Coronary Guidewires Market Size, Share & Industry Analysis, By Material (Nitinol, Stainless Steel, and Others) By Coating (Coated and Non-Coated) By End User (Hospitals, Cardiac Catheterization Laboratories, and Others) and Regional Forecast, 2019-2032

The global coronary guidewires market size stood at USD 383.3 million in 2018 and is projected to reach USD 845.1 million by 2032, exhibiting a CAGR of 5.8% during the forecast period. North America dominated the coronary guidewires market with a market share of 33.52% in 2018.

Guidewires technology is used to access vascular targets with higher precision and accuracy. These devices improve the quality of surgical as well as diagnostic procedures. Coronary guidewires are predominantly utilized in interventional cardiovascular procedures such as angioplasty and other percutaneous procedures. Certain characteristics of the device such as stiffness, advanced tip, coating, and shape enable surgical specialists to diagnose and treat lesions in complex anatomical structures. Combined with this is the integration of advanced technologies in coronary guidewires market, such as steerability and superior vision, which can improve procedural outcomes.

Higher utilization of vascular guidewires in coronary procedures due to better procedural efficiency and reduction in mortality risk is anticipated to accelerate the growth of the coronary guidewires segment in the market during the forecast period. An extensively increasing prevalence of cardiovascular conditions across the globe, coupled with increasing demand for advanced guidewires is anticipated to fuel the adoption of these devices by 2026 and set newer coronary guidewires market trends. For instance, according to a study conducted by the American Heart Association (AHA), in 2016, an estimated 15.5 million people in the U.S. had coronary heart disease.

New product launches and technological advancements in interventional coronary guidewires market is further expected to boost the adoption in cardiovascular procedures during the forecast period. For instance, In October 2019, Cardiovascular Systems Inc. got FDA approval for their ViperWire Advance Coronary Guide Wire. The newly advanced guidewire is equipped with Diamondback 360 orbital atherectomy system, enabling superior navigation and treatment outcomes.

The interventional coronary guidewires market is witnessing several technological advancements. The adoption of coronary guidewires is expected to witness growth in developed and developing countries owing to exponentially increasing prevalence of cardiovascular conditions.

MARKET DRIVERS

“Increasing Number of Cardiac Interventions to Boost the Market”

Increasing number of cardiac interventions across the globe owing to rising prevalence of cardiac diseases in developing countries will contribute to coronary guidewires market growth during the forecast period. For instance, cardiovascular diseases (CVDs) represent the leading cause of death in China and account for two out of five deaths in China. As per the official report “Cardiovascular Diseases in China 2017” published by the National Center for Cardiovascular Diseases, the total number of cardiovascular diseases patients in China in 2017 was 290 million and rapid aging process will further increase the prevalence CVDs in China. This, combined with advantages offered by advanced coronary guidewire features such as improved vision, superior lesion access, and low procedural cost, are projected to drive the market during the forecast period.

Furthermore, technological advancements in diagnostic and surgical equipment are anticipated to offer lucrative growth opportunities for minimally invasive surgeries, which will eventually boost the growth of the coronary guidewires market by 2026. Additionally, consolidated focus of operating players on strategic collaborations and new product launches with an aim to develop and commercialize new guidewire technology can offer greater incentives for increasing the adoption of guidewires. For instance, in April 2019, Biotronik, one of the major players in vascular access devices expanded its peripheral guidewire product portfolio due to higher demand in developed as well as emerging nations. 

“Attractive Medical Reimbursement Policies to Increase the Adoption of Coronary Guidewires”

Favorable medical reimbursement policies implemented by government authorities are expected to offer significant opportunities for the growth of this market during the forecast period. Strict implementation of reimbursement policies in developed countries is likely to encourage the utilization of guidewires in cardiac surgical procedures, which will eventually drive the coronary guidewires market revenue till 2026. On the contrary, high cost of minimally invasive surgeries considered to limit the growth of coronary guidewires market during the forecast period.

SEGMENTATION

By Material Analysis

“Superiority and Enhanced Efficiency of Nitinol is Anticipated to Exhibit Fastest CAGR”

On the basis of material, the guidewire market can be segmented into nitinol, stainless steel, and others. In terms of revenue, the stainless steel segment is estimated to dominate the coronary guidewires market owing to enhanced procedural outcomes over other materials. Moreover, qualities of stainless steel such as kink resistance and higher rational stability are projected to further drive this segment. Nitinol material segment is anticipated to register significant CAGR owing to shift of material preference to Nitinol from stainless steel.

