Therapeutic Medical Guidewire Market Research Report - Forecast till 2030

Therapeutic Medical Guidewire Market: Information by Type (Solid Guidewire and Wrapped Guidewire), Shape (J-Shape, Angled and Straight), Application (Peripheral Artery Disease, Cardiovascular Diseases, Neurovascular Diseases and Urological Disease) End User (Hospitals, Clinics and Academic Institutes) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) -Forecast till 2030

ID: MRFR/MED/3464-CR | July 2019 | Region: Global | 114 Pages         

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Therapeutic Medical Guidewire Market


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.


Market Dynamics


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)  Therapeutic Medical Guidewire Market


Source: MRFR Analysis


Segmentation


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.   


Key Players


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 (%)  Therapeutic Medical Guidewire Market


Source: MRFR Analysis


Regional 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.


Key Updates



  • In July 2017, Cardinal Health acquired Medtronic's Patient Care, Deep Vein Thrombosis, and Nutritional Insufficiency business for USD 6.1 billion.



  • In September 2017, Medtronic PLC launched StealthStation (TM) ENT, a surgical navigation system designed for surgeons treating conditions within the ear, nose, and throat (ENT) anatomy.


Therapeutic Medical Guidewire Market, by Type



  • Solid Guidewire

  • Wrapped guidewire


Therapeutic Medical Guidewire Market, by Shape



  • J-Shape

  • Angled

  • Straight


Therapeutic Medical Guidewire Market, by Application



  • Peripheral Artery Disease

  • Cardiovascular Diseases

  • Neurovascular Diseases

  • Urological Disease


Therapeutic Medical Guidewire Market, by End User



  • Hospitals

  • Clinics

  • Academic Institutes


Therapeutic Medical Guidewire Market, by Region




  • Americas


    • North America

      • US

      • Canada



    • Latin America






  • Europe


    • Western Europe

      • Germany

      • UK

      • France

      • Italy

      • Spain

      • Rest of Western Europe



    • Eastern Europe






  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific






  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • Oman

    • Kuwait

    • Qatar

    • Rest of Middle East & Africa




Intended Audience



  • Medical research laboratories

  • Research and development (R&D) companies

  • Market research and consulting service providers

  • Potential investors



Report Scope:

Report Attribute/Metric Details
  Market Size   2918.93 Million
  CAGR   5.7%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  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

  • Rising prevalence of chronic disorders
  • Growing preference towards minimally invasive surgical procedures
  • Technological advancements in medical guide wire


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