Guidewires Market 2021 Business Overview and Development Strategies by 2029

Guidewires Market Snapshot:

The guidewires market is expected to grow with a CAGR of 5.0% during the forecast period. Guidewires are devices specifically designed to help in navigation and placement to facilitate easier delivery at the treatment site. These wires have features such as pushability, steerability, torque, and opacity. Pushability is the amount of force needed to move the wire forward, whereas steerability is the wire tip's capacity and sensitivity to navigate inside the vessels. Torque is required while easily moving the vessel turnings. Its opacity is its level of visibility under fluoroscopic imaging, required to focus and advance inside the vessels.

Compared to traditional open surgery, the rising preference for minimally invasive surgeries is mainly due to reduced costs for both doctor and patient, shorter recovery times, shorter hospital stays with fewer complications, and an overall increase in the number of people insured. In 2019, more than 50 million surgical procedures were performed in the United States. As that number grows each year, the preference for minimally invasive surgeries is also increasing. The development of the medical guidewire is enabling this shift in procedures.

While traditionally used in coronary procedures, the guidewire has become an essential part of a growing number of medical procedures, with its use steadily increasing and expanding into more and more medical specialties such as weight loss surgery. The use of this procedure has risen to about 113,000 cases per year. Thus, leading to the increased demand for guidewires, boosting the market growth.

The rising demand for advanced and minimally invasive technologies among elderly patients is also contributing to the growth of the market. The elderly population is more prone to diabetes, cardiovascular diseases (CVD), urological diseases, neurovascular disorders, etc. The aging population is projected to nearly double from 52 million in 2018 to 95 million by 2060. The 65-and-older age group's share of the total population will rise from 16% to 23% in the U.S., contributing as the prime factor for the guidewires market's growth. Target diseases such as cardiovascular diseases (CVD), neurological diseases, urology diseases are growing exponentially in most countries of the world. According to the World Health Organization (WHO), annually, approximately 30 million people suffer a heart attack or stroke, making CVD a major cause of death globally.

Asia-Pacific is estimated to be the fast-growing region due to the increasingly high incidence of target diseases such as CVD, hypertension, kidney failure, etc. Increasing demand for a better healthcare system and huge untapped opportunities are propelling growth. Moreover, a partnership among organizations such as the China Cardiovascular Association and the American College of Cardiology to work together is a game-changer for cardiac care technology.

The health of the growing aging population is a major concern in North Asian countries such as Japan, China, and Korea, which is expected to drive the region's market in the coming years. The key market players are tapping the market to cope with the increased demand for guidewires for various surgical procedures.

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The Major Prominent Players Covered in this Report:
Medtronic (Ireland)
Boston Scientific (U.S.)
Cook Group (U.S.)
Terumo Corporation (Japan)
Abbott Laboratories (U.S.)
Stryker Corporation (U.S.)
Cardinal Health (U.S.)
Olympus Corporation (Japan)
Johnson & Johnson (U.S.)
Braun Melsungen AG (Germany)

By Product
Surgical Guidewires
Hydrophilic
Hydrophobic
Diagnostic Guidewires
Hydrophilic
Hydrophobic

By Material
Stainless Steel Guidewires
Nitinol Guidewires
Hybrid Guidewires

By Application
Cardiology
Vascular
Neurology
Urology
Others

By End-User
Hospitals
Diagnostic Centers
Surgical Centers
Ambulatory Care Centers (ACC)
Research Laboratories & Academic Institutes

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Guidewires in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Guidewires market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Guidewires and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Guidewires. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key Questions Answered in The Report:
What will the Guidewires market growth rate?
What are the key factors driving the global Guidewires market?
Who are the key manufacturers in the Guidewires market space?
What are the market opportunities, market risk, and market overview of the Guidewires market?
What are sales, revenue, and price analysis of top manufacturers of the Guidewires market?
Who are the distributors, traders, and dealers of the Guidewires market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Guidewires Industry?
What are sales, revenue, and price analysis by regions of Guidewires industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Developments -
The Bistro launched PRO-Kinetic Energy Cobalt Chromium (CoCr) Coronary Stent System in the United States after receiving FDA approval. PRO-Kinetic Energy surpasses other guidewires as it is the thinnest device with flexibility, crossability, and pushability.

Boston Scientific Corporation received FDA approval for JUDO guidewires, which are designed for complex cases of chronic total coronary occlusion and allow maintained direct tactile feedback of the hardness of the plaque. These guidewires use innovative technology, called Micro EMT, which means that the core and coil are reduced to match precisely, which enable intraluminal lesion entry. This design gives the flexibility of the distal portion; also, the exact torque allows effective intraplaque recanalization and avoids exit into the subintimal space.

Key Guidewires Market Trends:
- The report identifies, determines, and forecasts the Global Guidewires Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Guidewires Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Guidewires Market.

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