Global Pressure Guidewire Revenues will Surpass US$ 1 Billion Benchmark by End of 2024
Increasing healthcare expenditure on treatment of cardiovascular diseases continues to propel the demand for pressure guidewires in the world. Cardiovascular treatment procedures developed over the years have integrated the use of pressure guidewires for navigating through blood vessels or lesions.
The instrumental contribution of pressure guidewire as a medical device in assisting the highly-intrinsic cardiovascular surgeries, coupled with the rising preference to angioplasty, helps it gain surplus demand from all corners of the world. A recent study conducted by Persistence Market Research projects that in 2017, global pressure guidewire revenues are estimated to reach US$ 538.02 million.
By the end of 2024, these revenues will exhibit a CAGR of over 10%, effectuating the procurement of an estimated US$ 1,084.6 million in terms of global market value.
The global market for pressure guidewires continues to surge as medical organizations and research institutes are striving for the development of fractional flow reserve (FFR) technology. Advancements in FFR technologies will not only promote the use of pressure guidewires, but are intended to bring forth enhanced and more effective ways for angioplasty procedures such as PTA and PTCA.
According to Persistence Market Research, the global pressure guidewire market will witness significant contribution from Koninklijke Philips N.V. (Volcano Corporation) and Abbott Laboratories (St.
Jude Medical, Inc.) – global industry leaders in medical device manufacturing. While these two players are expected to account for nearly two-third of global pressure guidewire revenues, the market will also see considerable involvement of North American companies Opsens, Inc.
(Canada) and Boston Scientific Corporation (US).
Global Pressure Guidewire Market: Regional Overview
Key findings from the report indicate that North America will retain its dominance in the global pressure guidewire market by accounting for over 30% revenue share in 2017 and beyond. Nevertheless, the pressure guidewire market in Asia-Pacific (APAC) is anticipated to register fastest growth at 11.5% CAGR through 2024.
While the Middle East & Africa (MEA) region might remain comparatively less lucrative for sales of pressure guidewires, Europe and Latin America are collectively projected to account for nearly US$ 400 million of global market value by the end of forecast period.
Surging Demand for Flexibly-tipped Pressure Guidewires
In 2016, over 60% of global pressure guidewire revenues were accounted by sales of flat-tipped pressure guidewires. While the report predicts that demand for flat-tipped pressure guidewires will remain higher throughout the forecast period, flexible tip pressure guidewires are also expected to gain traction as a product.
In 2017, global sales of flexible tip pressure guidewires will be bringing in an estimated US$ 202 million. Compared to flat-tipped pressure guidewires, revenues from sales of flexible tipped pressure guidewires will register increment at the highest CAGR – 11%.
In the report, titled “Pressure Guidewire Market: Global Industry Analysis and Forecast, 2016-2024,” Persistence Market Research has projects that optical fiber technology will be witnessing higher preference for manufacturing and operating pressure guidewires. Nonetheless, revenues accounted by pressure wire technology are anticipated to remain higher and will surpass US$ 500 million by 2021.
The report has identified hospitals as the largest end-user of pressure guidewires, contributing to nearly three-fourth of global pressure guidewire market value. Independent catheterization laboratories will also remain a key end-user, while demand for pressure guidewires will be comparatively less in ambulatory surgical centers.
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