HEALTH

Guidewires Market Report 2022: Consistent Levels of R&D Driving Sector Growth

According to FMI, the global Guidewires Market is expected to be worth US$ 3.3 billion in 2020, with a CAGR of more than 6.0% between 2020 and 2030. According to a new study by consulting firm Future Market Insights, the global guidewires market is expected to reach US 6.0 Bn by 2030. Guidewire production has increased in recent years as end-user demand for treating various diseases has increased.

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The advancement of guidewire tip technologies has increased the use of interventional radiology techniques in image-guided disease diagnosis and treatment. Interventional radiology has greatly improved patient outcomes. This is because the procedure involves minimum risk, less pain and faster recovery time compared to open surgery. Interventional radiology is highly suitable for vascular, gastrointestinal, hepatobiliary, pulmonary and genitourinary diseases.

As the incidences of non-communicable diseases (NCDs) such as cancer, diabetes and chronic respiratory diseases continue to increase, healthcare providers are making concerted efforts to reduce their prevalence by providing sophisticated medical care. As a result, the use of technologically advanced guidewires has grown in importance.

Because of the need to reduce trauma, minimally invasive surgeries have grown in popularity over the years. As a result, guidewire adoption has skyrocketed. Guidewire engineering has progressed to more advanced lesions, such as chronic total occlusions (CTO), which are better at improving cardiac anomalies by reducing ischemia and improving left ventricular function. As a result, market players are introducing novel products to address CTO lesions.

The coronavirus pandemic is expected to cause a minor hiccup in the guidewires market. Many manufacturers are operating at reduced capacities as a result of lockdowns, limiting daily output of guidewires. As a result, the demand-supply dynamics have become significantly disequilibrated. This mismatch is expected to last until the fourth quarter of 2020, when production will resume at full capacity.

 “Guidewire manufacturers need to concentrate on cost management and product distribution by collaborating with regional players in order to expand geographical presence. Furthermore, widening the product portfolio by virtue of introducing technologically enhanced guidewires is a trump card for market success, which is being capitalized upon,” infers an FMI analyst.

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Key Takeaways from the Guidewires Market Study:

  • The global guidewires market shall expand at a rate of 6.0% in 2020, driven by increased adoption of guidewires for minimally invasive coronary heart diseases
  • By application, coronary and peripheral guidewires shall collectively capture over 60% of the market share during the forecast period
  • Stainless steel guidewires are the most extensively used due to their high ductility, support and torque, making it the highest revenue generator by material type
  • North America remains the most lucrative guidewires market, generating nearly 2/5th of the total revenue in the market

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  • According to the World Health Organization, seven out of ten patients succumb to non-communicable diseases, especially in the low and middle income nations. This has increased the need for surgical procedures for NCDs, pushing up guidewire usage
  • Interventional guidewires are experiencing increased adoption in minimally invasive surgical procedures as they reduce trauma and pain from surgical incisions.
  • Majority of the guidewires demand is stimulated from the Asia-Pacific, owing to high fatalities due to diseases like cancer, diabetes, cardiac arrests and asthma.

Guidewires Market: Competitive Landscape

The presence of prominent regional as well as global vendors characterises the global guidewires market, making it highly competitive. Principal growth strategies include inorganic growth promotion, product portfolio diversification through new product launches, cost optimization, technological advancements, and collaboration with other players to broaden geographical presence.

Boston Scientific collaborated with the Mayo Clinic in 2019 to develop minimally invasive technologies for urology, neuromodulation, endoscopy, heart rhythm management, and interventional cardiology.

For product launches, Cardiovascular Systems Inc., doled out its Viper Wire Advance Coronary Guidewire which received clearance from the US FDA in October 2019. Earlier in May of the same year, Medtronic unveiled its Telescope Guide Extension Catheter to provide additional backup support and access to distal lesions.

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Guidewires Market Taxonomy:

Product Type

Diagnostic Guidewires

  • Hydrophilic Guidewires
  • Hydrophobic Guidewires

Interventional Guidewires

  • Hydrophilic Guidewires
  • Hydrophobic Guidewires

Application

  • Coronary Guidewires
  • Peripheral Guidewires
  • Urology Guidewires
  • Radiology Guidewires
  • Neurovascular Guidewires
  • Gastroenterology Guidewires
  • Others

Material Type

  • Nitinol Guidewires
  • PTFE Guidewires
  • Stainless Steel Guidewires
  • Hybrid Guidewires

Tip Shape

  • J Tip
  • Angled Tip
  • Straight Tip

End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Cardiac Catheterization Laboratories
  • Specialty Clinics

Get Valuable Insights into the Guidewires Market

Future Market Insights offers actionable insights and unique perspective on guidewires market in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on product type (interventional guidewires and diagnostic guidewires), by application (coronary guidewires, peripheral guidewires, urology guidewires, radiology guidewires, neurovascular guidewires, gastroenterology guidewires and others) by material type (Nitinol guidewires, PTFE guidewires, stainless steel guidewires and hybrid guidewires) by tip shape (J tip, angled tip and straight tip) by end-user (hospitals, ambulatory surgical centers, cardiac catheterization laboratories and specialty clinics) in seven key regions.