Global guidewires market is projected to exceed over USD 2.19 billion in the forecast period. Increasing population together with increasing prevalence of diseases is likely to drive demand over the forecast period. Technological innovation has led to product enhancement on tip retention and flexibility, thus leading to its increasing requirement from the healthcare sector.
Coronary guidewires segment was worth USD 700.1 million in 2013 and is likely to be a significant segment by 2020. Shifting lifestyle habits including dietary irregularities resulting in growing incidences of obesity and rising number of smokers globally have led to the high occurrence of cardiovascular diseases, thus resulting in the product demand.
The industry is expected to witness changing consumer preference from minimally invasive surgeries to open/invasive surgeries due to higher patient satisfaction, reduced incision wounds, and fewer post-surgery complications & mortality rates. In addition, these processes implicate shorter hospital stays hence making it economically viable. Demand for guidewires was 16.7 million units in 2013 and is likely to reach 25.6 million units growing at 6.4% CAGR from 2014 to 2020
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Peripheral guidewire segment is projected to follow coronary guidelines segment in terms of revenue. It is expected to grow at a CAGR exceeding 6.0% from 2014 to 2020 on account of increasing occurrence of peripheral artery diseases (PADs), carotid artery stenosis (CAS), peripheral vascular diseases (PVDs), and abdominal aortic aneurysms (AAA).
North America accounted for the significant share in 2013 due to the high occurrence of neurovascular & cardiovascular disorders and advanced healthcare infrastructure in the region. Asia Pacific, on the other hand, is anticipated to be one of the rapidly growing regional markets for guidewires on account of growing medical tourism demand in developing countries such as China and India.
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Some key industry participants in guidewires include ASAHI INTECC, Terumo Corporation, Medtronic Inc., Abbott Laboratories, Cordis Corporation, Covidien, Boston Scientific Corporation, Cook Medical and B. Braun.
To devise cost-effective products and technologically advanced tools, significant expenditure in R&D has been observed over the last three years. This factor has aided the industry in eventually lowering the number of product recalls. Market players have been investing increasingly in R&D in order to develop innovative products and strengthen their foothold in the market. Key specifications include flexible & minimal wire perforation and tip shape retention.
Key participants in the urology guidewires market include Boston Scientific Corporation, Cook Medical, Terumo Corporation and Bard Medical. With the increasing popularity of “Glidewire”, Terumo’s new product, it is expected to be one of the rapidly growing companies in this product segment. In addition, market players in the neurovascular guidewires market include Codman Neurovascular and ASAHI INTECC.
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