Guidewires Market size worth over $1.2bn by 2026

Guidewires Market size is set to surpass USD 1.2 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Growing number of chronic conditions in developing markets will drive the guidewires market share in the coming years. Unhealthy habits such as smoking, alcohol consumption, coupled with a sedentary lifestyle, will augment the incidence of chronic disease.

 

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Technological advancements in guidewires are expected to boost the demand for minimally invasive surgical procedures. For instance, Cook Medical announced the launch of 2-in-1 hybrid guidewire for urology procedures. This system provides features of a nitinol access guidewire and core safety guidewires. This will enable surgeons to avoid use of two wire guides for the procedure, thereby saving both time and making the system more cost effective. Advantages associated with minimally invasive surgeries such as smaller incision length, less discomfort, shorter hospitalization stay and less blood loss during surgery make it a preferable treatment option.
 

Risk associated with guidewire may slow down the market growth

Guidewires have several risks associated with their usage and can lead to complications that can be fatal. Guidewires can perforate or puncture a vessel, or the cardiac chambers. Other complications arising from guidewires are cardiac arrhythmias, cardiac conduction abnormalities, and loss of guidewire in the vascular system. This could serve to dissuade several potential patients from undergoing procedures involving guidewires
 

Introduction of novel guidewires is projected to propel the market expansion

Global Guidewires Market

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Hybrid material segment in the guidewires market are predicted to witness 9.2% growth till 2026 driven by the varied benefits of hybrid guidewires over conventional guidewires. Hybrid guidewires are made of various combination such as nickel with titanium, stainless steel with nickel and others. Hybrid guidewires are commonly utilized in the field of urology due to its advantage of atraumatic tip.
 

Non-coated guidewires deemed to have a sluggish growth

The non-coated guidewires segment accounted for over 18.5% market share in 2019 led by the minimal adoption of traditional guidewires owing to the introduction of hybrid guidewires. Non-coated guidewires have few limitations when compared to the novel hybrid guidewires. For example, traditional guidewires had relatively poor tip support and also lacked durability that further minimized its adoption in healthcare settings. Moreover, non-coated guidewires reduce the friction and increase the trackability of the wire.
 

Browse key industry insights spread across 469 pages with 978 market data tables & 19 figures & charts from the report, Guidewires Market Size, By Material (Nitinol, Stainless Steel, Hybrid), By Coating (Coated {Hydrophilic Coating, Anti-thrombogenic/Heparin Coating, Hydrophobic Coating, Silicone Coating, Tetrafluoroethylene (TFE) Coating}, Non-coated), By Application (Coronary Guidewires, Peripheral Guidewires, Urology Guidewires, Neurovascular Guidewires) By Diameter (0.014-inch, 0.018-inch, 0.025-inch, 0.032-inch, 0.035-inch, 0.038-inch), By Length (80 cm, 120 cm, 145 cm, 150 cm, 180 cm, 260 cm, 300 cm, 450 cm), By End-use (Hospitals, Ambulatory Surgical Centers, Research laboratories), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/guidewires-market-report
 

The rise in urological conditions will spur the demand of guidewires market

Urology application segment is estimated to attain a CAGR of 5.4% through 2026 on account of increase in urological conditions such as prostate cancer, bladder collapse, erectile dysfunction, and prostatitis among others.
 

0.014-inch wires provide efficient transmission of torque energy for precise response and control that will foster the segment growth

0.014-inch wire are designed for treating arteries below the knee. These wires provide efficient transmission of torque energy for precise response and control. The wires are suitable for majority of interventions and reduce the tip load.  Additionally, guidewires can be coated with material such as heparin or silicone to make them hydrophilic or hydrophobic. This simplifies the insertion of guidewires and will increase product demand and segment share.
 

Use relatively shorter guidewires will increase the product demand

The guidewires market for 180 cm segment held 27% of revenue share in 2019 impelled by ease in use of relatively shorter guidewires by single operators. Shorter guidewires are used with rapid exchange catheters, these require less space and allow for improved opacification of the artery, which improves patient outcomes.
 

Rise in demand of guidewires in ambulatory surgical centers will create lucrative opportunities for key players in the market

The increase in number of chronic diseases and the growing adoption of minimally invasive procedures will drive the guidewires market share during the forecast period. With advancements in minimally invasive guidewires, the demand for minimally invasive surgical procedures is showcasing high growth. There has been increasing demand for minimally invasive surgical procedures to prevent post-operative trauma and complications. Patients suffering from various chronic disorders undergo minimally invasive techniques to experience less pain, reduced costs of treatment, and recovery time.
 

Adoption of guidewires is anticipated to increase in the APAC region due to the advent of various ailments

The Asia Pacific guidewires market is poised to expand at more than 6.3% CAGR between 2020 and 2026 owing to growing demand for minimally invasive procedures. With increasing number of coronary artery disease, the demand for coronary guidewires will grow over the coming years.
 

In addition, developments in reimbursement scenario for percutaneous coronary intervention procedure will have a positive impact on the industry growth. For instance, in Japan, due to rising income levels and healthcare expenditures, the primary healthcare services have improved. Also, the healthcare policy providers introduce reimbursement for variety of surgical procedures that has augmented the business growth. Also, majority of the hospitals in the region offer technologically advanced treatments with employment of cutting-edge and sophisticated equipment.
 

Market leaders are focusing on launching technologically advanced products

Some of the companies operating in the global guidewires market are Cardinal Healthcare, Medtronic plc, Boston Scientific Corporation, Asahi Intecc CO., Ltd and Abbott Laboratories, among others.
 

The market participants are focusing on launching novel and innovative guidewires for a range of applications. Also, major players have started to sell its products in other regions to expand its geographical presence and thereby increasing its revenue sale.
 

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