The rising prevalence of chronic and lifestyle-associated disorders, encouraging reimbursement scenario, and the rising demand for minimally invasive surgeries (MISs) helped the guidewires market reach $816.3 million in 2017.
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.
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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.
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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.
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