Guidewires Market It is anticipated to grow at a CAGR of 4.5% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Guidewires Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global guidewires market is estimated to be over US$ 660.8 million in 2019. It is anticipated to grow at a CAGR of 4.5% from 2020 to 2030.
The significant growth of the guidewires market can be attributed to the growing number of geriatric populations coupled with the increasing prevalence & incidents of chronic & infectious diseases. Moreover, the growing demand for minimal invasive surgeries among patient population and the rising number cardiovascular surgeries, among others, will boost growth of the guidewires market over the forecast period. Furthermore, increasing clinical applications of guidewires and favorable reimbursement scenarios in developed countries will fuel the guidewires market.
According to the World Health Organization, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. The geriatric population is more susceptible to old-age-linked diseases. Cardiovascular diseases remain among the most common causes of deaths among the aged population. For instance, according to the American Heart Association, Inc., in 2017, more than half of the heart transplant recipients were in the age group, 50 & older. Thus, the increasing geriatric population and increasing prevalence of cardiovascular disease are anticipated to propel the guidewires market.
Moreover, the number of surgeries taking place globally has increased during recent years. Along with it, the preference for minimally invasive surgeries is also increasing. The major factors that have led to the increasing preference for minimally invasive surgeries include their advantages over traditional open surgeries such as fast recovery, fewer chances of infection and shorter hospital stays. As guidewires are used in many surgical procedures, the increasing preference and adoption of minimally invasive surgeries among patients are further anticipated to fuel the guidewires market during the forecast period.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/guidewires-market/345
The raw materials used for the manufacture of guide wires include nitinol, stainless steel, and other hybrid materials. These materials help to improve the flexibility, corrosion resistance, steerability, and tactile response. However, the cost of these raw materials is high, in turn, increasing the cost of guidewires. Thus, the high costs of guidewires and the high costs of minimally invasive surgeries in developed countries are restraining growth of guidewires market to a certain extent.
Asia Pacific is estimated to account for the highest CAGR in the guidewires market over the forecast period. Increasing incidents of chronic diseases, rising government initiatives to promote the benefits of minimally invasive surgeries and the increasing prevalence of cardiovascular diseases are factors, which will create lucrative opportunities for market growth in his region. Moreover, increasing funds aimed toward the development of healthcare infrastructure in developing countries, as well as lower cost of cardiovascular surgeries in China, India, Japan, and other countries are anticipated to support growth of the guidewire market during the forecast period.
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.
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