Global Guidewires Market: Snapshot
In order to up their sales and revenues, savvy companies in the global guidewires market are expending time and money on research and development of better products having sophisticated features to cater to various medical procedures. The market is being currently driven by the rapid growth in the interventional procedures, growing per capita spends on healthcare, and, of course, constant product development by players.
Proving detrimental to the global guidewires market, on the downside, is their high cost owing to significant time and money expended in research and development, and also because of their non-reusable nature.
A report by Transparency Market Research predicts the global guidewires market to clock a steady CAGR of 6.2% during the period between 2017 and 2025 to become worth US$2.7 bn by 2025-end from US$1.6 bn in 2016.
Rising Cardiovascular Diseases Makes Coronary Guidewires Leading Product Segment
Product-wise, the main segments of the global guidewires market are coronary guidewires, peripheral guidewires, neurovascular guidewires, urology guidewires, radiology guidewires, gastroenterology guidewires, and other guidewires (otolaryngology and oncology). Among them, the segment of coronary guidewires account for maximum share in the market because of the alarming increase in instances of cardiovascular diseases, worldwide. Their demand is particularly high in developed countries where the interventional procedures such as percutaneous transluminal coronary angioplasty (PTCA) and percutaneous transluminal angioplasty (PTA) is comparatively higher. Besides, unveiling of better products from time to time is also boosting their uptake in the market.
The peripheral guidewires form the second-most lucrative product segment because of the rising prevalence of peripheral artery diseases (PAD) resulting from changing lifestyles leading to high blood pressure, high cholesterol, and diabetes. Vis-à-vis growth rate, the urology guidewires will likely register a relatively higher CAGR on the back of new product launches every now and then, rising adoption of guidewires in interventional urology procedures, and growing patient pool for minimally invasive procedures.
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High Occurrence of Lifestyle-related Diseases Catapults North America Market to Fore
From a geographical perspective, North America currently holds a dominant share in the global guidewires market. The increasing instances of lifestyle-related diseases, increasing adoption of more sophisticated guidewires, soaring popularity of minimally invasive interventional procedures, and presence of numerous key players in the region have served to fillip the market. The region is expected to retain its dominant position in the near future too by rising at a CAGR of 5.8% in the forecast period.
Europe trails North America, in terms of size, in the global guidewires market. The market in the region has been boosted primarily by a raft of product launches on account of the foray of foreign multinational players, favorable government policies, and a rising geriatric population. By registering a CAGR of 6.0% from 2017 to 2025, the Europe market is expected to attain a value of US$662.1 by 2025.
In terms of growth rate, however, Asia Pacific is expected to outshine all other regions in the global guidewires market because of the increasing incidence of cardiovascular diseases, increasing healthcare expenditure in developing nations, and rising demand for affordable minimally invasive interventional procedures. Also majorly fuelling the market in the region is the rising number of local manufacturers of guidewires providing innovative products at lower costs. The region is expected to clock a CAGR of 7.0% from 2017 to 2025.
Abbott, Terumo Medical Corporation, Integer Holdings Corporation, ASAHI INTECC CO., LTD., Olympus Corporation, Stryker, Cardinal Health, Inc., CONMED Corporation, Cook, Merit Medical Systems, Inc., Boston Scientific Corporation, and Medtronic are to name a few key players in the global guidewires market.