The global guidewires market is expected to grow at a CAGR of 5% over the forecast period 2021 to 2030 and projected to be worth around USD 1,512.2 million by 2030 from USD 980.2 million in 2020. Growing incidences of target diseases across the globe is major factor driving growth of the global guidewires market.
Key market Insights:
Emerging applications of guidewires are estimated to create gainful growth opportunities for the major companies functioning in the global guidewires market. Emerging economies across the globe are focusing on the healthcare spending which can have positive impact on the growth of the global guidewires market. Additionally, in the developed countries like United States and Canada, governments as well as regulatory bodies are offering attractive reimbursement policies for boosting adoption of guidewires which is augmenting growth of the target industry in the near future. Also, emerging countries across the globe are focusing on increasing guidewires production in order to cater the increasing global demand of the guidewires. This trend is expected to continue and will enhance growth of the global industry in the near future.
Critical factors responsible for market development are:
COVID-19 Impact on Global Guidewires Market
Outburst of COVID-19 has impacted on most of the key markets across the globe. COVID-19 is have low impact on the target market. North America is the biggest market for the guidewires, but to the spread of coronavirus and lockdown situations in U.S. supply and demand for the guidewires decreased. Due to COVID-19, supply chain disruption, fluctuations in the raw material supply, insufficient man power in the manufacturing facility and low demand form the end use costumers hampered target industry growth in the developed as well as emerging economies worldwide. However, COVID-19 situation is resolving slowly and most of the industries are started their facilities at full capacity.
Future of Global Guidewires Market
Key companies of the target industry such as Terumo Corporation and Boston Scientific Corporation are focusing in the business growth by adopting strategies such as capacity expansion, innovative product launches and heavy investments in the production in their facilities that is expected to flourish the global guidewires market growth in the near future. This trend is expected to continue and will augment growth of the global guidewires industry in the next 10 years. Further, increasing awareness regarding the benefits of the guidewires and rising old age population demanding more production of the guidewires and intern are boosting growth of the guidewires in the coming years.
|Market Size||US$ 1,512.2 Million by 2030|
|Growth Rate||CAGR of 5% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Coating, Raw Materials|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Olympus Corporation, Braun Melsungen AG, Abbott, Asahi Intecc, Co Ltd, Medtronic, Boston Scientific Corporation, Terumo Corporation, Stryker Corporation, Cook Group, AngioDynamicis Inc, Cardinal Health|
Coronary segment is projected to control the Product Segment of Guidewires Market Revenue
On the basis of product segment, the global market is segregated into Neurovascular, coronary, urology, and peripheral. The coronary product segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to the growing demand for guidewires due to growth in the prevalence of cardiovascular diseases across the globe. Neurovascular segment will expand at a significant CAGR during the forecast time-frame.
Coating Segment Is Projected to Lead the Coating Segment of Guidewires Market Revenue
On the basis of coating segment, the global market is segregated into coating and non-coating. The coating segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to rising preference for the hydrophilic coated guidewires in vascular procedures across the globe.
Stainless Steel segment is projected to rule the Raw Material Segment of Guidewires Market Revenue
On the basis of raw material segment the global market is segregated into nitinol, stainless steel, and others. The stainless-steel raw material segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to the excellent properties offered by stainless steel such as push force transmission, torque specifications, and good support. Nitinol segment will expand at a significant CAGR during the forecast time-frame.
North America is estimated to be the Principal Market for Guidewires
The research report offers analysis of key trends and predictions of guidewires products across diverse geographies such as North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. Geographically, guidewires market is conquered by North America owing to favorable government policies for the guidewires reimbursement in the countries of this region, especially in the U.S. and Canada of the region. Asia Pacific is expected to register the fast growth rate, on account of increasing research and development investment by key market players and growing adoption of the guidewires in the various end use applications. The growth of the guidewires industry in the countries of the Asia Pacific is attributed to growing adoption of the guidewires due to increasing minimally invasive surgical procedures in the countries including China, India, Japan, among others. Also, increasing healthcare spending, coupled with rising aging population are other factors anticipated to propel growth of the target industry in the countries of region.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global guidewires market. Leading competitors contending in global guidewires market are as follows:
For the better understanding the recent situation of the global guidewires market and for most policies of the country, Precedence Research forecast the future evolution of the guidewires industry. This research study proposes qualitative and measurable under standings on global guidewires market and assessment of market revenue and expansion trends for global market segments.
Key Market Developments:
Major Market Segments Covered:
By Raw Materials
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