By Coating Analysis

“Improved Transmission of Coated Guidewires to Bolster Growth of the Coated Segment”

On the basis of coating, the market can be segmented into coated and non-coated. In terms of revenue, the coated segment is estimated to dominate the market. Hydrophobic and hydrophilic are some of the types of coated guidewires. These coatings are responsible for smoother transmission of guidewire through complex anatomical structure. Additionally, coated guidewires minimize the risk of infections and injuries owing to which the segment is expected to witness a significant CAGR during 2019-2026. Non-coated guidewires are projected to witness lower CAGR as the consequence of lower adoption in the global market, as stated in the coronary guidewires market report.

By End User Analysis

“Increasing number of Surgical and Diagnostic Procedure in Hospitals to Aid Growth of This Segment”

On the basis of the end user, the market is segmented into hospitals, cardiac catheterization laboratories, and others. The hospitals segment is estimated to dominate the global coronary guidewire market throughout the forecast period. Increasing number of angioplasty and other cardiovascular surgeries in hospitals are projected to drive the hospitals segment during the forecast period. For instance, according to a research conducted by the Agency for Healthcare Research and Quality, the volume of percutaneous transluminal coronary angioplasty procedures increased by an estimated 20.0% during 2001-2011 in U.S. hospitals.  

Combined with this is the gradual shift of patient preference from inpatient visits to outpatient visits, which is anticipated to offer significant growth opportunities for the cardiac catheterization laboratories end user segment in the guidewire market during 2019-2026. The others segment, which includes ambulatory surgery centers, and other care facilities, is expected to hold considerable market share owing to increased demand from advanced healthcare facilities in developing as well as developed countries.

REGIONAL ANALYSIS

North America generated a revenue of USD 128.5 million in 2018 and is projected to dominate the coronary guidewires market share throughout the forecast period. Availability of cutting-edge healthcare institutions, availability of the products, and emphasis on utilization of modern healthcare technology are anticipated to drive the region during the forecast period. Moreover, strict implementation of medical reimbursement policies in the U.S. is projected to serve attractive scope for increased adoption of coronary guidewires in the region.

In Europe, rapidly increasing number of surgeries coupled with strong emphasis on adoption of minimally invasive surgeries is likely to offer substantial opportunities for the growth of the market in the region. Moreover, increasing adoption of technology in interventional diagnostic procedures in countries such as UK, France, and Germany are anticipated to drive the market in the region.

In Asia Pacific, entrance of new market players and implementation of strategic marketing policies by them are projected to drive the growth of the region by 2026. Moreover, rapidly developing healthcare infrastructure in countries such as China & India coupled with increasing healthcare expenditure in Japan & Australia is anticipated to offer significant growth opportunities in the region. In Latin America and Middle East & Africa, increasing number of healthcare facilities along with rising number of cardiac interventions is anticipated to boost the growth of the coronary guidewires market in these regions.

INDUSTRY KEY PLAYERS

“Medtronic and Boston Scientific Corporation Projected to Dominate the Global Market”

The coronary guidewires market is a consolidated market as a limited number of players hold majority of the market share. As of 2018, Boston Scientific Corporation, Medtronic, and Abbott held majority of the market share in coronary guidewires market, with Boston Scientific Corporation leading in terms of revenue. This is mainly due to strong brand presence, consolidated customer base, presence across all regions and robust distribution channel. The market share of Medtronic and Abbott is anticipated to increase over the forecast period due to continuous product introductions, strategic partnerships, and focus on penetration in emerging markets.

List Of Key Companies Profiled:

• Abbott


• Teleflex Corporation


• Boston Scientific Corporation


• Medtronic


• Cardinal Health Inc.


• Merit Medical Inc.


• Terumo Medical Corporation


• BIOTRONIK SE & Co.

REPORT COVERAGE

The coronary guidewires market report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of coronary guidewires market.

Along with this, the report provides an elaborative analysis of the global coronary guidewires market dynamics and competitive landscape. Various key insights presented in the report are the technological advancements in the coronary guidewires market, new product launches by key players, key industry developments: mergers, acquisitions & partnerships, regulatory scenarios, and trends of usage of coronary guidewires, prevalence of major cardiovascular conditions for key countries. 

REPORT SCOPE & SEGMENTATION

INDUSTRY DEVELOPMENTS:

• In January 2018, Cardiovascular Systems inks announced an agreement with OrbusNeich and Integer. The company took strategic decision to expand its high-quality balloon and guidewire product portfolio.  


• In March 2017, Teleflex announced 510(k) clearance by the FDA and commercial launch of the Spectre guidewire in the US. The Spectre guidewire is intended for use in percutaneous procedures to introduce and position catheters and other interventional devices within the coronary and/or peripheral vasculature.


• In October 2015, Biotronik announced European launch of new generation of Galeo coronary guide wires