According to a new market research report "Guidewires Market by Material (Nitinol, Stainless Steel, Hybrid), Product (Surgical, Diagnostic (Hydrophilic, Hydrophobic)), Application (Cardiology, Vascular, Neurology, GIT, ENT, Urology, Oncology), End User (Hospital, ASCs) - Global Forecast to 2022", published by MarketsandMarkets™, the report studies the global guidewires market over the forecast period of 2017 to 2022. The market is projected to reach USD 764.0 Million by 2022 from USD 605.2 Million in 2017, at a CAGR of 4.8%.
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Factors such as the rising adoption of minimally invasive surgical procedures across major countries, rising prevalence of target diseases and the increasing applications of guidewires are driving the growth of the market.
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Based on material, the nitinol guidewires segment is estimated to have the largest share of the market in 2017.
Based on material, the market is categorized into nitinol guidewires, stainless steel guidewires, and hybrid guidewires. The nitinol guidewires segment accounted for the major share of the market owing to the increasing applications of nitinol guidewires, the growing number of target medical procedures that utilize nitinol guidewires and growing patient preference for minimally invasive surgeries.
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Based on product, the surgical guidewires segment is expected to witness the highest growth during the forecast period.
On the basis of product, the guidewires market is categorized into diagnostic guidewires (further subsegmented into hydrophilic and hydrophobic diagnostic guidewires) and surgical guidewires (further subsegmented into hydrophilic and hydrophobic surgical guidewires). In 2017, the surgical guidewires segment is expected to account for the largest share of the market.
It is also expected to register the highest CAGR during the forecast period. This can be attributed to availability of reimbursements for vascular treatment procedures across developed countries, increasing number of surgical treatment for coronary, peripheral & neurovascular diseases, and the growing regulatory mandate implemented across developed countries related to the prevention of healthcare associated infections (HAI).
Based on end user, the hospitals, diagnostic centers, and surgical centers segment is expected to witness the highest growth during the forecast period.
Based on end user, the market is segmented into hospitals, diagnostic centers, and surgical centers; ambulatory care centers; and research laboratories & academic institutes. The hospitals, diagnostic centers and surgical centers segment is expected to register the highest CAGR during the forecast period.
This is attributed to ongoing technological advancements in the field of minimally invasive or image-guided medical procedures and growing availability of healthcare reimbursements across major countries for minimally invasive medical procedures that covers guidewires.
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North America is expected to dominate the guidewires market in 2017.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market in 2017, followed by Europe.
Factors such as strong market presence of key OEMs (that replicates into easy availability of guidewires) and the large target patient population base (those undergoing minimally invasive surgical procedures) are driving the growth of the North American guidewires market. However, Asia Pacific is expected to register the highest growth rate during the forecast period.
This can be attributed to increasing number of surgical and diagnostic procedures performed in the region (coupled with the growing burden of target diseases) and modernization & expansion of healthcare infrastructure across key APAC countries.
Key Market Players:
Major players operating in the market include Boston Scientific (US), Abbott (US), Medtronic (Ireland), Terumo (Japan), and Cook Group (US). Other prominent players present in this market include Cardinal Health (US), Olympus (Japan), Johnson & Johnson (US), B. Braun (Germany), C.R. Bard (US), Teleflex (US), and Angiodynamics (US).
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