Albany, NY -- (SBWIRE) -- 11/08/2017 -- According to a new market research report published by Transparency Market Research (www.transparencymarketresearch.com) "Guidewires Market (By Product Type: Coronary Guidewires, Peripheral Guidewires, Neurovascular Guidewires, Urology Guidewires, Radiology Guidewires, Gastroenterology Guidewires, Other Guidewires {Otolaryngology &Oncology}; By End-user: Hospitals, Clinics, Ambulatory Surgical Centers, Diagnostic Centers): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025" The global guidewires market was valued at US$ 1.6 Bn in 2016 and is estimated to reach US$ 2.7 Bn in 2025 at a CAGR of 6.2%, in terms of value, from 2017 to 2025
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Guidewires are used as a tool to navigate through blood vessels, and also for the placement of balloon catheters, stents etc. in to the blood vessels. The guidewires technology has been evolved since last two decades in terms of flexibility, trackability, torque transmission, support, and stiffness. Guidewire is made up of four components- core, hydrophilic or hydrophobic coatings, wire tip, and wire jackets/ covers. The stainless steel and nitinol core materials are most commonly observed guidewire materials. The recent technological advancements include the combination of these two in the form of hybrid guidewire material so as to improve the durability of the guidewires. The global guidewires market by product type has been segmented into coronary guidewires, peripheral guidewires, neurovascular guidewires, urology guidewires, radiology guidewires, gastroenterology guidewires, and other guidewires (otolaryngology &oncology).
In 2016, the coronary guidewires segment dominated the global guidewires market among the other product types in terms of value. The major reason attributable towards the dominance of the coronary guidewires was the significant prevalence of cardiovascular diseases across the globe, especially in developed countries where the adoption rate of interventional procedures such as PTCA and PTA is relatively higher. Apart from this, technological innovations in guidewires, increasing healthcare awareness among the population, and favorable reimbursement scenario contributed to the growth of the coronary guidewires segment. The coronary guidewires segment is likely to continue its dominance in terms of value during the forecast period.
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The peripheral guidewires is the second most attractive guidewires segment owing to the increasing prevalence of peripheral diseases. According to World Healthcare Organization statistics, in 2014, 12-14 % of world's general population was affected by peripheral artery diseases (PAD). Risk of PAD increases with increase in age and is boosted by smoking, high blood pressure, high cholesterol, and diabetes. With changing lifestyles, the incidence of PAD is expected to increase during forecast period leading to increase in the demand for peripheral guidewires.
The urology segment of guidewires is anticipated to register relatively higher CAGR, in terms of value, among other product types owing to the increasing new product launches, increasing adoption of guidewires in interventional urology procedures, and growing patient pool for minimally invasive procedures. In terms of end-user, the global market is divided into hospitals, clinics, ambulatory surgical centers, and diagnostic centers. The hospitals segments is likely to continue its dominance during the forecast owing to factors like favorable reimbursement scenario, availability of skilled physicians, and highly preferred among the patients from developing countries.
On the basis of geography, North America is projected to continue its dominance in the global guidewires market due to greater adoption of technologically advanced products & techniques, and high prevalence of cardiovascular diseases in this region. Europe held the second largest share of the global guidewires market in 2016, however Asia Pacific is anticipated to register relatively higher CAGR in terms of value during the forecast period owing to number of factors such as growing economy, increased adoption of minimally invasive surgeries, changing healthcare infrastructure, growing incidence and prevalence of lifestyle-related diseases, and improving healthcare per capita spending.
Major players having presence in the global guidewires market includes Abbott, Terumo Medical Corporation, Integer Holdings Corporation, ASAHI INTECC CO., LTD., B. Braun Melsungen AG, Olympus Corporation, Stryker, Cardinal Health, Inc., CONMED Corporation, Cook, Merit Medical Systems, Inc., Boston Scientific Corporation, and Medtronic. The emerging players in the global guidewires market includes Entellus Medical, Inc., EPflex Feinwerktechnik GmbH, and SP Medical A/S, among others.
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