Guidewires Market Size, Share & Growth Analysis By Product (Coronary Guidewire, Peripheral Guidewire, Urology Guidewire, Neurovascular Guidewire, and Others) By Material (Nitinol, Stainless Steel, and Others) By Coating (Coated and Non-Coated) By End User (Hospitals & Clinics, Diagnostic Centers, and Others) and Regional Forecast, 2019-2032

The global guidewires market size was valued at $887.6 million in 2018 and is projected to grow $2,016.5 million in 2032, exhibiting a compound annual growth rate (CAGR) of 6.1% during the forecast period (2019-2032). North America dominated the global market with a share of 34.72% in 2018.

Guidewires technology is widely used to access vascular targets with higher precision and accuracy. These devices improve the quality of surgical as well as diagnostic procedures. Guidewires are predominantly utilized in cardiovascular, gastrointestinal, and interventional radiology applications. 

Certain characteristics of the device such as stiffness, advanced tip, coating, and shape enables surgical specialists to diagnose and treat lesions in complex anatomical structures. Combined with this is the integration of advanced technologies in guidewires, such as steerability and superior vision, which can improve procedural outcomes.

An extensively increasing prevalence of cardiovascular conditions across the globe is expected to boost the number of cardiovascular procedures during the forecast period. Moreover, increasing number of endoscopic procedures coupled with increasing demand for advanced guidewires is anticpated to fuel the adoption of these devices by 2026 and lead the guidewire market trends. For instance, according to a study conducted by American Heart Association (AHA), in 2016, an estimated 15.5 million of population in the U.S. had coronary heart disease.

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

MARKET DRIVERS

“Increasing Adoption of Minimally Invasive Surgeries to Boost the Market”

Increasing demand for minimally invasive surgeries across the globe owing to their benefits such as lesser hospital stays, reduction in cost, better patient experience, and faster recovery are attributable to the guidewires market growth during the forecast period. This, combined with advantages offered by advanced 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 guidewire 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 2019, Olympus Corporation, one of the major players in guidewires market, announced the U.S. launch of RevoWave Endoscopic Guidewire and CleverLock Guidewire Locking Device. The newly launched guidewire is expected to offer smooth and atraumatic biliary cannulation. 

“Attractive Medical Reimbursement Policies to Increase the Adoption of 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. For instance, according to 2019 GI Endoscopy Guide Medicare Reimbursement Guide published by Cook Medical, the government provides reimbursement of an estimated USD 1,245.4 for Endoscopic retrograde cholangiopancreatography with guidewires procedure at ambulatory surgery centers. Strict implementation of such reimbursement policies is likely to encourage the utilization of guidewires in surgical procedures, which will eventually drive the guidewires market revenue till 2026.

SEGMENTATION

By Product Analysis

“Coronary Guidewire Segment to Dominate the Market”

In terms of product, the guidewire market is categorized into coronary guidewires, peripheral guidewire, urology guidewire, neurovascular guidewire, and others. The coronary guidewire segment is estimated to account for the maximum share of the market. Higher utilization of 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.

Additionally, peripheral guidewire and urology guidewire are likely to hold significant share in the market owing to increasing applications of guidewire for peripheral and urology procedures, according to the guidewire market analysis. This, combined with introduction of new products in peripheral and urology business by significant market players owing to higher demand, is anticipated to spur growth for these segments during the forecast period. For instance, in April 2019, Biotronik, one of the significant player in vascular access devices expanded its peripheral guidewire product portfolio due to higher demand in developed as well as emerging nations. 

By Material Analysis

“Enhanced Efficiency of Stainless Steel is Anticipated to Dominate the Segment”

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 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 significant shift of material preference for Nitinol over 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 minimizes the risk of infections and injuries owing to which the segment expected to witnesses 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 guidewire market report.

By End User Analysis

“Increasing number of Surgical and Diagnostic Procedure in Hospitals and Specialty Clinics to Lead Hospitals and Clinics Segment”

On the basis of the end user, the market is segmented into hospitals and clinics, diagnostic centers, and others. The hospitals and clinics segment is estimated to dominate the guidewire market throughout the forecast period. Increasing number of cardiovascular and gastrointestinal surgeries in hospitals are projected to drive the hospitals and clinics 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 diagnostic centers 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 308.2 million in 2018 and is projected to dominate the 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 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. For instance, according to a study conducted by Department of General, Visceral and Thoracic Surgery, University Medical Center Hamburg-Eppendorf in 2017, the adoption of minimally invasive surgeries for colorectal cancer in Germany grew from 6.4% in 2005 to 28.5% in 2015.

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 is anticipated to boost the growth of the market in these regions.

INDUSTRY KEY PLAYERS

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

The guidewires market is a highly consolidated market as a limited number of players hold majority of the market share. In 2018, Boston Scientific Corporation, Medtronic, and Abbott held majority of the market share, with Boston Scientific Corporation leading in terms of revenue, which is mainly due to strong brand presence, consolidated customer base, 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 Covered:

• Boston Scientific Corporation


• Medtronic


• Abbott


• Cook Medical


• Teleflex Corporation


• Cardinal Health Inc.


• Merit Medical Inc.


• Terumo Medical Corporation


• Olympus Corporation


• C. R. Bard, Inc.

REPORT COVERAGE

The report presents a comprehensive assessment of the global guidewires 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 this market.

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

REPORT SCOPE & SEGMENTATION

INDUSTRY DEVELOPMENTS:

• 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.


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


• In December 2015, Olympus Corporation announced strategic distribution partnership with Terumo Corporation. According to the agreement, the company was expected to distribute endoscopic hydrophilic coated guidewires for gastroenterological endoscopy in the U.S. market.