The global guidewires market is projected to reach USD 764.0 Million by 2022 from USD 605.2 Million in 2017, at a CAGR of 4.8%.
The growth witnessed by guidewires is mainly driven by the growing target patient population, continuous product launches by major manufacturers, increasing availability of medical reimbursements for guidewires across developed countries, and rising adoption of minimally invasive surgical procedures across major countries.
This report broadly segments the guidewire market into material, product, application, end user, and region. On the basis of material, the market is categorized into nitinol guidewires, stainless steel guidewires, and hybrid guidewires. In 2017, the nitinol guidewires segment is expected to account for the largest share of the market. This can be attributed to the growing number of target medical procedures that utilize nitinol guidewires, increasing applications of nitinol guidewires, and growing patient preference for minimally invasive surgeries.
On the basis of product, the market is categorized into surgical guidewires (further sub-segmented into hydrophilic and hydrophobic surgical guidewires) and diagnostic guidewires (further sub-segmented into hydrophilic and hydrophobic diagnostic guidewires). In 2017, the surgical guidewires segment is expected to account for the largest share of the market. It is also expected to register the highest CAGR during the forecast period. This can be attributed to the rising adoption of minimally invasive surgical procedures for the treatment of vascular diseases among medical professionals as well as patients, owing to its procedural benefits, and availability of reimbursements for vascular treatment procedures across developed countries.
Based on application, the market is categorized into cardiology, vascular, neurology, urology, gastroenterology, oncology, and otolaryngology. The cardiology applications segment accounted for the largest share of the market and it is expected to be the fastest-growing segment during the forecast period. The large share of this segment is attributed to the rising adoption of guidewires among cardiologists owing to procedural and technical benefits offered by nitinol materials used for manufacturing cardiology guidewires such as the biocompatibility, recovering elongation, resistivity, steerability, and super elasticity.
Based on end user, the market is segmented into three categories, namely, hospitals, diagnostic centers, and surgical centers; ambulatory care centers; and research laboratories & academic institutes. In 2017, the hospitals, diagnostic centers, and surgical centers segment is expected to account for the largest share of the market due to the rising group purchasing organizations (GPOs) across developed countries, the rising incidence of target diseases, and ongoing technological advancements in the field of minimally invasive surgeries.
The major players in the market are Boston Scientific (US), Abbott (US), Medtronic (Ireland), Terumo (Japan), and Cook Group (US).