Guidewire Market By Material (Nitinol, Stainless Steel, Hybrid), By Product (Surgical, Diagnostic), By Application (Cardiology, Vascular, Neurology, Urology, Gastroenterology, Oncology, Otolaryngology), By End-User (Hospitals, Diagnostic Centers, Ambulatory Care Centers, Research Laboratories And Academic Institutes), And Region For 2024-2031
Report ID: 25724|No. of Pages: 202
Guidewire Market By Material (Nitinol, Stainless Steel, Hybrid), By Product (Surgical, Diagnostic), By Application (Cardiology, Vascular, Neurology, Urology, Gastroenterology, Oncology, Otolaryngology), By End-User (Hospitals, Diagnostic Centers, Ambulatory Care Centers, Research Laboratories And Academic Institutes), And Region For 2024-2031
Guidewire Market Valuation – 2024-2031
The growing need for minimally invasive surgical operations and developments in guidewire technology that improve procedural efficacy in a range of medical applications are driving the guidewire market. The rising prevalence of cardiovascular diseases, urological disorders, and peripheral artery disease are major contributors to this trend, as healthcare systems around the world prioritize creative treatments that enhance patient outcomes and shorten recovery periods. According to the analyst from Verified Market Research, the guidewire market is estimated to reach a valuation of USD 979.93 Million by 2031, over the forecast subjugating around USD 676.02 Million valued in 2023.
Furthermore, the expansion of healthcare infrastructure in developing nations, combined with advantageous reimbursement policies in developed markets such as the United States and Germany, is expected to drive up demand for guidewires in diagnostic and interventional procedures. It enables the market to grow at a CAGR of 4.75% from 2024 to 2031.
>>> Get | Download Sample Report @ – https://www.verifiedmarketresearch.com/download-sample/?rid=25724
Guidewire Market: Definition/ Overview
A guidewire is a thin, flexible wire used in medical operations to help put catheters, stents, and other devices in the body’s circulatory system or other tight spaces. Its principal function is to create a path for healthcare personnel to explore blood arteries, ducts, and cavities with accuracy. Guidewires are used in a variety of applications, including angioplasty, which involves the installation of stents to unblock restricted arteries; endoscopic surgeries, which entail accessing interior organs through small incisions; and urology and neurovascular treatments. Guidewires are designed with unique materials and coatings to improve mobility and reduce friction, ensuring safe and effective navigation during complex medical operations.
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
What's inside a VMR
industry report?
>>> Ask For Discount @ – https://www.verifiedmarketresearch.com/ask-for-discount/?rid=25724
What are the Key Factors Supporting the Growth of the Guidewire Market?
The increasing prevalence of cardiovascular illnesses worldwide is a crucial driver of the guidewire market. According to the World Health Organization (WHO), cardiovascular disease is the leading cause of mortality worldwide. In 2019, an estimated 17.9 million people died from cardiovascular illnesses, accounting for 32% of all global deaths. This increasing prevalence needs an increase in cardiac procedures, many of which require guidewires.
Continuous advancements in guidewire technology, such as enhanced materials and designs for greater mobility and visibility, are propelling market expansion. According to a report released by the United States Food and Drug Administration (FDA), the number of 510(k) certifications for innovative guidewire technology increased by 15% between 2015 and 2020, showing the field’s rapid rate of innovation.
Furthermore, the shift to minimally invasive operations is increasing the need for guidewires. According to the American Heart Association, the number of percutaneous coronary interventions (PCIs) in the United States increased by 3.3% yearly between 2014 and 2018, with over 965,000 operations performed in 2018. Guidewires are critical components in these minimally invasive cardiac surgeries.
What are the Challenges Impacting the Guidewire Market?
The inherent dangers of using guidewires limit market expansion. Complications associated with guidewire procedures include vascular injuries, perforations, and embolisms, with reported rates ranging from 0.5% to 2%. These potential negative results discourage healthcare professionals and patients from undergoing treatments that use guidewires, lowering the adoption rates of these vital medical devices.
Furthermore, product recalls due to flaws or safety concerns have a substantial impact on the guidewire market. Such recalls harm manufacturers’ reputations while also imposing financial obligations, resulting in decreased consumer confidence in guidewire goods. Stringent quality control methods are required to mitigate these hazards; nevertheless, maintaining high-quality standards is resource-intensive and difficult for businesses, particularly smaller competitors in the market.
Category-Wise Acumens
How is the Demand for Nitinol Guidewire Increasing in the Market?
According to VMR analysis, the nitinol guidewire segment is estimated to hold the largest market share during the forecast period. Nitinol guidewires have exceptional super elasticity and shape memory, allowing them to revert to their original shape following deformation. This characteristic is especially useful during complex surgeries since it allows for better navigation through tortuous vascular channels, lowering the risk of complications and enhancing procedural outcomes. As a result, healthcare providers are increasingly using nitinol for a variety of interventional purposes.
