Global guidewires market is expected to reach USD 2,197.2 million by 2020, according to a new study by Grand View Research, Inc. Growing prevalence of target diseases coupled with growing geriatric population base is expected to drive guidewire demand over the next six years. Technology innovation across various product segments, in terms of flexibility, tip retention etc. is also expected to boost market demand by catering to the requirements of healthcare practitioners.
Coronary guidewires dominated the overall market in terms of revenue, estimated at USD 700.1 million in 2013. Coronary guidewires market is expected to grow on account increasing prevalence of cardiovascular diseases and the presence of high minimally invasive coronary procedure volumes.
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Further key findings from the study suggest:
- Global guidewires demand was 16,645.9 thousand units in 2013 and is expected to reach 25,640.2 thousand units by 2020, growing at a CAGR of 6.4% from 2014 to 2020.
- Peripheral guidewires are expected to remain as the second largest product segment after coronary guidewires during the forecast period. In terms of revenue, the market for peripheral guidewires is expected to grow at a CAGR of over 6.0% from 2014 to 2020 due to increasing prevalence of peripheral vascular diseases (PVDs), peripheral artery diseases (PADs), abdominal aortic aneurysms (AAA) and carotid artery stenosis (CAS).
- North America dominated the overall market in terms of revenue share in 2013 majorly on account of the presence of high prevalence levels of cardiovascular and neurovascular disorders and sophisticated healthcare infrastructure.
- Asia Pacific is expected to be the fastest growing regional market for guidewires, driven by increasing demand for medical tourism in emerging markets of India and China and rapidly improving healthcare infrastructure.
- Some key market players of guidewires include Terumo Corporation, ASAHI INTECC, Abbott Laboratories, Medtronic Inc., Cordis Corporation, Boston Scientific Corporation, Covidien, B. Braun and Cook Medical.
- R&D spending has steadily increased over the last three years, in an attempt to develop technologically advanced and cost effective products and avoid barriers such as product recalls. In addition, R&D is also focused on the unmet needs of healthcare practitioners in consideration. Tip shape retention, flexibility and minimal wire perforation are the key requirements of healthcare practitioners.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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