Guidewires Market to Reach USD 1,401.0 Million by 2026; Rising Incidence of Surgeries in Hospitals to Widen Growth Prospects

The global guidewires market size is projected to reach USD 1,401.0 million by 2026 on account of increasing prevalence of cardiovascular diseases worldwide. According to a Fortune Business Insights report, titled “Guidewires Market Size, Share & Industry 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, 2019-2026”, the market value stood at USD 887.6 million in 2018 and is expected to exhibit a CAGR of 5.9% from 2019 to 2026.

Favorable Medical Insurance Policies to Aid the Market

Formulation and implementation of patient-friendly health reimbursement policies by the government is foreseen to be one of the main guidewires market trends. According to Cook Medical’s 2019 GI Endoscopy Coding and Reimbursement Guide, the US government reimburses approximately USD 1,245.4 per patient undergoing endoscopic retrograde cholangiopancreatography which uses guidewires at ambulatory surgery centers. Such attractive policies are anticipated to boost the guidewire market growth during the forecast period.

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https://www.fortunebusinessinsights.com/industry-reports/guidewires-market-101179

Market Segmentation:

• By Product: On the basis of product, the market is segmented into coronary guidewires, peripheral guidewire, urology guidewire, neurovascular guidewire, and others. With a share of 43.2%, the coronary guidewires segment is slated to lead the market. The prime factor driving this segment will be the extensive deployment of guidewire technology in coronary procedures due to their higher efficiency and safety quotient. The other segments are also expected to showcase healthy growth in the stipulated period.


• By Material: Based on material, the guidewire market is segregated into nitinol, stainless steel, and others. Here, the stainless steel segment is predicted to dominate as procedural outcomes from this material are significantly enhanced. Additionally, inherent properties of steel such as kink resistance will further foster rise of this segment. The nitinol segment is anticipated to register a high CAGR during the forecast period.


• By Coating: In terms of coating, the market is categorized into coated and non-coated. Here, the coated segment is expected to lead the guidewires market revenue. Coated guidewires are known to perform better as they are able to smoothly navigate through anatomical complications and also reduce the risk of injuries and infections. These guidewires are further subdivided into hydrophobic and hydrophilic.


• By End User: On the basis of end user, the market is divided into hospitals and clinics, diagnostic centers, and others.  Here, hospitals and clinics are poised to be the leading segment on account of the growing number of gastrointestinal and cardiovascular surgeries in hospitals and clinics, according to the guidewires market analysis. The other segments will also rise at a healthy pace.


• By Region: Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Here, North America is projected to dominate the guidewires market share, with a revenue generation of USD 308.2 million in 2018. Availability of advanced products, rapid progress in medical technologies, and stringent regulation of reimbursement policies will be the key factors fueling the market in North America. The other regions are also anticipated to present exciting business prospects in the coming decade.

Predominance of a Limited Number of Players to Characterize Competition

Major players are joining hands to expand their presence in the market. Regulatory approvals are also playing a considerable role in enhancing the guidewire market potential. Some of the prominent players include:

• Olympus Corporation


• Teleflex Corporation


• Boston Scientific Corporation


• C. R. Bard, Inc.


• Terumo Medical Corporation


• Cardinal Health Inc.


• Medtronic


• Cook Medical


• Abbott

Key Industry Developments:

• October 2019: The US FDA cleared Cardiovascular Systems Inc.’s ViperWire Advance Coronary Guide Wire, which boasts of superior navigation and treatment results attained through the Diamondback 360 orbital atherectomy system preinstalled in the device.


• January 2018: Cardiovascular Systems signed an agreement with Integer and OrbusNeich in a bid to diversify its guidewire and high-quality balloon product offerings.

The global guidewires market is segmented as follows: