Guidewires Market Analysis, New Technology, Demand and Opportunity Analysis


Posted May 17, 2018 by psmarketresearch2017

The global guidewires market is estimated to be valued at $816.3 million in 2017 and is projected to showcase a CAGR of 5.5% during the forecast period.

 
Based on material type, the market has been categorized into nitinol, hybrid and stainless steel. Nitinol based guidewires acquired the largest share in the market and generated an estimated revenue of $385.6 million in 2017.

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On the basis of product, the market is categorized into surgical and diagnostic, where the former is estimated to hold 87.0% share in the guidewires market, in 2017. The category is also expected to showcase faster growth in demand witnessing a CAGR of 5.7% during the forecast period.

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On the basis of application, these products are used for coronary, peripheral, urological, neurovascular, gastroenterological and other diseases. Among its various applications, guidewires are most commonly used for coronary applications, with an estimated contribution of 36.9% in 2017.

Based on end user, the guidewires market is categorised into hospitals and diagnostic clinics, ASCs and others including academic and research institutes, and research laboratories. Hospitals and diagnostic clinics are the largest end user, with an estimated contribution of 86.9% in 2017, and are also expected to showcase fastest growth in demand during the forecast period.

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Increasing demand for interventional procedures in developing countries and technologically advanced and innovative guidewires are the prominent trends observed in the guidewires market. An increasing demand for coronary procedures has been observed in India. According to the data published in coronary interventional registry established by the National Interventional Council (NIC), Cardiological Society of India, in 2012, 177,240 PCI procedures were captured in the registry, which reflected a 16.4% growth as compared to the previous year. This indicates that the increasing number of coronary procedures are expected to spur the demand of these products.

Increasing prevalence of CVDs in developed countries promote the coronary guidewire treatment particularly in the interventional procedures such as PTCA and PTA. According to a report published by European Association of Cardio-Thoracic Surgery (EACTS), in 2015, minimally invasive cardiac surgery has developed rapidly in the past 10-15 years. According to Eurostat, there was increase in the number of laparoscopic colectomy procedures per 100,000 inhabitants, ranging from 26.4 in 2010 to 29.8 in 2015. Thus, the increasing demand for minimally invasive surgeries is expected to drive the growth of the guidewires market.

Some of the other key players operating in the guidewires market are Cardinal Health Inc., Boston Scientific Corporation, Stryker Corporation, B. Braun Melsungen AG, Cook Medical LLC, CONMED Corporation, Medtronic PLC, Asahi Intecc Co. Ltd., and Terumo Corporation.
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Issued By PRAMOD
Country Canada
Categories Biotech , Business , Industry
Tags guidewires , guidewires market
Last Updated May 17, 2018