Guidewires Market: What are the Future Growth Opportunities? Top Players: Stryker Corporation, Boston Scientific Corporation, Cook Group, Cardinal Health, Abbott, Medtronic, Biotronik

The global guidewires market is slated to witness an upward trend over the next few years, fueled by the growing popularity of minimally invasive procedures. Guidewires are an important piece of medical equipment designed and developed to provide reliability, flexibility, and improved performance during surgical procedures.

Since their introduction, the technology has evolved rapidly and is constantly finding its way into new applications. A guidewire is a wire used to guide surgeons in the placement of catheters during minimally invasive procedures. It is also used for setting, positioning, or moving a catheter. Radiology, cardiology, and angiography are among the major applications where guidewires are used.

Following are some of the key trends and developments the guidewires market will witness in the coming years.

Demand for stainless steel and hybrid guidewires in North America

The market for stainless steel guidewires in North America generated USD 68.3 million in 2019 and it is likely to witness notable growth by 2026. These guidewires are used to track and assist during the placement, replacement, or exchange of medical devices during surgeries. They are generally preferred as they offer better torque and column support.

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Meanwhile, hybrid guidewires are expected to gain traction in the North American market over the coming years. The equipment is commonly used in urological procedures owing to benefits such as the availability of an atraumatic hydrophilic tip which is Teflon coated and facilitates nitinol core shaft.

Growing use of neurovascular and coronary guidewires in Europe

In European countries, the adoption of neurovascular guidewires is slated to grow at a CAGR of around 5.3% in the forthcoming years. These guidewires are used along with microcatheters for placement of stents or coils at the intracranial locations. Typically, they are used in the treatment of cerebral arteriovenous malformations and aneurysms.

The European market for coronary guidewires will likely expand at CAGR of 4.2% up to 2026 powered by the increased occurrence of cardiovascular diseases. Cardiovascular diseases are among the leading causes of death in Europe and accounted for more than 72% of deaths during 2017.

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Increasing adoption among hospitals and ASCs in Asia Pacific

Asia Pacific guidewire industry size from hospitals is expected to grow at a robust 6% CAGR in the next few years. The region is actively investing in the healthcare sector to provide an improved and well-developed infrastructure and quality care to patients. These hospitals are investing in latest medical devices and equipment to enhance surgical outcomes and improve the quality of life for patients.

On the other hand, ambulatory surgical centers held around 31% of the APAC market in 2019 and will continue to show similar trends in the future. ASCs are widely preferred by patients as they offer same day emergency care and quality services at a convenient and economical cost. Procedures performed at ASCs generally cost about 30-60% less compared to hospitals.

Large elderly population and high disease occurrence rate in the U.S.

The U.S. guidewires market size was valued at USD 267.7 million in 2019 and is expected to grow substantially in the years to come. The regional trends can be mainly associated with the increasing occurrence of cardiovascular diseases which are mainly caused by unhealthy and sedentary lifestyles.

A large geriatric population base is also a key factor behind the growing number of coronary heart disease and CVD patients. The percentage of people aged 60 years or above is projected to reach more than 22% by the year 2030, as per the World Bank Data Report. These factors will certainly boost the demand and adoption of guidewires in the future.

Growing popularity of minimally invasive surgeries in Germany

The guidewires market in Germany will witness gains at a healthy CAGR of around 4.5% over 2020-2026 led by the increased occurrence of various chronic diseases. WHO reports that over 40 million German individuals suffer from chronic diseases annually. The country is also home to a massive elderly population pool.

Key manufacturers of surgical equipment in the region are focusing on development of novel solutions that provide high accuracy and minimize risks during surgical procedures. A well-developed healthcare infrastructure and the adoption of minimally invasive procedures among patients will create a promising outlook for the regional companies.

Widespread occurrence of CVDs and heart diseases in China

China guidewires market share was estimated to be worth USD 44.8 million during 2019 and it will record substantial gains by 2026. The country has witnessed a notable rise in the occurrence of cardiovascular diseases over the past few years due to changing diet and lifestyle patterns. A majority of these patients are elderly citizens.

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According to the World Heart Federation, cardiovascular diseases account for more than 55% of deaths in the country. To address the increasing burden CVDs, the Chinese government is making active investments in healthcare which will certainly boost the adoption of guidewires across healthcare facilities.

Excessive cost of guidewires and risk of complications associated with their use will likely be a key challenge for guidewire manufacturers. These companies are constantly innovating to bring high quality solutions to the market that are affordable, accurate, and reduce surgical risks. Ongoing technological advances will favor the guidewires market outlook over the coming years.

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