The growing trend toward minimally invasive surgical techniques drives up demand for nitinol guidewires. Compared to standard surgeries, these methods provide patients with quicker recovery times, less discomfort, and lower infection risk. Nitinol guidewires are critical in enabling these methods, which has led to their greater usage in a variety of medical disciplines, including cardiology and urology.
Furthermore, nitinol guidewires are known for their strength and resistance to corrosion, which improves their efficacy in therapeutic situations. Their ability to tolerate repeated bending and twisting without losing integrity makes them ideal for a variety of applications. Because of their dependability, medical experts choose nitinol guidewires, cementing their market dominance.
How Do the Cardiology Applications Support the Growing Demand in the Market?
The cardiology segment is estimated to dominate the guidewire market during the forecast period. The increased global incidence of cardiovascular disorders is an important factor for the cardiology segment’s domination. With cardiovascular disease being the main cause of death worldwide, there is an increasing demand for effective interventional procedures like angioplasty and stent implantation, both of which rely largely on guidewires. The increased demand for efficient cardiovascular therapies immediately drives up the market for guidewires utilized in these operations.
Furthermore, the healthcare industry’s shift toward minimally invasive surgeries is especially apparent in cardiology, where guidewires play an important role. These procedures provide advantages such as faster healing, fewer complications, and shorter hospital stays. As more healthcare practitioners use these procedures to enhance patient outcomes, the need for guidewires designed for cardiology applications grows, bolstering its position in the overall guidewire market.
Gain Access to Guidewire Market Report Methodology
https://www.verifiedmarketresearch.com/select-licence/?rid=25724
Country/Region-wise Acumens
How is the Rapidly Aging Population in Asia Pacific Impacting the Market?
According to VMR analyst, Asia Pacific is estimated to exhibit the highest growth within the guidewire market during the forecast period. The Asia Pacific region’s population is rapidly aging, resulting in a higher incidence of cardiovascular illnesses that frequently necessitate guidewire-assisted interventions. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the region’s elderly population (aged 60 and more) is predicted to more than double from 535 million in 2015 to around 1.3 billion by 2050. According to the World Health Organization, cardiovascular disorders cause 31% of all deaths in the Western Pacific Region, demanding more cardiac treatments and boosting guidewire demand.
Furthermore, many countries in the Asia-Pacific region are investing heavily in healthcare infrastructure and growing healthcare spending, which encourages the use of modern medical technologies such as guidewires. According to the World Bank, health expenditure as a proportion of GDP in East Asia and the Pacific rose from 6.4% in 2010 to 7.1% in 2018. In South Asia, it increased from 3.5% to 3.9% over the same period. This development allows healthcare facilities to invest in more advanced medical gadgets and procedures that use guidewires.
What are the Main Drivers of the Guidewire Market in North America?
North America region is estimated to dominate the market during the forecast period. North America has a high prevalence of cardiovascular illnesses, which drives the demand for guidewires in various cardiac surgeries. According to the American Heart Association’s 2021 Heart Disease and Stroke Statistics Update, about 126.9 million adults in the United States (48.6% of the adult population) suffer from cardiovascular disease. This high prevalence necessitates various cardiac procedures, many of which require guidewires, resulting in market growth in the region.
Furthermore, minimally invasive operations are becoming more popular in North America, and guidewires are frequently used. According to the Society of Interventional Radiology, the number of minimally invasive, image-guided operations in the United States increased by about 7% every year from 2015 to 2020. By 2020, over 700,000 such procedures were performed annually in the United States alone, with many requiring the use of guidewires.
Competitive Landscape
The competitive landscape of the guidewire market is characterized by a high level of consolidation, with a small number of important companies controlling a sizable amount of the market share. This concentration has resulted in fierce competition among these companies, which are focused on innovation and the development of improved guidewire technology to improve procedural outcomes.
Some of the prominent players operating in the guidewire market include:
- Medtronic
- Boston Scientific
- R. Bard
- Terumo Corporation
- Abbott Laboratories
- Braun
- Johnson & Johnson
- Stryker Corporation
- Olympus Corporation
- Angiodynamics
Latest Developments
- In 2023, The US FDA approved Artiria’s real-time, deflectable guidewire, so that it may more effectively and efficiently treat peripheral and neurovascular diseases, including strokes.
- In April 2022, Boston Scientific Corporation introduced the Kinetix Guidewire, a new device designed for percutaneous coronary intervention (PCI) treatments. The Kinetix Guidewire was promptly phased out by the corporation, and over the following quarter, it became fully available.
