The global guidewires market is seeing a considerably degree of technological evolution because of efforts of savvy players to come up with more effective products.
Albany, NY -- (SBWIRE) -- 12/08/2017 -- A prominent trend in the global guidewires market is the thrust on research and development by keen companies to come up with innovative products to suit an array of medical procedures. This strategy of product development is meant to up sales and revenues. To that end, companies are increasing allocations on research and development. Some of the noteworthy players in the global guidewires market are 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. Upcoming names in the market include Entellus Medical, Inc., EPflex Feinwerktechnik GmbH, and SP Medical A/S.
A report by Transparency Market Research predicts the global guidewires market to clock a steady CAGR of 6.2% during the period between 2017 and 2025 to become worth US$2.7 bn by 2025-end from US$1.6 bn in 2016.
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Key products purveyed in the global guidewires market are coronary guidewires, peripheral guidewires, neurovascular guidewires, urology guidewires, radiology guidewires, gastroenterology guidewires, and others such as otolaryngology and oncology guidewires. Among them, the segment of coronary guidewires hold a leading share in the market because of the alarming increase in instances of cardiovascular diseases, worldwide.
Geographically, the main segments of the global guidewires market are North America, Asia Pacific, South America, Europe, and the Middle East and Africa. Asia Pacific, of them, is expected to outshine all other regions in the global guidewires market because of the increasing incidence of cardiovascular diseases, increasing allocations for healthcare in developing nations, and demand for affordable minimally invasive interventional procedures. Rising number of local manufacturers of guidewires providing innovative products at lower costs is also benefitting the market in the region which is expected to clock a CAGR of 7.0% from 2017 to 2025.
Swift Uptake of Interventional Procedures Drive Growth : Some of the major growth drivers in the global guidewires market are rapid uptake of interventional procedures for diagnosis and treatment and surging popularity of minimally invasive procedures for angiography, prostatic stenting, transurethral electroporation of the prostate, transurethral needle ablation, and transurethral microwave. Growing per capita healthcare expenditure is also said to be positively influencing the market.
Thrust on Product Development Benefits Market : The global guidewires market is seeing a considerably degree of technological evolution because of efforts of savvy players to come up with more effective products. "Rapid evolution of guidewire tips technology in the form of magnetically rich guidewires has resulted in increased scope of guidewires application from therapeutic to diagnostic purposes, and this is likely to boost the growth of diagnostic centers segment in the global guidewires market during the forecast period," adds the lead analyst of TMR report.
High Price of Guidewires Dampens Demand
One factor, posing a hindrance to the market, on the flipside, is the steep cost of guidewires owing to significant time and money invested in their research and development. Non-reusable nature of guidewires also makes them expensive.
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At present, the end-use segment of hospitals is driving maximum demand in the global guidewires market owing to the rising preference among patients for minimally invasive interventional procedures. Clinics too are contributing significantly to the demand, along with ambulatory surgical centers.
This review is based on the findings of a TMR report, titled, "Guidewires Market (Product - Coronary Guidewires, Peripheral Guidewires, Neurovascular Guidewires, Urology Guidewires, Radiology Guidewires, and Gastroenterology Guidewires; End-user - Hospitals, Clinics, Ambulatory Surgical Centers, and Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."