In a recently published study, Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, predicts remarkable growth for the Global Guidewires Industry from 2022 to 2030. The industry is expected to experience a substantial compound annual growth rate (CAGR) of 6.1%, escalating from a market value of approximately US$ 3.7 billion in 2022 to an estimated US$ 5.9 billion by 2030.
The study, which provides a comprehensive analysis of the Global Guidewires Industry, underscores the key factors driving this growth trajectory. Guidewires manufacturers are anticipated to face increasing pressure to boost their investments in research and development (R&D) to meet evolving regulatory standards and respond to the rising demand from end-users.
One of the driving forces behind this growth is the surging prevalence of non-communicable diseases (NCDs), such as cancer, cardiovascular diseases, diabetes, and chronic respiratory diseases. These NCDs have reached an all-time high, leading to a staggering 14 million individuals succumbing to these conditions prematurely, before reaching the age of 70.
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The WHO Global NCD Action Plan 2015-2021 does follow on with recognition of primary role as well as responsibility of various governments regarding responding positively to challenge posed by NCDs and international co-operation for supporting national efforts.
A part of their action plan is bringing down all the NCDs listed above by at least 30% and render 80% availability of basic technologies/medications.
These include provision of guidewires to facilitate minimally-invasive surgical procedures at affordable rates in ambulatory centres. These factors have been collectively driving the guidewires market till date and will continue to do so in the forecast period as well.
Plus, US FDA has come up with guidelines regarding upgradation of guidewires to ensure faster and more efficient procedures. This is another factor giving impetus to the market. This upgradation is likely to happen through inorganic as well as organic mode of expansion.
Again, as per FMI, the Global Guidewires Industry is slated to value at US$ 3.3 Bn in 2022 and is expected to witness a substantial CAGR of over 6.0% between 2022 and 2030.
Key Takeaways of Global Guidewires Industry Study
- The global Guidewires Industry, in the year 2021, was dominated by interventional guidewires as they continue to be the first choice with regard to minimally-invasive surgical procedures
- As far as applications are concerned, peripheral and coronary guidewires collectively account for around 65% of revenue share
- By material, stainless steel, due to superior torque and ductility, is expected to be the highest revenue generator in the forecast period.
- North America is expected to be the most lucrative region and expected to generate around 40% of the overall revenue in 2022 and this trend is expected to continue during the forecast period.
“Technological advancements such as the development of multifunctional and low-cost guidewires are expected to provide an innovative paradigm shift to market players.” Says the FMI Analyst.
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New Product Launches – The Win-Win Strategy for Market Players
The market players are focusing on launching advanced products to support clinicians concerning interventional or diagnostic procedures. For instance – Olympus Corporation, in May 2021, tabled RevoWave endoscopic guidewire in the U.S. for performing balloon dilation, biliary endoscopy, and stent placement.
On similar grounds, Abbott’s Frontline Workhorse guidewires are making way for most interventional devices.
What else is in the report?
Future Market Insights offers actionable insights and a unique perspective on the guidewires market in its latest study, presenting a historical demand assessment from 2015 – 2021 and projections from 2022–2030 based on product type (interventional guidewires and diagnostic guidewires), by application (coronary guidewires, peripheral guidewires, urology guidewires, radiology guidewires, neurovascular guidewires, gastroenterology guidewires, and others) by material type (Nitinol guidewires, PTFE guidewires, stainless steel guidewires, and hybrid guidewires) by tip shape (J tip, angled tip, and straight tip) by end-user (hospitals, ambulatory surgical centers, cardiac catheterization laboratories,, and specialty clinics) in seven key regions.
Key Market Segments Covered In Guidewires Industry Research By Product:
- Interventional Guidewires
- Hydrophilic Guidewires
- Hydrophobic Guidewires
- Diagnostic Guidewires
- Hydrophilic Guidewires
- Hydrophobic Guidewires
By Application:
- Coronary Guidewires
- Peripheral Guidewires
- Urology Guidewires
- Radiology Guidewires
- Neurovascular Guidewires
- Gastroenterology Guidewires
- Others
By Material Type:
- Nitinol Guidewires
- PTFE Guidewires
- Stainless Steel Guidewires
- Hybrid Guidewires
By Tip Shape:
- J Tip
- Angled Tip
- Straight Tip
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Cardiac Catheterization Laboratories
- Specialty Clinics
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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