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Endoscopy Guidewire Market to Drive Huge Growth Between 2021 to 2031
A guidewire is a thin, flexible, medical wire inserted into the body to guide a larger instrument, such as a catheter, central venous line, or feeding tube
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Key Drivers and Opportunities of Global Endoscopy Guidewire Market
Surge in awareness and rise in literacy rates have increased the rate of adoption of advanced products by the population. This is expected to propel the global endoscopy guidewire market.
Moreover, government and private sector organizations are engaged in spreading awareness about chronic diseases. This increases the number of surgeries and subsequently, drives the market.
Cardiovascular and pulmonary diseases are more prevalent among the population. Cardiothoracic surgery has become commonplace in most developed countries in the world. An article published in Nagoya Journal of Medical Science stated that the number of cardiovascular surgeries in Japan is expected to reach 55,000 by 2035.
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Advantages of endoscopic surgical procedures include endoscopic surgical procedures are less painful, require a small incision, short hospital stay, quick recovery time, and have reduced blood loss. This is leads to shift in preference toward endoscopic surgery. This contributes to a rise in the demand for endoscopic surgery products and consequently, fuels the market.
Endoscopically assisted surgery is gaining popularity and is becoming a tool commonly employed by surgeons to assist in and simplify a bit of the various complicated procedures that often feel the necessity for more comprehensive surgical exposure for visualization. This, in turn, boosts the role of endoscopes in various surgeries. Thus, an increase in minimally invasive surgeries is anticipated to drive the endoscopy guidewire market.
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North America to Dominate the Global Endoscopy Guidewire Market
In terms of region, the global endoscopy guidewire market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global endoscopy guidewire market during the forecast period.
Population demographics have been fluctuating for the last few decades. The population aged 65 years and above is gradually increasing across the globe. Currently, there are more people aged 65 and older in the U.S than at any other time in U.S. history. Thus, a surge in geriatric population coupled with chronic diseases is likely to propel the market.
The endoscopy guidewire market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Governments in developing countries are making significant investments toward modernization of healthcare infrastructure, which is likely to increase access to healthcare. This is expected to increase the demand for advanced technologies in the region.
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Key Players Operating in Global Endoscopy Guidewire Market
The global endoscopy guidewire market is fragmented with the presence of international as well as local players. A large number of manufacturers hold major share in their respective regions. Demand for endoscopy guidewire products has increased in emerging as well as developed markets owing to rise in awareness regarding technological advanced products. Growth strategies adopted by leading players are likely to drive the global market. For instance, in May 2019, Olympus announced the U.S. launch of RevoWave Endoscopic Guidewire; and the CleverLock Guidewire Locking Device.
Key players operating in the global endoscopy guidewire market are:
Boston Scientific Corporation
Medorah Meditek Pvt. Ltd
Olympus
CONMED Corporation
Terumo Medical Corporation
STERIS
Cook
Shaili Endoscopy
Changzhou JIUHONG Medical Instrument Co., Ltd
Jiangsu Vedkang Medical Science and Technology Co., Ltd.
ASAHI INTECC CO., LTD
Merit Medical Systems
Medtronic
HOBBS MEDICAL INC.
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