ALBANY, New York, November 6, 2017 /PRNewswire/ --

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.

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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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.

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.

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.

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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.

Global Guidewires Market Report is available @ US$ 5795

About TMR 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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SOURCE Transparency Market Research