The guidewires market projected to grow at a CAGR of 4.8%
The global guidewires market is projected to reach USD 764.0 million by 2022 from USD 605.2 million in 2017, at a CAGR of 4.8%. The growth witnessed by guidewires is mainly driven by growing target disease incidence, continuous product commercialization by major manufacturers and favorable medical reimbursements for guidewires in developed countries. The government initiatives to control the burden of healthcare-associated infections (HAIs) in developed countries and the increasing healthcare expenditure across emerging markets are also driving the growth of the market. However, high cost of surgical guidewires, spending cuts & excise duties on medical devices and dearth of skilled surgeons for minimally invasive surgeries are the key challenges faced by a majority of the guidewires manufacturers across the globe.
“The hybrid guidewires segment is poised to be the fastest-growing during the forecast period.”
On the basis of material, the global guidewires market is segmented into nitinol guidewires, stainless steel guidewires, and hybrid guidewires. The hybrid guidewires segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to rising adoption among medical professionals owing to their technological and procedural advantages, growing awareness among surgeons about the clinical benefits of these guidewires, and the evolving reimbursement scenario for target procedures across key healthcare markets.
“The cardiology applications segment is poised to be the fastest-growing during the forecast period.”
On the basis of application, the global guidewires market is segmented into cardiology, vascular, neurology, urology, gastroenterology, oncology, and otolaryngology. The cardiology applications segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising adoption of guidewires among cardiologists owing to procedural and technical benefits offered by nitinol materials used for manufacturing cardiology guidewires.
“Asia Pacific is expected to register the highest growth rate during the forecast period.”
Geographically, the guidewires market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The highest CAGR for the APAC guidewires market can be attributed to the rising adoption of guidewires due to their decreasing costs (owing to the increase in localized manufacturing and strengthening of distribution networks of key product manufacturers) and increasing healthcare expenditure across key APAC countries.
Breakdown of supply-side primary interviews: by company type, designation, and region:
• By Company Type - Tier 1 – 25%, Tier 2 – 30% and Tier 3 – 45%
• By Designation – C level – 26%, Director level – 30%, Others – 44%
• By Region – North America - 34%, Europe – 26%, APAC – 23%, RoW – 17%
The global guidewires market is competitive, with a large number of global and local players. In 2016, the market was dominated by Boston Scientific (US), Medtronic (Ireland), Abbott (US), Cook Group (US), and Terumo (Japan). Product launches, market expansions, strategic acquisitions, partnerships, agreements & collaborations were the major strategies adopted by market players to achieve growth in the market.
This report studies the guidewires market based on material, product, application, and end user. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for the market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
Reasons to Buy the Report:
From an insights perspective, this research report has focused on various levels of analysis—industry trends, market share analysis of top players, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the guidewires market, and high-growth regions and countries and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn help firms garner greater market shares. Firms purchasing the report could use any one or a combination of the belowmentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the major players in the guidewires market. The report analyzes the guidewires market based on material, product, application, end user, and region
• Product Development: Detailed insights on the research and development activities and product launches in the guidewires market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various guidewires across geographies.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the guidewires market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of leading players in the guidewires market