Guidewires Market

Market Overview

The guidewires market is expected to grow with a CAGR of 4.8% during the forecast period.

Guidewires are devices specifically designed to help in navigation and placement to facilitate easier delivery at the treatment site. These wires have features such as pushability, steerability, torque, and opacity. Pushability is the amount of force needed to move the wire forward, whereas steerability is the wire tip's capacity and sensitivity to navigate inside the vessels. Torque is required while easily moving the vessel turnings. Its opacity is its level of visibility under fluoroscopic imaging, required to focus and advance inside the vessels.

Market Dynamics

Growing Adoption of Minimally Invasive Surgical Procedures across the Globe

Compared to traditional open surgery, the rising preference for minimally invasive surgeries is mainly due to reduced costs for both doctor and patient, shorter recovery times, shorter hospital stays with fewer complications, and an overall increase in the number of people insured. In 2019, more than 50 million surgical procedures were performed in the United States. As that number grows each year, the preference for minimally invasive surgeries is also increasing. The development of the medical guidewire is enabling this shift in procedures.

While traditionally used in coronary procedures, the guidewire has become an essential part of a growing number of medical procedures, with its use steadily increasing and expanding into more and more medical specialties such as weight loss surgery. The use of this procedure has risen to about 113,000 cases per year. Thus, leading to the increased demand for guidewires, boosting the market growth.

Rising Geriatric Population Boosting Market Growth

The rising demand for advanced and minimally invasive technologies among elderly patients is also contributing to the growth of the market. The elderly population is more prone to diabetes, cardiovascular diseases (CVD), urological diseases, neurovascular disorders, etc. The aging population is projected to nearly double from 52 million in 2018 to 95 million by 2060. The 65-and-older age group's share of the total population will rise from 16% to 23% in the U.S., contributing as the prime factor for the guidewires market's growth.

Rising Prevalence of Target Diseases across the Globe

Target diseases such as cardiovascular diseases (CVD), neurological diseases, urology diseases are growing exponentially in most countries of the world. According to the World Health Organization (WHO), annually, approximately 30 million people suffer a heart attack or stroke, making CVD a major cause of death globally.

According to the American Heart Association, about half of U.S. adults suffer from some CVD. It is also estimated that by 2035, 130 million adults or 45.1% of the US population will possess some CVD. Due to lifestyle changes, there has been an increase in the incidence of diseases such as hypertension, diabetes, dyslipidemia, and obesity, impacting the escalating prevalence of CVD across the globe. Thus, contributing to the growth of the guidewires market.

Emerging Markets to Provide Lucrative Opportunities for Market Growth

Asia-Pacific is estimated to be the fast-growing region due to the increasingly high incidence of target diseases such as CVD, hypertension, kidney failure, etc. Increasing demand for a better healthcare system and huge untapped opportunities are propelling growth. Moreover, a partnership among organizations such as the China Cardiovascular Association and the American College of Cardiology to work together is a game-changer for cardiac care technology.

The health of the growing aging population is a major concern in North Asian countries such as Japan, China, and Korea, which is expected to drive the region's market in the coming years. The key market players are tapping the market to cope with the increased demand for guidewires for various surgical procedures.

Segmental Analysis

Surgical Guidewire Segment to Dominate the Market during the Forecast Period

Based on the product, the global guidewires market is majorly segmented into surgical guidewires and diagnostic guidewires. Surgical guidewires are further sub-segmented into hydrophilic and hydrophobic surgical guidewires; diagnostic guidewires are further sub-segmented into hydrophilic and hydrophobic diagnostic guidewires.

The surgical guidewires segment accounted for the largest share of the guidewires market. This segment's large share can be attributed to the rising prevalence of target diseases and the increased need for these surgical procedures. Moreover, minimally invasive surgeries are also gaining popularity among doctors and patients, leading to an upsurge in demand for surgical guidewires.

Hospitals, Diagnostic Centers, and Surgical Centers Segment to Attain New Heights in Terms of Revenue in Coming Years

By the end-user, the guidewires market is segmented into hospitals, diagnostic centers, surgical centers, ambulatory care centers (ACCs), research laboratories, and academic institutes. Hospitals, diagnostic centers, and surgical centers accounted for the largest share of the guidewires market.

The large share of this segment can be attributed to factors such as the increasing prevalence of target diseases, the growing number of patient visits to hospitals for diagnosis as the hospitals are well-equipped with the devices, the increasing number of patients undergoing surgical procedures, and the availability of reimbursement for these procedures across developed markets.

Regional Analysis

North America to Dominate the Guidewires Market during the Forecast Period

North America dominates the guidewires market as the region is backed by a well-established healthcare system, and high penetration and adoption rate for minimally invasive surgeries resulting in the increased demand for guidewires. In 2019, more than 50 million surgical procedures were performed in the United States. the preference for minimally invasive surgeries is also increasing inpatients every year. Moreover, the rising geriatric population leading to the surging prevalence of target diseases such as diabetes, cardiovascular diseases, and the rise in the number of coronary and peripheral interventions in the region further anticipated propelling market growth.

Besides, the local presence of key players such as Boston Scientific Corporation, Cook Group, Abbott Laboratories, Stryker Corporation, Cardinal Health, Johnson & Johnson, etc. is also one of the indicators that portray its current huge market potential. Furthermore, high disposable income and lifestyle changes such as increased alcohol and tobacco consumption,  absence of physical activities, inactive work-life, and dietary habits, which include high intake of saturated fats and sugars are observed among the adult population.

These factors increase the risk of chronic diseases such as obesity, diabetes, and cardiovascular diseases, which might lead to surgical interventions with a disease progression. Therefore, leading to a rising burden of chronic conditions is expected to boost the market in the forthcoming years. Thus, these factors contribute to accelerated regional market growth.

Recent Developments

• The Biotronik launched PRO-Kinetic Energy Cobalt Chromium (CoCr) Coronary Stent System in the United States after receiving FDA approval. PRO-Kinetic Energy surpasses other guidewires as it is the thinnest device with flexibility, crossability, and pushability.
• Boston Scientific Corporation received FDA approval for JUDO guidewires, which are designed for complex cases of chronic total coronary occlusion and allow maintained direct tactile feedback of the hardness of the plaque. These guidewires use innovative technology, called Micro EMT, which means that the core and coil are reduced to match precisely, which enable intraluminal lesion entry. This design gives the flexibility of the distal portion; also, the exact torque allows effective intraplaque recanalization and avoids exit into the subintimal space.

Guidewires Market Segmentation

By Product

• Surgical Guidewires
• Hydrophilic
• Hydrophobic
• Diagnostic Guidewires
• Hydrophilic
• Hydrophobic

By Material

• Stainless Steel Guidewires
• Nitinol Guidewires
• Hybrid Guidewires

By Application

• Cardiology
• Vascular
• Neurology
• Urology
• Others

By End-User

• Hospitals
• Diagnostic Centers
• Surgical Centers
• Ambulatory Care Centers (ACC)
• Research Laboratories & Academic Institutes

By Region

• America
• North America
  • The U.S.
  • Canada
  • Central and South America and the Caribbean
• Europe
  • Western Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
• Eastern Europe
• The Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Korea
  • Australia
  • South Korea
  • The Rest of Asia-Pacific
• The Middle East and Africa