Guidewires Market Industry Analysis, Size, Trends and Future Scope

It is projected to exhibit a 5.5% CAGR during the forecast period (2018–2023). A guidewire is a thin, flexible, medical wire that is inserted in the body to guide a larger instrument, such as a feeding tube, catheter, or a central venous line for proper placement at the treatment site.

The key trend in the guidewires market is the growing demand for interventional procedures in emerging economies. Coronary artery disease (CAD) is becoming prevalent in India, thereby driving the demand for interventional procedures here. In 2012, the National Interventional Council (NIC), Cardiological Society of India revealed that 177,240 percutaneous coronary intervention procedures were performed, which was 16.4% higher than the previous year. Similarly, the Indian Council of Medical Research reported that about 7.5 in 100,000 men are affected by prostate cancer in India annually; prostate cancer treatment involves guidewires.

The improvement in guidewires is another factor contributing to the growth of the market. To simplify complex surgeries, guidewire manufacturers are now developing technologically innovative products. For instance, features such as improved torque response, tip flexibility, and portability are offered by advanced neurovascular guidewires. Magnetic navigation technology, super elastic hydrophilic coating, and medical infusion are some other technological advancements that guidewires come with. An example of improved products is the Motion 2-in-1 Hybrid Wire Guide for urology procedures, launched by Cook Medical LLC in 2017.

Request to Get the Sample Pages at:

https://www.psmarketresearch.com/market-analysis/guidewires-market/report-sample

The increasing number of chronic and lifestyle-associated diseases is a major driving factor for the guidewires market. Chronic conditions such as hypertension, diabetes, and hypercholesterolemia tend to occur due to poor lifestyle choices and increasing age. These can lead to chronic obstructive pulmonary disease, heart diseases, some types of cancer, metabolic syndrome, and obesity. In 2015, the Organization of Economic Cooperation and Development published a report that stated that 19.5% of the adult population in the OECD countries was obese.

To combat the abovementioned diseases, the demand for minimally invasive surgeries is increasing, which is driving the guidewires market forward. The rising volume of interventional procedures such as percutaneous transluminal coronary angioplasty and percutaneous transluminal angioplasty due to the increasing prevalence of CVDs in developed countries are aiding in the growth of the coronary guidewire treatment procedures. Eurostat reported that the number of laparoscopic colectomy procedures per 100,000 residents increased to 29.8 in 2015 from 26.4 in 2010.

The segments of the guidewires market are geography, material type, end user, product, and application. The application segment is subdivided into gastroenterology, coronary, neurovascular, peripheral, and urology.  In 2017, with 36.9% contribution, the coronary subdivision was the largest application area of guidewires. This is mainly attributed to the rising incidence of cardiac problems across the world. The World Health Organization mentioned that about 31.0% of the global deaths occurred due to cardiovascular diseases in 2015.

On the basis of end user, the categories are ambulatory surgical centers, hospitals and diagnostic clinics, and others. In 2017, hospitals and diagnostic clinics were the largest category in the guidewires market, holding a revenue share of 86.9%. This category is also expected to exhibit the fastest growth during the forecast period due to the increasing number of such healthcare centers across the world and the high volume of MISs performed here.

Therefore, the market for guidewires is projected to flourish during the forecast period owing to the growing chronic disease burden.