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Guidewires are steering medical devices used to guide other medical devices inside the body to access diagnostic or therapeutic sites during minimally invasive surgeries and procedures. Guidewires allow access through the body’s natural pathways, usually by way of arteries and veins to reach the treatment location. They are particularly useful in procedures like neuroendovascular surgery, cardiology, urology, and gastroenterology procedures. Guidewires have been gaining increased demand owing to the rising preference for minimally invasive procedures over traditional open surgeries due to benefits like reduced recovery time, minimal invasiveness, and scarring. The demand for more technologically advanced guidewires to support minimally invasive procedures across different therapeutic areas augments growth of the global guidewires market.
The global guidewires market is estimated to be valued at US$ 8.1 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for minimally invasive guidewires procedures remains a key factor driving growth of the guidewires market over the forecast period. Furthermore, technological advancements in guidewires leading to enhanced performance and greater ease of use are further fueling adoption. Guidewires integrated with advanced features like hydrophilic coatings, steerable tips, and radiopaque markers for enhanced visibility under fluoroscopy allow complex procedures to be performed through minimally invasive routes that were not possible few years ago. This in turn widens scope of clinical applications and promotes usage of guidewires. Another pivotal driver augmenting market growth includes growing prevalence and incidence rates of target diseases like cardiovascular, urological and neurovascular disorders that require guidewires assisted procedures worldwide.
Segment Analysis
The global guidewires market is segmented into hydrophilic and non-hydrophilic guidewires. Among these, the hydrophilic guidewires segment currently dominates the market due to their ability to smoothly navigate through vessels without friction and offer better feel during procedures. These guidewires coatings allows them to be easily maneuvered through complicated lesions.
PEST Analysis
Political: Regulations regarding medical device approval and import/export are impacting guidewire sales. Economic: Rising healthcare spending is driving demand for minimally invasive procedures using guidewires. Social: Growing geriatric population and chronic diseases are leading to increased adoption of guidewires. Technological: Advancements like diagnostic imaging compatibility, steerability and support for complex cardiac procedures are boosting adoption.
Key Takeaways
The global guidewires market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises North America currently generates the highest revenue and is expected to continue dominating owing to the rising prevalence of CVDs and availability of advanced healthcare facilities in the region.
Key players operating in the guidewires market are Boston Scientific Corporation, ASAHI INTECC Inc., Cordis Corporation and C.R. Bard. Key players focus on new product launches. For instance, Boston Scientific Corporation launched the Rubicon Elite Guiding Catheter and Viance Guidewire.
The global guidewires market size for 2023 is US$ 8.1 Bn. Regional analysis related content comprises North America is expected to remain the largest market for guidewires during the forecast period. Factors such as the rising prevalence of cardiovascular diseases along with availability of advanced healthcare facilities are anticipated to drive regional market growth.
Key players related content comprises Key players operating in the guidewires market are Boston Scientific Corporation, ASAHI INTECC Inc., Cordis Corporation and C.R. Bard. Boston Scientific Corporation and Cordis Corporation currently hold a major share of the market. These players continuously focus on new product launches and approvals to sustain their market position. For instance, in 2021, Boston Scientific Corporation received FDA approval for its Interlock-35 Fibered IDPS stent.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
