The Demand of Guidewires market is huge. The market study analyzes each market player encompassed in the market study as per its market share, production footprint, current launches, agreements, ongoing R&D projects, and market strategies. SWOT analysis has been performed in the market study to investigate the strengths, weaknesses, opportunities and threats of each player.
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Adoption of interventional radiology techniques in image-guided diagnosis and treatment of diseases has increased in the past few years. Interventional radiology is highly suitable for gastrointestinal, hepatobiliary, genitourinary and pulmonary complications. The benefits of such minimally invasive procedures in the form of minimal blood loss, shorter hospital stays and quick recovery have made interventional radiology techniques more popular.
The increasing preference for interventional radiology techniques has bolstered the demand for guidewires and is anticipated to continue doing so in the future. The global guidewires market is poised to register a positive growth trajectory, expanding at a CAGR of 6.1% during the forecast period (2020-2025). The market is pegged to reach a value pool of US$ 2.6 Bn by the end of 2025.
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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 of Global Guidewires Market Study:
- By product, the coronary guidewires segment shall capture a major chunk of the global guidewires market. Rising cardiovascular diseases, easy navigability across blood vessels and faster delivery of treatment are key growth drivers. A CAGR of 6.6% is predicted for the forecast period.
- However, urology guidewires are poised to grow the fastest, with a CAGR of 7.0%. Rising prevalence of urological dysfunction has facilitated increased usage of urology guidewires. These guidewires offer an atraumatic hydrophilic tip, facilitating negotiating of compact areas. The segment shall capture 15% of the total guidewires market.
- By end-use, hospitals are anticipated to capture significant market share, owing to expanding hospital infrastructure, adoption of hygienic practices and along with presence of skilled personnel for the surgery. Projected market share of hospitals accounts for two-fifth of the overall guidewires market.
- North America is projected to retain market dominance, expanding by 1.5x during the forecast period. Sophisticated healthcare infrastructure and presence of important guidewires manufacturers is anticipated to leverage North America’s growth.
- Asia-Pacific is anticipated to grow rapidly, registering a CAGR of 7.2%. Rising incidence of health diseases, favorable business policies and economic development have motivated key players to establish their businesses in these countries. There is a high demand by consumers for high quality guidewire brands.
- Key manufacturers have directed a significant portion of their funds and research towards combating the COVID-19 pandemic. Companies such as Abbott Laboratories have directed their research in developing novel testing methods to detect the presence of COVID-19 amongst patients. For instance, the company received FDA clearance for the fastest available molecular point-of-care for detecting COVID-19 in as little as five minutes. The company is concentration on producing nearly 50,000 units daily of its ID NOW testing boxes.
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- With respect to supply-chain disruptions, companies such as Terumo International have reported that their production has not been affected much. This is due to the company undertaking strict countermeasures, which includes restricted movement between business locations, encouraging non-production staff to work from home and staggering shift timings.
“The global guidewires market is primarily driven by an augmented demand for interventional radiology, thus propelling the usage of different types of guidewires. This burgeoning demand for guidewires is motivating key manufactures to invest in research and development, thus boosting market prospects,” concludes a Fact.MR analyst.
Enhanced Patient Comfort to be Key Growth Stimulant
A fragmented market, the global guidewires market consists of several players, with top four players comprising half of the total market. These players are: Abbott Technologies, Terumo Medical Corporation, Integer Holdings Corporation and Boston Scientific Corporation. These players concentrate on developing guidewires for various therapeutic applications and providing improved patient comfort via lubricous coating.
Abbot Technologies manufactures new products such as the Hi-Torque Command 18 018 guidewire. The device combines the durability of nitinol and the push, torque and support of stainless steel to provide patient comfort and easy surgery. Another product, titled PressurewireTM X assesses hemodynamics using either FFR fractional flow reserve or Resting Full Cycle Ratio (RFR) measurements.
Terumo Interventional Systems, another market player, offers hydrophilic and novel hybrid guidewires in nitinol core for coronary and vascular interventional procedures. Its products include the Long Taper GLIDEWIRE, the J-tip GLIDEWIRE and GLIDEWIRE TORQUETM Device. These glidewires provide unmatched lubricity and lubricity retention. This ensures consistency throughout the entire operation.
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The Guidewires Market research answers important questions, including the following:
- Why Guidewires Market players are focusing on the business expansion in region?
- Which regulatory authorities have granted approval to the application of Guidewires Market
- What are the pros and cons of the Guidewires Market the environment?
- Why players are targeting the production of segment?
- What are the strategies implemented by emerging players in the global Guidewires Market?
Highlighted points of Guidewires Market Report:
- Covers the varying market dynamics of the industry.
- In-depth analysis of market risks, opportunities, limitations, and growth of the market.
- Includes market driving and restraining factors.
- Participants profiles along with product description, overview, and business data.
- Include details of five years of forecast analysis by types, regions, and applications.
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