Guidewires Market projected to exceed $2.5 billion by 2023
Published Date: February 2, 2017 Author: Global Market Insights, Inc.
Guidewires Market size is estimated to reach over USD 2.5 billion by 2023; according to a new research report by Global Market Insights, Inc.
Growing prevalence of urology, neurovascular, and cardiovascular disorders due to the increase in elderly population, and shift in trend towards minimally invasive surgeries are major stimulating factors for guidewires market. The global industry is dominated by coronary guidewires with market size in excess of USD 750 million for 2015.
Global guidewires industry marked by various technological advancements such as hydrophilic coated super elastic guidewires, medical infusion, and magnetic navigation technology. In addition expanded application of guidewires in facilitating cross-resistant lesion in vasculature should further complement the industry growth.
Strong usage trends in minimally invasive surgeries complemented by rising demand for minimally invasive surgeries should propel the guidewires market. As compared to older surgeries, minimally invasive surgeries include lower cost for doctor and patients, low recovery trun-around, and achieve quick return to normal activity. These benefits offered by minimally invasive surgeries have led to their widespread adoption.
Guidewires market was dominated by coronary guidewires valued at over USD 770 million in 2015. The highest revenue contribution of coronary guidewires should be credited to growing prevalence of cardiovascular diseases due to unhealthy habits of drinking, smoking, and poor diet. Also, rising patient awareness, and increase in the number of catheterization labs, interventional cardiologists, and radiologists should add to the industry growth.
Coronary guidewires are gaining popularity and slated to reach over 1 billion by 2023. Favorable government initiatives in terms of reimbursements of devices, and growing competition among manufacturers to introduce affordable and quality products should further drive the coronary guidewires market.
Neurovascular guidewires market share is projected to expand with more than 6% CAGR over the projected timeframe. 2015 Urology guidewires market may see to exceed over USD 300 million. Increase in prevalence of kidney disorder, growth in aging population and healthcare spend trends will drive urology guidewires market.
U.S. guidewires market size was estimated over USD 540 million in 2015, and forecast to grow at CAGR of more than 4.3% through 2023. U.S. guidewires industry space should be driven by increase in the diagnosis rate of CVD and NVD, technology innovation, and shift in trend towards minimally invasive surgery.
Germany, France, and Spain should witness healthy growth as compared to the U.S. This is due to relatively fast and flexible approval process of the European Commission, which attracts manufacturers to expand in this region. Moreover, emerging economies of Eastern Europe such as Poland and Russia offer good growth potential for the guidewires market.
Browse key industry insights spread across 105 pages with 51 market data tables & 14 figures & charts from the report, “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” in detail along with the table of contents:
APAC driven by China, Japan, and India offers significant investment potential over the forecast period. These countries are now witnessing rising awareness regarding early diagnosis of cardiovascular, neurological, and kidney disorders in order to prevent the economic burden. Moreover, better access to healthcare and rising medical tourism are other trends analyzed that should propel the guidewires market growth in APAC.
The demand for guidewires is predicted to rise at a faster rate in the Asia Pacific due to underserved needs of large patient base, introduction of healthcare reforms, and better access to treatments sue to rising income levels.
The presence of stringent regulatory compliances for product approval, and high capital expenditure required for product development makes it difficult for the entry of new players in the peripheral guidewires market, keeping the threat of new entrant moderately low in forecast timeframe. Codman, Terumo Corporation, Abbott and Boston Scientific Corporation accounted for major global 2015 industry share.
Guidewires market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2012 to 2023, for the following segments:
Guidewires market by product
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East
- South Africa