The global guidewires market is on track for substantial growth, according to recent analysis. The market is estimated to have reached a value of approximately USD 3.7 billion in 2022 and is forecasted to experience a robust compound annual growth rate (CAGR) of 6.1% from 2022 to 2030.
This anticipated growth reflects a rising demand for guidewires, driven by advancements in medical technology, an increase in minimally invasive procedures, and a growing prevalence of chronic diseases that require advanced diagnostic and therapeutic interventions. The expansion of healthcare infrastructure and innovations in guidewire design and materials are also contributing to the market’s positive outlook.
The guidewires market is positioned to benefit from ongoing improvements in medical devices and techniques, making it a key area of interest for stakeholders, investors, and industry professionals.
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 market is slated to value US$ 3.3 Bn in 2022 and expected to witness a substantial CAGR of over 6.0% between 2022 and 2030.
Key Takeaways of Guidewires Market Study
- The global guidewires market, in the year 2021, was dominated by interventional guidewires as they continue to be the first choice with regards 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.
New Product Launches – The Win-Win Strategy for Market Players
The market players are focusing on launching advanced products for supporting clinicians with respect to 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 the similar grounds, Abbott’s Frontline Workhorse guidewires are making ways for most interventional devices.
What else is in the report?
Future Market Insights offers actionable insights and unique perspective on guidewires market in its latest study, presenting 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 centres, cardiac catheterization laboratories and speciality clinics) in seven key regions.
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Key Market Segments Covered In Guidewires Industry ResearchBy 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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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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