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Guidewires Market-Industry Analysis, Competitive Market Share & Forecast, 2016 – 2023 |Key Players: Abbott Vascular, Angio Dynamics, Asahi Intecc, B. Braun Melsungen, Boston Scientific
Guidewires Market
Increasing geriatric population, growing prevalence of cardiovascular and neurovascular disorders and demand for minimally invasive surgeries should fuel industry growth over the forecast timeframe. Advancements in technology such as medical infusion, hydrophilic coated super elastic guidewires, and magnetic navigation will further stimulate industry growth.
Guidewires market growth may be hindered by lack of skilled professionals and reimbursement scenario, high product cost, presence of poor healthcare infrastructure, and inadequately equipped healthcare systems.
Coronary guidewires market should grow at lucrative rate due to favorable government initiatives for product reimbursement, and increasing rivalry among manufacturers to introduce high-quality and affordable products.
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Peripheral guidewires segment will witness significant growth during the forecast period due to prevalence of peripheral vascular, artery diseases, coupled with conditions such as abdominal aortic aneurysms (AAA) and carotid artery stenosis (CAS) are associated with advanced age.
U.S. guidewires market should grow at a significant growth rate over the forecast period. Increase in the diagnosis rate of cardiovascular and neurovascular disorders, technological advancements, and rising demand for minimally invasive surgery will fuel business growth.
Germany guidewires market share accounted for largest regional revenue share due to increase in the number of procedures being performed eventually driving the unit sales. Innovation in the treatment of ischemic stroke with new technology will drive the regional demand of product.
China guidewires market will witness robust growth over forecast period due to introduction of healthcare reforms, unmet needs of large patient population, and better access to therapies due to rising income levels. Moreover, rising awareness towards early diagnosis of neurological, cardiovascular, and kidney disorders to prevent the economic burden should enable business over the coming years.
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Increased access to medical devices and procedures coupled with modernization of hospitals and the improvement in healthcare infrastructure will drive Brazil guidewires market. The country will exhibit significant growth during the forecast period due to increased medical tourism with the major therapeutic areas including cardiology, oncology, neurology, and orthopedics.
Guidewires have enhanced distal navigation and trackability properties for use in various complex procedures. Maximum products are made from less expensive stainless steel with a flexible coil tip to avoid perforation of the blood vessels. These are reusable in nature, therefore majority of manufacturers prefer stainless steel as raw material over others.
R&D expenditure has steadily increased over past few years, to develop technologically advanced and cost-effective products. Moreover, focus on the unmet needs of healthcare professionals such as wire tip flexibility and minimal wire damage will encourage manufacturers for product innovation.
Key industry players include Medtronic, Codman, Terumo Corporation, Abbott, and Boston Scientific. Industry participants are consolidating their market position by increasing their focus on research activities to develop products with improved cost savings, speed, and quality.
Chapter 3. Guidewires Industry Insights
3.1. Industry Segmentation
3.2. Industry Size and forecast, 2012 - 2023
3.3. Industry Impact forces
3.3.1. Growth Drivers
3.3.1.1. Minimally invasive surgery demand
3.3.1.2. Increasing lifestyle-related diseases
3.3.1.3. Growing geriatric population base
3.3.2. Industry Pitfalls & Challenges
3.3.2.1. Cost concerns
3.4. Growth potential analysis
3.5. Regulatory landscape
3.5.1 U.S.
3.6 Technology landscape
3.6.1 Coronary guidewires
3.6.2 Peripheral guidewires
3.6.3 Urology guidewires
3.6.4 Neurovascular guidewires
3.7 Porter’s analysis
3.8. Key competitor analysis, 2015
3.7.1. Competitor strategy dashboard
3.9. PESTEL analysis
Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
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