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Guidewires Market Analysis
- Report ID: GMI425
- Published Date: Jan 2023
- Report Format: PDF
Guidewires Market Analysis
Guidewires market share from the nitinol material segment was valued at over USD 411 million in 2022 and is expected to showcase promising growth over the forecast period. Nitinol-based guidewires provide several benefits, including improved longevity, enhanced flexibility, and resistance to corrosion. It is popular for its biocompatibility, super elasticity, and shape memory that allows the wire to bend and regain its original form after use. These features have triggered product use across numerous surgical procedures.
Guidewires market size from the coated segment was nearly USD 1 billion in 2022. Coated guidewires are commonly utilized for complex anatomical structures, especially in interventional procedures. These guidewires provide optimum torque responses for devices that help undertake difficult anatomy. The coatings reduce friction by repelling water. Meanwhile, hydrophobic coatings are used to make the guidewires slippery as they are silicone-based coatings and do not require any additional liquid activation.
Guidewires market share from the urology application segment is forecasted to reach over USD 326 million by end of 2032. Cases of urological illnesses including kidney stones, UTIs, prostate cancer, and bladder control issues have elevated drastically in recent years. According to the American Cancer Society, in 2021, approximately 268,490 people were diagnosed with prostate cancer. Uptake of guidewires to treat such conditions through various medical procedures should spur market forecasts.
Guidewires market from the research laboratories end-use segment is predicted to witness a 3.8% CAGR between 2023 and 2032. Intensifying prevalence of target diseases along with the growing population has driven the need for research activities to develop treatments that employ guidewires. According to the WHO, in 2021, around 10.6 million people had tuberculosis (TB) worldwide. The untapped potential of these medical wires and other materials are studied to advocate its use in various surgical or diagnostic procedures.
Europe guidewires market is expected to surpass USD 457 million by 2032. The region has some of the leading medical device manufacturers that are developing cutting-edge technology and surgical equipment. Percutaneous coronary intervention has become widely used in both developed and developing economies throughout Europe. This is due to the availability of cutting-edge guidewire systems, which enhance the control and precision of the operation while providing patients with better operative care.
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Guidewires Market Scope
