According to a recent report by Transparency Market Research (TMR), the global guidewires market is anticipated to register a steady CAGR of 6.2% within the forecast period from 2017 and 2025. In 2016, the market was valued around worth of US$1.6 bn. This valued is expected to reach around worth US$2.7 bn by the end of 2025. Based on product, the coronary guidewires segment held the maximum share in the entire market due to noteworthy rise in the cases of cardiovascular illnesses all over the world. Geographically, at present, North America region accounts for major share in the market. This can be credited to the rise in lifestyle-related ailments, growing popularity of sophisticated guidewires, increase in adoption of minimally invasive surgical processes, and presence of several major players in the region.
Rising Cardiovascular Diseases Makes Coronary Guidewires Leading Product Segment
Product-wise, the main segments of the global guidewires market are coronary guidewires, peripheral guidewires, neurovascular guidewires, urology guidewires, radiology guidewires, gastroenterology guidewires, and other guidewires (otolaryngology and oncology). Among them, the segment of coronary guidewires account for maximum share in the market because of the alarming increase in instances of cardiovascular diseases, worldwide. Their demand is particularly high in developed countries where the interventional procedures such as percutaneous transluminal coronary angioplasty (PTCA) and percutaneous transluminal angioplasty (PTA) is comparatively higher. Besides, unveiling of better products from time to time is also boosting their uptake in the market.
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The peripheral guidewires form the second-most lucrative product segment because of the rising prevalence of peripheral artery diseases (PAD) resulting from changing lifestyles leading to high blood pressure, high cholesterol, and diabetes. Vis-à-vis growth rate, the urology guidewires will likely register a relatively higher CAGR on the back of new product launches every now and then, rising adoption of guidewires in interventional urology procedures, and growing patient pool for minimally invasive procedures.
Increased Adoption of Minimally Invasive Processes to Uptake Market Growth
Some of the key factors propelling the growth rates of the global guidewires market are rapid increase in the adoption of minimally invasive processes, for the treatment of various ailments, such as prostatic stenting, angiography, transurethral needle ablation, transurethral electroporation of the prostate, and transurethral microwave. Moreover, rise in per capita expenses in healthcare sector is another contributing factor in market growth.
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Currently, the end-use segment of hospitals is fueling the highest demand in the global guidewires market due to increased preference by the patients for minimally invasive interventional procedures. Besides, clinics is another segment which is supporting the substantial demand in the market, coupled with rise in number of ambulatory surgical centers.
One of the TMR analysts says, “There has been a notable advancement in guidewire tips technology, in terms of magnetically rich guidewires. As a result of this, there has been a increased possibilities regarding guidewires application for diagnostics to therapeutic purposes. This is another important factor augmenting the demand for guidewires market all across the globe within the forecast period.”
Non-Reusable Property of wires to Hinder its Market Demand
However, on the other hand, high cost of guidewires because of so much of time spent in their research and development activities is a factor that is likely to hamper the market growth in coming years. Moreover, since these wires are non-reusable in nature, which makes them a non-preferred choice among the customers.