Global Guidewires Market on Positive Growth Trajectory, with High Uptake in Interventional Radiology, Concludes FMI
As per FMI, the global guidewires market is slated to value US$ 3.3 Bn in 2020 and expected to witness a substantial CAGR of over 6.0% between 2020 and 2030.The global guidewires market is slated to reach ~US 6.0 Bn by 2030 according to a new study by consulting firm Future Market Insights. As end-user demand for treating various diseases accelerates, guidewires production has picked up pace in recent years. Advancements in guidewire tip technologies has increased adoption of interventional radiology techniques in image-guided diagnosis and treatment of diseases. Interventional radiology has significantly improved patient recovery outcomes. This is because the procedure involves minimum risk, less pain and faster recovery time compared to open surgery. Interventional radiology is highly suitable for vascular, gastrointestinal, hepatobiliary, pulmonary and genitourinary diseases.
As the incidences of non-communicable diseases (NCDs) such as cancer, diabetes and chronic respiratory diseases continue to increase, healthcare providers are making concerted efforts to reduce their prevalence by providing sophisticated medical care. Therefore, adoption of technologically enhanced guidewires has acquired immense importance.
Over the years, minimally invasive surgeries have become highly popular, due to the need to reduce trauma. On the back of this, guidewires adoption has boomed. Guidewire engineering has transitioned towards advanced lesions such as chronic total occlusions (CTO) which are more adept at improving cardiac anomalies by improving ischemia and improve left ventricular function. Therefore, market players are introducing innovative products to cater to CTO lesions.
A minor blip is anticipated for the guidewires market from the coronavirus pandemic. Due to the imposition of lockdowns, many manufacturers are operating at reduced capacities, limiting daily output of guidewires. This has generated a significant disequilibrium in the demand-supply dynamics. This mismatch is anticipated to prevail until the last quarter of 2020, until production resumes at full capacity.
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“Guidewire manufacturers need to concentrate on cost management and product distribution by collaborating with regional players in order to expand geographical presence. Furthermore, widening the product portfolio by virtue of introducing technologically enhanced guidewires is a trump card for market success, which is being capitalized upon,” infers an FMI analyst.
The COVID-19 pandemic is anticipated to moderately impact the production of guidewires in the forecast period. This is attributed to key companies implementing strict countermeasures to limit person-to-person contact, investing a significant part of its revenue in finding testing mechanisms and antiviral drugs, and staggering shift timings.
Key Takeaways from the Guidewires Market Study:
- The global guidewires market shall expand at a rate of 6.0% in 2020, driven by increased adoption of guidewires for minimally invasive coronary heart diseases
- By application, coronary and peripheral guidewires shall collectively capture over 60% of the market share during the forecast period
- Stainless steel guidewires are the most extensively used due to their high ductility, support and torque, making it the highest revenue generator by material type
- North America remains the most lucrative guidewires market, generating nearly 2/5th of the total revenue in the market
Hand Sanitizer Market: Key Trends
- According to the World Health Organization, seven out of ten patients succumb to non-communicable diseases, especially in the low and middle income nations. This has increased the need for surgical procedures for NCDs, pushing up guidewire usage
- Interventional guidewires are experiencing increased adoption in minimally invasive surgical procedures as they reduce trauma and pain from surgical incisions.
- Majority of the guidewires demand is stimulated from the Asia-Pacific, owing to high fatalities due to diseases like cancer, diabetes, cardiac arrests and asthma.
Hand Sanitizer Market: Region-wise Analysis
- North America shall continue generating lucrative opportunities. High adoption rate of interventional and diagnostic guidewires for several diseases is a major growth accelerator
- The United States has exhibited significant consistency in showing notable annual growth rates, set to expand at a rate of more than 5% in 2020
- Asia-Pacific is emerging as the fastest growing guidewires market. A large proportion of diabetic population in India and China aged between 20 and 79 is stimulating demand for surgical procedures and guidewires in the region
- The Japanese guidewires market demonstrates exponential growth possibilities, attributed to the presence of a large geriatric population pool afflicted with chronic conditions
Guidewires Market: Competitive Landscape
The global guidewires market is characterized by the presence of prominent regional as well as global vendors, making it highly competitive in nature. Principal growth strategies include promotion of inorganic growth, diversification of product portfolios through new product launches, optimization of production costs, technological enhancements and collaboration with other players to broaden geographical presence.
On the collaboration front, Boston Scientific partnered with the Mayo Clinic to set in motion the development of minimally-invasive technologies for urology, neuromodulation, endoscopy, heart rhythm management and interventional cardiology in 2019.
For product launches, Cardiovascular Systems Inc., doled out its Viper Wire Advance Coronary Guidewire which received clearance from the US FDA in October 2019. Earlier in May of the same year, Medtronic unveiled its Telescope Guide Extension Catheter to provide additional backup support and access to distal lesions.
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Guidewires Market Taxonomy:
- Hydrophilic Guidewires
- Hydrophobic Guidewires
- Hydrophilic Guidewires
- Hydrophobic Guidewires
- Coronary Guidewires
- Peripheral Guidewires
- Urology Guidewires
- Radiology Guidewires
- Neurovascular Guidewires
- Gastroenterology Guidewires
- Nitinol Guidewires
- PTFE Guidewires
- Stainless Steel Guidewires
- Hybrid Guidewires
- J Tip
- Angled Tip
- Straight Tip
- Ambulatory Surgical Centers
- Cardiac Catheterization Laboratories
- Specialty Clinics
Region and Country
- South Korea
Middle East & Africa
- North Africa
- Southern Africa
- Rest of MEA
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Get Valuable Insights into the Guidewires Market
Future Market Insights offers actionable insights and unique perspective on guidewires market in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on product type (interventional guidewires and diagnostic guidewires), by application (coronary guidewires, peripheral guidewires, urology guidewires, radiology guidewires, neurovascular guidewires, gastroenterology guidewires and others) by material type (Nitinol guidewires, PTFE guidewires, stainless steel guidewires and hybrid guidewires) by tip shape (J tip, angled tip and straight tip) by end-user (hospitals, ambulatory surgical centers, cardiac catheterization laboratories and specialty clinics) in seven key regions.
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