD Million)
4.3.2. Market size, by region, 2015 – 2026 (‘000 Units)
4.4. Hybrid
4.4.1. Market size, by region, 2015-2026 (USD Million)
4.4.2. Market size, by region, 2015 – 2026 (‘000 Units)
4.5. Others
4.5.1. Market size, by region, 2015-2026 (USD Million)
4.5.2. Market size, by region, 2015 – 2026 (‘000 Units)
Chapter 5. Guidewires Market, By Coating
5.1. Key segment trends
5.2. Coated
5.2.1. Market size, by region, 2015-2026 (USD Million)
5.2.2. Hydrophilic Coating
5.2.2.1. Market size, by region, 2015-2026 (USD Million)
5.2.3. Anti-thrombogenic/Heparin coating
5.2.3.1. Market size, by region, 2015-2026 (USD Million)
5.2.4. Hydrophobic Coating
5.2.4.1. Market size, by region, 2015-2026 (USD Million)
5.2.5. Silicone Coating
5.2.5.1. Market size, by region, 2015-2026 (USD Million)
5.2.6. Tetrafluoroethylene (TFE) Coating
5.2.6.1. Market size, by region, 2015-2026 (USD Million)
5.3. Non-coated
5.3.1. Market size, by region, 2015-2026 (USD Million)
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