- In July 2021, Allied Vision integrated Sony’s new sensors SenSWIR InGaAs into its popular Gold SWye SWIR camera series, enabling the cameras to be sensitive to both infrared (SWIR) layers. The Goldeye G-030 is fitted with the Sony IMX991, while the 1.3 MP Goldeye G-130 is fitted with the Sony IMX990 sensor, both of which use Sony’s technology. Both camera types are available with a GigE Vision interface and integrated cooling single-phase Thermo sensor (TEC1). Models with a Camera Link interface are scheduled for release in Q4 / 2021.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2020-2031 |
| Growth Rate | CAGR of ~4.75% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2020-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Million |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players |
|
| Customization | Report customization along with purchase available upon request |
Guidewire Market, By Category
Material:
- Nitinol Guidewire
- Stainless Steel Guidewire
- Hybrid Guidewire
Product:
- Surgical Guidewire
- Diagnostic Guidewire
Application:
- Cardiology
- Vascular
- Neurology
- Urology
- Gastroenterology
- Oncology
- Otolaryngology
End-User:
- Hospitals
- Diagnostic Centers
- Ambulatory Care Centers
- Research Laboratories & Academic Institutes
- Others
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1. INTRODUCTION OF GLOBAL GUIDEWIRE MARKET
1.1. Overview of the Market
1.2. Scope of Report
1.3. Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1. Data Mining
3.2. Validation
3.3. Primary Interviews
3.4. List of Data Sources
4. GLOBAL GUIDEWIRE MARKET OUTLOOK
4.1. Overview
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Porters Five Force Model
4.4. Value Chain Analysis
5. GLOBAL GUIDEWIRE MARKET, BY MATERIAL
5.1. Overview
5.2 Nitinol Guidewire
5.3 Stainless Steel Guidewire
5.4 Hybrid Guidewire
6. GLOBAL GUIDEWIRE MARKET, BY PRODUCT
6.1. Overview
6.2. Surgical Guidewire
6.3. Diagnostic Guidewire
7. GLOBAL GUIDEWIRE MARKET, BY APPLICATION
7.1. Overview
7.2 Cardiology
7.3 Vascular
7.4 Neurology
7.5 Urology
7.6 Gastroenterology
7.7 Oncology
7.8 Otolaryngology
8. GLOBAL GUIDEWIRE MARKET, BY END-USER
8.1. Overview
8.2 Hospitals
8.3 Diagnostic Centers
8.4 Ambulatory Care Centers
8.5 Research Laboratories & Academic Institutes
8.6 Others
9. GLOBAL GUIDEWIRE MARKET, BY GEOGRAPHY
9.1. Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. U.K.
9.3.3. France
9.3.4. Rest of Europe
9.4. Asia Pacific
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Rest of Asia Pacific
9.5. Rest of the World
9.5.1. Latin America
9.5.2. Middle East & Africa
10. GLOBAL GUIDEWIRE MARKET COMPETITIVE LANDSCAPE
10.1. Overview
10.2. Company Market Ranking
10.3. Key Development Strategies
11. COMPANY PROFILES
11.1. Medtronic
11.1.1. Overview
11.1.2. Financial Performance
11.1.3. Product Outlook
11.1.4. Key Developments
11.2. Boston Scientific
11.2.1. Overview
11.2.2. Financial Performance
11.2.3. Product Outlook
11.2.4. Key Developments
11.3. C.R. Bard
11.3.1. Overview
11.3.2. Financial Performance
11.3.3. Product Outlook
11.3.4. Key Developments
11.4. Terumo Corporation
11.4.1. Overview
11.4.2. Financial Performance
11.4.3. Product Outlook
11.4.4. Key Developments
11.5. Abbott Laboratories
11.5.1. Overview
11.5.2. Financial Performance
11.5.3. Product Outlook
11.5.4. Key Developments
11.6. B. Braun
11.6.1. Overview
11.6.2. Financial Performance
11.6.3. Product Outlook
11.6.4. Key Developments
11.7. Johnson & Johnson
11.7.1. Overview
11.7.2. Financial Performance
11.7.3. Product Outlook
11.7.4. Key Developments
11.8. Stryker Corporation
11.8.1. Overview
11.8.2. Financial Performance
11.8.3. Product Outlook
11.8.4. Key Developments
11.9. Olympus Corporation
11.9.1. Overview
11.9.2. Financial Performance
11.9.3. Product Outlook
11.9.4. Key Developments
11.10. Angiodynamics
11.10.1. Overview
11.10.2. Financial Performance
11.10.3. Product Outlook
11.10.4. Key Developments
12 KEY DEVELOPMENTS
12.1 Product Launches/Developments
12.2 Mergers and Acquisitions
12.3 Business Expansions
12.4 Partnerships and Collaborations
13. Appendix
13.1. Related Reports
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
