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(Health-NewsWire.Net, July 07, 2021 ) The global guidewires market is expected to reach USD 764.0 million by 2022 from USD 605.2 million in 2017, at a CAGR of 4.8%. Factors such as the rising adoption of minimally invasive surgical procedures across major countries, rising prevalence of target diseases and the increasing applications of guidewires are driving the growth of the market.
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By product, the surgical guidewires segment is expected account for the largest share
Based on product, the global guidewires market is segmented 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 owing to factors such as 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.
By application, the cardiology applications segment is expected account for the largest share
Based on method, the global guidewires market is divided into seven segments-cardiology, vascular, neurology, urology, gastroenterology, oncology, and otolaryngology. The cardiology segment is expected to account for the largest share of the market in 2018. The large share of this segment can be attributed to factors such as 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.
By material, the nitinol guidewires segment is expected account for the largest share
On the basis of material, the guidewires market is segmented into nitinol guidewires, stainless steel guidewires, and hybrid guidewires. The nitinol guidewires segment is expected to dominate the guidewires market during the forecast period. This can primarily 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.
By end user, the hospitals, diagnostic centers, and surgical centers segment is expected account for the largest share
The guidewires market, by end user, is segmented into 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.
North America is expected to account for the largest share of the guidewires market during the forecast period
The report covers the guidewires market across four key geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the global guidewires market in 2017. increasing availability of reimbursements for guidewires among developed countries, increasing patient preference for minimally invasive surgical procedures (including atherectomy, thrombectomy, embolectomy, and gastrointestinal endoscopy), and strong market presence of key OEMs (that replicates into easy availability of guidewires) are the factors that drive the demand growth of guidewires in the region. The Asia Pacific region is expected to grow at the highest CAGR due to the increasing healthcare expenditure and growing initiatives to promote the use of guidewires during minimally invasive surgeries in Asia Pacific countries.
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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