Guidewires Market Research Report: Growth, Trends, Forecast 2023

A guidewire is a thin and flexible tube used to guide a catheter for placement in the diseased artery. The catheter is advanced through a guidewire into the blood vessel, then guided to aorta and finally, the guidewire is removed. The most frequent insertion point for the guidewire and catheter is the femoral artery at the groin. Apart from this, other possible insertion points for guidewires include brachial artery and coronary arteries. With the increase in the number of minimally invasive procedures, the demand for guidewires is expected to increase in the next few years. Most guidewires are manufactured from low cost stainless steel with an elastic coil tip to avoid damage to the blood vessels. These guidewires are reusable in nature; hence most manufacturers prefer low cost stainless steel as the choice of raw material. A number of companies offer a robust range of tip shapes and wire configurations making it possible for healthcare experts to choose the right tool for surgical procedures. The usage of guidewiresis growing rapidly in the medical device industry due to its biomechanical properties. Additionally, the demand for guidewires is being fueled by rising patient awareness about the benefits of minimally invasive procedures such as less traumatic surgical experience, reduced hospital stay, and faster recovery.

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Based on types, the guidewires market has been segmented into the following:

Peripheral guidewire
Coronary guidewire
Neurovascular guidewire
Urology guidewire
Geographically, the guidewires market can be segmented into four major regions: North America, Europe, Asia Pacific and Rest of the World (RoW). North America holds a leading position in the guidewires market followed by Europe. The major driving factors for the growth of the guidewires market in these regions arerise in geriatric population, and growing lifestyle diseases. Additionally, increasing demand for minimally invasive surgeries, unique biomechanical properties of guidewires, and growing inclination of healthcare professionals toward the usage of efficient medical devices are some of the factors expected to drive the market growth during the forecast period. Hence, all these factors are collectively driving the demand for medical guidewires. Asia Pacific is one of the most lucrative markets for the growth of guidewires market and is developing at a rapid rate. The factors which would accentuate the growth this market in Asia Pacific are presence of a large pool of patients suffering from peripheral vascular diseases which would consequently lead to an increase in the volume of endovascular procedures in densely populated countries such as India and China. Furthermore, economic development, improving healthcare facilitiesrising disposable incomes, and government initiatives in countries such as China and Indiaprovide a large base of patient population with access to healthcare facilities at an affordable rate.

Various medical devices companies are constantly trying to come up with novel guidewires for different medical procedures. Technological innovation and advancements across various type of guidewires, in terms of flexibility, construction, and tip retention are few of the factors to be considered while manufacturing medical guidewires. Some of the top major players operating in the guidewires market are Boston Scientific Corporation, Cordis Corporation, C.R. Bard, Inc., ASAHI INTECC, Terumo Corporation, Covidienplc, Medtronic, Inc., Abbott Laboratories, B. Braun Melsungen AG, and Cook Medical.

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