The Therapeutic Medical Guidewire Market is expected to reach USD 2918.93 Million by 2030 at 5.7% CAGR during the forecast period 2022-2030. Guidewires are the medical devices used in surgical procedures such as interventional cardiology, interventional radiology, gastroenterology, vascular surgery, and many others. They are made up of stainless-steel metallic structures that are used to guide the catheter for placement. Majorly, there are two types of guide wires, i.e., solid guidewire and wrapped guidewire. Both types have one end rigid and other-end flexible. The most commonly used are the straight tip, J-shaped tip, and angled guide wires. Multiple successful cases of biliary cannulation have been observed using a J-shaped tip guidewire.
The rising prevalence of chronic disorders, growing preference towards minimally invasive surgical procedures, and technological advancements in medical guide wire are the major drivers propelling market growth. However, the lack of skilled physicians and guide wires associated problems may hinder the growth of the market.
The burden of chronic disorders, such as cardiovascular diseases, chronic kidney diseases, and cancer is increasing globally. According to the report published in the Centers for Disease Control and Prevention (CDC) in 2017, nearly 92.1 million adults dealing with at least one type of cardiovascular disease. The rising prevalence of chronic disorders has increased demand for therapeutic guidewires. Thus, the rise in cases of chronic disorders strongly promotes the growth of the market. Additionally, growing preference towards minimally invasive surgical procedures and technological advancements in medical guide wire is likely to support market growth. On the other hand, lack of skilled physicians and guide wires associated problems is anticipated to hamper the market growth.
Therapeutic Medical Guidewire Market Size, by End User, 2016 (USD Million)
Source: MRFR Analysis
The therapeutic medical guidewire market has been segmented into age type, shape, application, and end user. By type, the market has been segmented into solid guidewire and wrapped guidewire. The therapeutic medical guidewire market, by shape, has been segmented into J-shape, angled, and straight. By application, the market has been segmented into peripheral artery disease, cardiovascular diseases, neurovascular diseases, and urological diseases. By end-user, the market has been segmented into hospitals, clinics, and academic institutes. The hospitals segment accounted for a market value of USD 949.1 million in 2016.
The prominent players in the therapeutic medical guidewire market are Cardinal Health (US), Biotronik (Germany), SP Medical AS (Denmark), Infiniti Medical (US), Acme Monaco (US), Abbott (US), Boston Scientific Corporation (US), Medtronic (Ireland), Terumo Medical Corporation (Japan), Cook Medical (US), and Impax Laboratories (US).
Some of the key strategies followed by the players operating in the therapeutic medical guidewire market were innovation, product development, acquisition, and expansion.
Asia-Pacific Therapeutic Medical Guidewire Market Share, by Country, 2016 (%)
Source: MRFR Analysis
The therapeutic medical guidewire market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is estimated to dominate the therapeutic medical guidewire market during the forecast period. This is attributed to the rising burden of chronic diseases, technological advancements, increasing preference towards the minimally invasive procedure, and escalating healthcare expenditure. Centers for Disease Control and Prevention (CDC) has stated that out of total annual healthcare expenditure, 86% is for people with chronic health conditions in the US. The European therapeutic medical guidewire market for is expected to be the second-largest during the forecast period. Increasing government support for research & development, and rising healthcare expenditure have driven the European therapeutic guidewire market.
Asia-Pacific is the fastest-growing therapeutic guide wire market due to the rapidly changing healthcare sector, and the presence of enormous opportunities for the development of this market. Moreover, in the Asia-Pacific region, South Korea accounted for a market share of 13.3% in 2016. The Middle East & Africa has the least share in the market owing to the presence of poor and slow developing countries, especially, in the African region. The Middle East holds the significant share of the regional market due to well-developed technology and high spending.
Therapeutic Medical Guidewire Market, by Type
Therapeutic Medical Guidewire Market, by Shape
Therapeutic Medical Guidewire Market, by Application
Therapeutic Medical Guidewire Market, by End User
Therapeutic Medical Guidewire Market, by Region
|Market Size||2918.93 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Age type, Shape, Application, and End user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cardinal Health (US), Biotronik (Germany), SP Medical AS (Denmark), Infiniti Medical (US), Acme Monaco (US), Abbott (US), Boston Scientific Corporation (US), Medtronic (Ireland), Terumo Medical Corporation (Japan), Cook Medical (US), and Impax Laboratories (US).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||