FELTON, California, April 19, 2018 /PRNewswire/ --
Global Guidewires Market is expected to exceed over USD 2.19 billion by 2020 with a CAGR of 6.4%. Minimally invasive interventions have proved to influence the global guidewires market to a great extent and is therefore expected to witness high growth on account of increasing demand for these devices. Open/invasive surgeries are rapidly being replaced by minimally invasive surgeries. Presence of better satisfaction among patients owing to lower number of complications post-surgery and lesser incision wounds are some advantages accountable for this shift. Additionally, this processes need shorter hospital stays and hence, is economically more feasible.
Prevalent medical conditions including coronary and peripheral occlusions coupled with growing base of aging population is anticipated to fuel the guidewires market over the next six years. Mortality rates have been increasing in the past few years majorly due to increasing number of cardiovascular diseases. Changing lifestyle habits such as growing occurrence of obesity, rising number of global smokers along with irregular dietary habits have impacted the growth of these cardiovascular disease to a great extent. Owing to the introduction of devices such as guidewires and stents in addition to various drug therapies have positively impacted the treatment of cardiovascular disorders.
Guidewires play a vital role in vascular intervention. They are used to access cross lesions and target vessels to deliver accurate interventional therapy. There are many options available in the market in the form of different clinical presentations that require different device attributes. Choice of an appropriate guidewire holds utmost importance owing to its ability to improve crossing success particularly in total occlusions, limit costs, limit the risk of vascular injury and improve device delivery.
Determining which device features and attributes are required in different cases needs knowledge of engineering concepts that form those attributes. In few cases, these wires may be required for crossing and exchanging so as to gain safer and better device delivery. On the other hand, intraluminal crossing, involves different methodologies and device attributes as compared to sub-intimal crossing. With proper wire choice and manipulation, numerous occlusions can be treated interventionally without the need for expensive crossing tools.
Wire performance is greatly affected by external support catheters, proximity from the treatment site to the torque site and tortuosity. Improvements in guidewire design and a better understanding of how to use these wires may lead to an improved procedural success.
Browse 109 page research report with TOC on "Global Guidewires Market" at: https://www.millioninsights.com/industry-reports/guidewires-market
Based on the product type, global guidewires market is segmented as peripheral, coronary, urology and neurovascular guidewires. Coronary guidewires emerged as the most dominant player in the overall guidewires market by share in 2013 owing to the presence of large volumes of minimally invasive coronary procedures in addition to high usage rates. Rising number of initiatives by manufacturers in an attempt to reduce operational expense besides the governmental impact to strengthen reimbursement policies may result in declining product price of coronary guidewires market over the forecast period. In 2013, one unit of coronary guidewires was priced at USD 90.2 the average selling price for one unit of coronary guidewires was USD 90.2 in 2013.
Moreover, in order to enter newer markets and expand into emerging economies, manufacturers have been continuously putting in efforts to produce goods that are cost effective with limited patient purchasing capacities. North America is expected to be the most highly priced market over the forecast period and is anticipated to remain nearly 20% more than the overall average selling prices. In 2013, peripheral guidewires constituted for the second largest market share owing to the prevalence of peripheral occlusions.
There has been a steady increase in the R&D spending over the past few years, in an effort to develop cost effective and technologically advanced products therefore avoiding barriers including product recalls. Additionally, R&D lays emphasis primarily on unmet requirements of healthcare consultants and experts in consideration. Minimal wire perforation, flexibility and tip shape retention are the most important requirements of healthcare specialists and consultants.
Key regional market for guidewires market includes Europe, Asia-Pacific, North America, and RoW. In 2013, the North America emerged as the largest segment in terms of market revenue. This can be attributed to high prevalence of cardiovascular, presence of sophisticated healthcare infrastructure, high patient awareness levels and neurovascular disorders.
On the other hand, Asia-Pacific was the most rapidly growing region of the guidewires market. Drastic improvement in the economic conditions of developing countries such as China and India along with the availability new opportunities in untapped markets is projected to propel market growth of guidewires market in the region.
Key industry players operating in the market include Boston Scientific Corporation, Terumo Corporation and Abbott Laboratories. A diversified product portfolio in addition to high market penetration in emerging economies such as China and India, Terumo Corporation emerged as the dominant player in the peripheral guidewires market in 2013.
Boston Scientific Corporation, Cook Medical, Terumo Corporation and Bard Medical are some of the key players in the urology guidewires market. Terumo's patent product "Glidewire" has been gaining popularity amongst several healthcare practitioners and is one among the fastest growing organisations in this segment. Additionally, key market participants of the neurovascular guidewires industry include Codman Neurovascular and ASAHI INTECC.
Browse reports of similar category available with Million Insights:
- Facial Injectables Market
- Surgical Equipment Market
- Atherectomy Devices Market
- Anesthesia CO2 Absorbent Market
Global Guidewires Product Outlook (Volume, Thousand units; Revenue, USD Million, 2012 - 2020)
- Coronary Guidewire
- Peripheral Guidewire
- Neurovascular Guidewire
- Urology Guidewire
Guidewires Regional Outlook (Volume, Thousand units; Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
About Million Insights:
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
Research Support Specialist, USA
Toll Free: 1-866-831-4085
SOURCE Million Insights