Guidewires Market Size by Product (Coronary, Peripheral, Neurovascular, Urology), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, India, China, Japan, Brazil, Mexico, South Africa), Application Growth Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023
Published Date: May 2016 | 105 Pages | Report ID: GMI425 Report Format: PDF
Guidewires Market Size was over USD 1.7 billion in 2015, with growth expectations of over 5.5% from 2016 to 2023.
Germany Guidewires Market, by Product, 2012-2023 (USD Million)
Geriatric population is prone to urological, neurological, and cardiovascular diseases. Tremendous rise in geriatric population coupled with increasing prevalence of cardiac diseases should catapult global guidewires market growth. WHO estimates that the global population with more than 65 years should increase from 7% in 2000 to 16% by 2050.
Cardiovascular diseases are among the major causes of geriatric deaths in developed as well as developing countries. Growing use of guidewires and cardiac catheters for diagnostic and interventional purposes should stimulate guidewires market growth over the forecast period.
Growing preference for minimally invasive surgical procedures associated with reduced cost due to less recovery time and reduced hospital stays led to its widespread acceptance in surgical fraternity. Extensive use of guidewires in these surgical interventions should fuel guidewires market growth.
Rapid technological advancements have created immense growth opportunities for industry participants. Key market players are developing technologically advanced and innovative guidewires. For instance, the advanced neurovascular guidewires have improved tip flexibility, portability and advanced torque response. Other technological advancements in guidewires include magnetic navigation technology, medical infusion and super elastic hydrophilic coated guidewires. Magnetic navigation is now rapidly growing as a useful technology in the field of interventional cardiology. The trend for technological advancements is expected to boost guidewires market growth.
High product cost and lack of skilled professionals should hinder industry expansion. Furthermore, presence of poor healthcare infrastructure, inadequately equipped healthcare systems and lack of reimbursement scenario will restrain guidewires market growth.
Guidewires Market, By Product
Coronary guidewires market size was over USD 770 million in 2015, with expectation to witness more than 4% CAGR; driven by rising geriatric population prone to peripheral vascular diseases. As per AHA, U.S. alone has more than 12 million patients suffering from peripheral arterial disease.
Neurovascular guidewires market witnessed healthy gains of over 6.5% from 2016 to 2023, with expectations to exceed USD 110 million by 2023. Increasing prevalence neurovascular disorders, rapid technological advancements, and rising demand for minimally invasive neuro-vasculature surgeries should boost demand.
Urology guidewires market was valued more than USD 330 million in 2015 with expectations to exceed USD 530 million by 2023. Rising prevalence of kidney disorders, increasing geriatric population and rising healthcare expenditure should drive the urology guidewires market size.
Guidewires Market, By Region
U.S. guidewires market witnessed more than 4.4% CAGR over the forecast period to exceed USD 760 million by 2023. Improved diagnosis of neurovascular, and cardiovascular disorders will drive business growth. Additionally, availability of technologically advanced products and rising preference for minimally invasive surgeries will further complement business growth.
Japan guidewires market held more than 38% of regional revenue with its target market size expected to exceed USD 210 million by 2023. Large geriatric population base is one of the prime factors contributing to business growth. Furthermore, rising incidence of urology, cardiovascular, and neurovascular disorders, growing medical tourism and improved access to healthcare facilities due to rise in income levels should fuel industry growth.
Competitive Market Share
Global guidewires market is fairly consolidated in nature with few major players such as Codman Neurovascular, Abbott Laboratories, Terumo Corporation, and Boston Scientific Corporation accounting for significant industry share in 2015. Medtronic, Cordis Corporation, Cook Medical, Asahi Soft, B. Braun, Merit Medical, and St. Jude Medical are some of the other prominent industry participants.
Most of the key companies focus on alliances and acquisitions as their major strategy. For instance, in August 2014, Boston Scientific and ASAHI INTECC entered into a joint venture for developing FFR (fractional flow reserve) coronary guidewires, using advanced components from ASAHI INTECC.
Guidewires Industry Background
Guidewires have indispensible applications in the field of minimally invasive surgeries due to its capacity to render accurate and effective results. Growing adoption of guidewires among medical fraternity, increasing R&D investments and growing number of market entrants are propelling guidewires market growth. Lack of appropriate reimbursement policies, high cost of surgeries will hold back industry growth. However, impact of this restraining factor should decrease over the forecast period due to introduction of cost effective procedures such as balloon sinuplasty, and highly efficient nature of these surgeries.
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