Guidewires Market By Material (Stainless Steel Guidewires, Nitinol Guidewires, and Hybrid Guidewires), Product (Surgical Guidewires and Diagnostic Guidewires), Application (Cardiology, Vascular, Urology, Neurology, Oncology, and Gastroenterology), End Users (Hospitals and Ambulatory Surgical Centers) - Global Analysis & Forecast 2020-2030
Report ID : 345 | Published Date : Jul 2020 | Pages : 180 | Region : Global | Report Code : MD-108
Guidewires Market Overview and Introduction
A guidewire is used as a guide for the placement of a large device or prosthesis such as a catheter or intramedullary pin. They vary in length, size, the shape of the tip, composition, coating, as well as stiffness. Guidewires are of two types and they can be coated using hydrophobic or hydrophilic polymers. A hydrophobic guidewire repels water giving interventionalist a stronger tactile sensation. A hydrophilic coating attracts water, making the delivery smoother; however, with less tactile sensation.
The global guidewires market is driven by the rising demand for minimally invasive diagnostic and surgical procedures and the increasing application of guidewires. Moreover, the rising geriatric population, increasing prevalence of chronic diseases and favorable reimbursement scenarios for guidewires in developed countries have been pivotal in contributing to the extensive market growth. However, the high costs of guidewires are likely to restrain market growth to a certain extent.
The global guidewires market can be segmented by material, product, application, end-user, and region.
Guidewires Market By Material
Based on material, the guidewires market can be segmented into stainless steel guidewires, nitinol guidewires, and hybrid guidewires. Nitinol guidewires are anticipated to grow at the highest CAGR during the forecast period owing to factors such as the increasing applications of nitinol guidewires due to advantages that it offers over other guidewires such as corrosion resistance, steerability, increased tactile response, and elasticity.
Guidewires Market By Product
Based on product, the market can be segmented into surgical guidewires and diagnostic guidewires. The surgical guidewire segment is further sub-segmented into hydrophilic and hydrophobic coated guidewires. The surgical guidewire segment is anticipated to hold the largest market share. The largest share of this segment can be attributed to factors such as the rising demand for minimally invasive surgical procedures and increasing incidents of chronic & infectious diseases.
Guidewires Market By Application
Based on application, the guidewires market can be segmented into cardiology, vascular, urology, neurology, oncology, gastroenterology, and others. The cardiology segment is estimated to hold the largest market share owing to increasing incidents of cardiological disorders and increasing applications of guidewires in cardiological surgeries.
Guidewires Market By End User
Based on end-users, the market can be segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment is estimated to account for the largest share of the global guidewires market. The large share of this segment can be attributed to the rising incidents of chronic diseases as well as the rising number of surgeries at hospitals, which are likely to drive the growth of this segment.
Guidewires Market By Region
The global guidewires market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America dominated the guidewires market followed by Europe and Asia Pacific. North America will continue to dominate the market during the forecast period owing to factors such as the increasing adoption of minimally invasive diagnostic & surgical procedures as compared to open surgeries, increasing incidences of chronic diseases in this region, and technological advancements, among others. However, Asia Pacific is expected to witness the highest CAGR. Factors, such as the increasing geriatric population, government funding for the development of the healthcare infrastructure and increasing initiatives by governments to promote minimally invasive surgeries in these developing countries will propel market growth.
Guidewires Market Prominent Players
Some of the prominent players in the guidewires market include Medtronic, Boston Scientific Corporation, Abbott, B. Braun Melsungen AG., Stryker, OLYMPUS CORPORATION, Terumo IS., Merit Medical Systems, Teleflex Incorporated., and CONMED Corporation, among others.