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Guidewires Market size to exceed $1.5bn by 2028

  • Published Date: December 13, 2018

Guidewires Market size is set to exceed USD 1.5 billion by 2028, according to a new research report by Global Market Insights Inc.

Rising number of chronic diseases in developing countries is expected to drive the guidewires industry in the projected period. Sedentary lifestyle accompanied by improper diet, consumption of tobacco, alcohol and smoking contribute to the increasing cases of chronic diseases. According to World Health Organization (WHO) estimates, in 2021, approximately 133 million individuals in the U.S. suffer from at least one chronic disease. Such increasing number of patient population suffering from chronic diseases will boost the demand for guidewires in surgical procedures.


Technological advancements in minimally invasive procedure will foster the market trends

Technological advancements in minimally invasive surgeries are expected to fuel the demand for minimally invasive surgical procedures. For instance, Boston Scientific offers sensor-based PTFE-nitinol guidewire with hydrophilic tip 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 resources, making the system more cost effective. Further, 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, thereby fueling industry statistics.

High cost associated with guidewires may hamper the guidewires market growth

High cost of guidewires could limit the market expansion in the short-term forecast period. R&D and introduction costs of advanced surgical devices increase the cost of medical devices. This increases overall healthcare costs and could potentially reduce the adoption rate. According to the Fractional Flow Reserve versus Angiography for Multivessel Evaluation (FAME) study, the average cost of percutaneous coronary intervention using guidewires was about USD 14,315. Thus, high costs of guidewires will be a market impeding factor in the short-term forecast period. However, decreasing costs due to increased supply and favorable policies could reduce the costs in the future.

Hybrid guidewires offer varied benefits over conventional guidewires

Based on material, the guidewires market is segmented into nitinol, stainless steel, hybrid and others. Hybrid guidewires are expected to grow with a significant CAGR of 7.6% during the forecast timeframe. The hybrid guidewires are made of various combinations such as nickel with titanium and stainless steel with nickel among others. These guidewires offer varied benefits over conventional guidewires. Hybrid guidewires can maximize the benefit of hydrophilic wires and are widely used in urology procedure. Also, hybrid wires have atraumatic tips which reduce chances of trauma arising from hydrophilic wires. This will increase product demand and foster the market expansion.

Non-coated guidewires are estimated to have a slow growth

Based on coating, the guidewires market is classified into coated and non-coated. Non-coated guidewires segment accounted for over 18.8% of the total market share in 2021. The segment is expected to register a steady growth throughout the forecast period. One of the prominent factors for the steady segmental growth is attributed to the minimal adoption of traditional guidewires owing to the introduction of coated, hybrid guidewires.

Browse key industry insights spread across 460 pages with 977 market data tables & 21 figures & charts from the report,Guidewires Market Forecasts 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, 2022– 2028in detail along with the table of contents:


Rising prevalence of urological conditions across the globe will the spur the demand of guidewires

Based on application, the guidewires market is segmented into coronary guidewires, peripheral guidewires, urology guidewires, neurovascular guidewires and others. Urology guidewires accounted for USD 199.6 million revenue in 2021 and is expected to grow at a CAGR of 5% during the forecast period. The rising prevalence of urological disorders such as kidney stones, urinary tract infections, prostate cancer, and bladder control problems among others have augmented the market forecasts.

Efficient transmission provided by the 0.014-inch guidewires for precise control and response will fuel the segmental landscape

By diameter, the guidewires market is segmented into 0.014-inch, 0.018-inch, 0.025-inch, 0.032-inch, 0.035-inch and 0.038-inch guidewires. O.014-inch segment accounted for USD 391.0 million revenue in 2021. The 0.014 guidewires are designed to address surgeons needs for treating arteries below the knee. These wires transmit torque energy efficiently that allows precise control and response as compared to traditional coil guidewires. Also, these guidewires reduce the tip load and are suitable for majority of interventions. Moreover, these guidewires are coated with hydrophilic coatings such as silicone and heparin and the nitinol distant core enhances the wire durability. These characteristics simplify the insertion of guidewire, thereby supplementing the market outlook.

Use of relatively shorter guidewires will boost the product demand

Based on length, the guidewires market is classified into 80 cm, 120 cm, 145 cm 150 cm, 180 cm, 260 cm, 300 cm, 450 cm and others. The 180 cm segment held 28% revenue share in 2021 and is expected to register a significant CAGR over the forecast timeframe. The use of shorter guidewires is associated to increasing demand. Shorter guidewires are manageable and easy to use for single operator. They are used with rapid exchange catheters as they require less space in guiding the catheter and allows improved opacification of the coronary artery, which result in better patient outcomes. Thus, the above listed factors are expected to propel the product adoption.

Rising demand for minimally invasive surgical procedure in ambulatory surgical centers will fuel overall industry forecasts

By end-use, the guidewires market is bifurcated into hospitals, ambulatory surgical centers, research laboratories and others. The ambulatory surgical center is expected to reach USD 506.8 million by 2028. High segmental growth is attributable to increasing adoption of minimally invasive procedure and rising prevalence of chronic disease. Also, with advancements in minimally invasive guidewires, the demand for minimally invasive surgical procedures is witnessing rising demand. Further, there has been growing 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. Thus, owing to such aforementioned factors, patient tend to opt for ambulatory surgical centers for the surgery, thereby fostering the industry outlook.

Availability of latest technologies and medical equipment in the region will drive the European industry size

Europe guidewires market is expected to expand at a healthy CAGR of over 4.2% during the forecast timeframe. Major factor driving European market is availability of latest technologies and medical equipment that are rarely available in developing regions. Adoption of percutaneous coronary intervention procedure is increasing in developed as well as developing economies of Europe in the last few decades. This can be attributed to the availability of advance guidewire systems that improve precision and control of surgical procedure while offering patients a better quality of operating interventions. Moreover, growing demand for minimal invasive surgical procedures coupled with advanced surgical technologies is expected to drive regional market trends.

Increasing focusing of key players on launching technologically advanced products and business expansion

Some of the major players in the global guidewires market are Cardinal Healthcare, Medtronic plc, Boston Scientific Corporation, Asahi Intecc CO., Ltd and Abbott Laboratories among others. The market players are focusing on launching innovative guidewires for a variety of applications. Major player is focusing on expand its geographical presence by selling its products in another regions, thereby increasing its revenue sale.

Authors: Sumant Ugalmugle, Rupali Swain