The global guidewires market exhibited moderate growth during 2015-2020. The global guidewires market is currently witnessing strong growth. A guidewire is a thin and flexible tube used for introducing, guiding and placing medical devices inside the patient’s body. It is usually manufactured using nitinol, stainless steel, platinum, palladium, bimetal, tungsten and polymers that offer high tensile and torque strength, durability and resistance to fatigue. Guidewires are crucial for conducting vascular interventions and minimally invasive (MI) surgeries, as they are coated with hydrophilic and hydrophobic compounds to increase lubrication and are used for reaching lesions in the blood vessel. These wires also improve device delivery and minimize the risk of vascular injuries, owing to which they find extensive applications in various cardiovascular, gastrointestinal, urology and interventional radiology procedures.
The increasing prevalence of chronic disorders across the globe, along with the growing preference for MI procedures, is one of the key factors driving the growth of the market. Guidewires are primarily used for conducting bariatric procedures and diagnosing and treating various neurological and cardiovascular diseases (CVDs), such as ischemic heart disease, brain aneurysm and nephrolithiasis. In line with this, the utilization of nitinol materials for manufacturing products that offer enhanced biocompatibility, steerability and elasticity are also contributing to the market growth. Additionally, the development of innovative stainless steel and coated guidewires is creating a positive outlook for the market. Other factors, including the rising geriatric population, which is more susceptible to medical ailments, along with the improving healthcare infrastructure, are expected to drive the market further. Looking forward, IMARC Group expects the global guidewires market to grow at a CAGR of around 5% during 2021-2026.
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The report has also analysed the competitive landscape of the market with some of the key players being Abbott Laboratories, AngioDynamics Inc., ASAHI INTECC Co., Ltd., B. Braun (B. Braun Holding GmbH & Co. KG), Boston Scientific, C. R. Bard Inc. (Becton, Dickinson and Company), Cardinal Health, Cook Medical Incorporated (Cook Group), Johnson & Johnson, Medtronic Plc , Merit Medical Systems Inc., Olympus Corporation, Stryker Corporation, Teleflex Medical Inc. and Terumo Corporation.
Key Questions Answered in This Report
The global guidewires market was worth around US$ 2 Billion in 2019.
According to the estimates by IMARC Group, the global guidewires market will exhibit moderate growth during the next five years.
The growing occurrence of chronic medical ailments, such as cardiovascular, urological and neurovascular disorders, especially among the geriatric population is currently driving the market for guidewires.
The emergence of innovative stainless steel and coated guidewires represents one of the key trends in global guidewires market.
Sudden outbreak of the COVID-19 pandemic had negatively impacted the demand for guidewires in conducting various medical procedures to mitigate the risk of coronavirus infection upon hospital visits or interaction with healthcare professionals.
On the basis of the product, the market has been bifurcated into surgical guidewires and diagnostic guidewires. Currently, surgical guidewires hold the largest market share.
On the basis of the material, the market has been classified into nitinol, stainless steel, and others. At present, stainless steel exhibits a clear dominance in the market.
On the basis of the application, the market has been classified into coronary, neurovascular, urology, and others. Among these, coronary holds the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
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