Sarasota, FL -- (SBWIRE) -- 10/24/2017 -- According to the report, global peripheral guidewire market was valued at USD 578.9 million in 2015 and is expected to reach USD 871.2 million in 2021 growing at a CAGR of 7.10% between 2016 and 2021.

A guidewire is an extremely thin tube on which catheter is positioned. The catheter is inserted in the artery and moved towards the area of blockage. Possible insertion points for guidewire or catheter includes brachial artery, coronary arteries, and groin. The most common insertion point for a catheter is the femoral artery at the groin area. A guidewire helps in positioning, inserting, and moving catheter within an artery to treat blockages. There are four main types of guidewires i.e. peripheral guidewires, coronary guidewires, neurovascular guidewires, and urology guidewires. The majority of guidewires are manufactured from inexpensive stainless steel with an elastic coil tip to avoid harm to the blood vessels. These guidewires are reusable in nature; therefore most manufacturers choose low-cost stainless steel as a raw material.

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A peripheral guidewire is inserted in case of peripheral vascular intervention process whereas; coronary guidewire is inserted in the care of coronary intervention process. The peripheral guidewire is an elongated and flexible fine spring inserted into an artery through a small incision in the skin and used to operate an intravascular angiographic catheter. It is a tool used in the treatment of cardiovascular, neurovascular and urology disorders. This tool is largely used in minimally invasive surgeries. The guidewire is made up of multi layers including the central core, distal tip, and outer coating that possessing properties of steerability, torquability, pushability.

Growing demand for minimally invasive surgery is expected to fuel the growth of peripheral guidewire market. These procedures involve a shorter hospital stay and are economically beneficial. The guidewire usage is growing rapidly in the medical device sector owing to its several biomechanical properties. Increasing worldwide geriatric population and prevalence of various medical conditions such as coronary and peripheral barriers is also expected to drive the guidewires market during the forecast period. Furthermore, increasing the prevalence of cardiovascular, neurovascular and urology diseases would drive the peripheral guidewire market.

However, the high price of endovascular procedure and stringent regulatory are restraining market growth. The technological advancement in medical equipment is likely to open new growth prospects for peripheral guidewires market.

The global peripheral guidewires market is segmented on the basis of application and region. Diagnostic and interventional are the key application segment of global peripheral guidewires market. Interventional application segment was the leading application segment for peripheral guidewires in 2015 and accounted for a significant share in the same year.

North American peripheral guidewires market was the largest in 2015 in terms of revenue and accounted for more than 40% share of the total market. This was due to the rising geriatric population coupled with high prevalence of chronic diseases in the region. Asia Pacific is expected to be one of the fastest growing regional markets for peripheral guidewires owing to growing medical tourism demand in emerging countries such as China and India.

Some of the key participants in this market are Abbott Laboratories, Boston Scientific Corporation, Asahi Intecc, Terumo Corporation, Cook Medical and among others. R&D investment has gradually increased over the last few years, in an attempt to develop cost effective product, technological advancement and to avoid product recalls.