ALBANY, New York, June 4, 2019 /PRNewswire/ -- According to Transparency Market Research (TMR) report, the global guidewires market is expected to grow with a steady CAGR of 6.2% within the forecast period of 2017 to 2025. In 2016, the net worth of the global guidewires market was estimated to be around US$ 1.6 bn. This is expected to grow and reach the mark of US$ 2.7 bn by the end of 2025, say the experts at TMR.
The report provides an analysis on the basis of various segments of the global guidewires market. According to the analysis done by the experts of TMR, the coronary guidewires segment shall account for the highest growth in the projected forecast period. The growth is attributed to the alarming growth of cardiovascular diseases worldwide. Coronary guidewires are extensively used in various surgical procedures such as percutaneous transluminal coronary angioplasty (PTCA) and percutaneous transluminal angioplasty (PTA). Owing to this reason the report claims that the segment of coronary guidewires shall lead the global guidewires market in the forecast period.
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Geographically, the region of North America and the Asia Pacific shall be the dominating regions over others says TMR report. This is because of the growing instances of various lifestyle-related diseases, the soaring popularity of minimally invasive intervention procedures, and growing demand for sophisticated guidewires in the regions. Owing to these reasons North America and the Asia Pacific shall witness the highest growth of guidewires market.
Minimally Invasive Processes Shall Accelerate the Growth of Global Guidewires Market
There are some major factors that are influencing the growth of global guidewires market in the forecast period. Some of them are, growing adoption of minimally invasive procedures for the treatment of various diseases pertaining worldwide. Treatment of diseases such as angiography, prostatic stening, transurethral electroporation of prostate, transurethral needle ablation, and transurethral microwave.
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Also, the growing demand for end-user instruments in various hospitals is promoting the growth of global guidewires market. The application of these wires in various intervention procedures is also a key growth parameter for the growth of global guidewires market. Besides, the application of the guidewires in clinics in various other segments which are supporting a highly growing demand in the market along with the rising number of ambulatory surgical centers is also pushing the momentum for the growth of global guidewires market.
Non-Reusability of the Wires Shall Hinder the Market Growth
The purchasing cost of the guidewires coupled with the fact that these guidewires cannot be reused may hamper the growth of the global guidewires market. This is because businesses spent a huge amount of time and money in research and development activities that increase the cost of guidewires for the end-users.
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However, looking at the various technological innovations taking place in the healthcare sector across the globe shall allow the players of guidewires market to overcome the challenges and capture maximum opportunities offered by the global guidewires market.
Transparency Market Research has published its latest report on global guidewires market. According to the report, the leading organizations are focusing on various research and developments in order to provide best-in-class and innovative products to their customers. They are adopting similar key strategies in order to generate more revenue from their businesses. The report states that the main reason for the businesses to get involved in such activities as it provides a competitive edge over their customers. Along with research and developments, the players are getting involved in activities such as mergers and partnerships, collaborations, and acquisition of various small and medium businesses to stay ahead in the global guidewires market. The market of guidewires is dominated by players such as Terumo Medical Corporation, Olympus Corporation, ASAHI INTECC CO., LTD., Abbott, Integer Holdings Corporation, Stryker, CONMED Corporation, Merit Medical Systems, Inc., Cook, and Boston Scientific Corporation.
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The study presented here is based on a report by Transparency Market Research (TMR), 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."
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