The global guidewires market size is poised to reach around USD 3.25 billion by 2027, at a CAGR 6.7% over a forecast period 2020 to 2027.
Rising preference for minimally invasive surgical procedures owing to advantages such as smaller incisions, faster recovery time, and reduced pain is boosting the growth. Furthermore, technological advancements and rise in geriatric population prone to various chronic diseases such as cardiovascular diseases, urological diseases, and neurovascular disorders, are few other factors driving the market.
As per the World Health Organization (WHO) estimates from 2018, global population aged 60 years and above is expected to grow from 12% in 2015 to 22% by 2050. Elderly population suffering from cardiovascular diseases imposes a burden on the healthcare system. According to the World Bank estimates, in 2017, nearly 27.04% of total population in Japan was aged 65 years and above as compared to nearly 25% in 2015. Prevalence of cardiovascular diseases increases with age, and is expected to boost the demand for guidewires in surgical interventions. Thus, rising geriatric population is one of the key drivers for this market.
Moreover, adoption of unhealthy lifestyle such as lack of physical activities, sedentary work life, high alcohol and tobacco consumption, and high intake of saturated fats and sugars is rising among adult population. These factors increase the risk of chronic diseases such as obesity, diabetes, and cardiovascular diseases, which might lead to surgical interventions with a disease progression. Therefore, rising burden of chronic conditions is expected to boost the market in the forthcoming years.
In May 2017, Philips Volcano’s Verrata and Verrata Plus guidewires were positively appraised for add on reimbursement via title V of the List of Reimbursable Products and Services (LPPR) by National Commission for the Evaluation of Medical Devices and Health Technologies (CNEDiMTS), France. In June 2017, CNEDiMTS also evaluated Boston Scientific’s fractional flow reserve guidewire, Comet, based on technical equivalency, to include it in LPPR category. The presence of favorable reimbursement framework coupled with various government initiatives aimed at increasing accessibility to treatment alternatives is driving the market in developed economies.
Increasing number of product launches is also one of the indicators that depicts the growth in investment for new product development. For instance, Cook Medical announced the launch of two in one guidewire, Motion Hybrid Wire Guide, with combined features of Teflon fixed core wire and nitinol access wire in January 2017. In May 2016, St Jude Medical, Inc. (Abbott) also announced the CE mark approval and European launch of a fractional flow reserve measurement system, named PressureWire X Guidewire. Between 2014 to 2017, Covidien (Medtronic), ASAHI, and BIOTRONIK had also launched their products.
In 2018, coronary segment held the largest revenue share of 44.8% owing to high demand for minimally invasive coronary procedures. Significant number of hospital admissions of atherosclerosis patients and rising prevalence of cardiovascular disease also contribute to the segment growth. As per the document titled Heart Disease and Stroke Statistics 2018, nearly 92.1 million American adults were suffering from some form of cardiovascular disease, in 2017.
Introduction of new technologies is expected to assist the segment to continue its dominance over the forecast period. Presence of favorable reimbursement policies for cardiovascular surgeries is also positively impacting growth of the guidewires market. Galeo coronary guidewires (Biotronik) and Spectre guidewire (Teleflex) are among few examples of coronary guidewires launched in past four years.
Neurovascular segment is projected to witness the fastest CAGR of 10.2% over the forecast period, majorly owing to high prevalence of neurovascular diseases such as dural arteriovenous fistula, aneurysms, arteriovenous malformations, cerebral hemorrhage, cavernoma, and stroke that affects the spinal cord and cerebral vascular system. Treatment of such disorders is challenging due to the presence of critical blood vessels. However, rising adoption of these devices in highly complex neuro-vascular minimally invasive surgeries is positively impacting the market growth.
In 2018, coated guidewire accounted for the majority of the revenue share owing to high demand. These products reduce friction, preserve tactile feel, and allow easy access to blood vessels. Hydrophilic and hydrophobic are the two types of coatings available in the market. Conventionally used uncoated products also exists in the market. However, the usage of uncoated guidewires is significantly declining owing to the advantages offered by coated guidewires.
Hydrophilic coating accounted the highest revenue share in 2018. This is due to high preference for hydrophilic coated guidewires in the percutaneous transluminal coronary angioplasty (PTCA) or vascular procedures. The hydrophilic nature of the guidewires results in the chemical interaction with water to form a hydrogel material which exhibits low friction coefficients.
Manufacturers are also investing in the development of hydrophilic coated or a tip with hydrophilic coating. In February 2014, Covidien (Medtronic) announced the introduction of HydroFinity hydrophilic guidewire in its peripheral vascular product portfolio. Cook Medical, ASAHI INTECC CO., LTD., and BrosMed are few other companies that have recently launched products in this category.
Raw Materials Insights
In 2018, stainless steel accounted for majority of the revenue share in terms of raw materials. Stainless steel is highly preferred raw material owing to its characteristics such as high corrosion resistance coupled with antibacterial, non-magnetic, and non-staining properties. Stainless steel provides good support, push force transmission, and torque specifications. Examples of stainless steel based products include Amplatz Support Wire Guide (Cook), Paragon Diagnostic Guidewire (Integer Holdings Corporation), and True Form Reshapable Guide Wire (Merit Medical Systems).
Nitinol is another important segment in terms of revenue share as well as growth rate. Growing preference for nitinol owing to its advantages such as better flexibility and kink resistance as compared to other raw materials such as stainless steel is one of the key drivers. Ability of the nitinol based products to resist deformations in the tortuous anatomies is also one of the drivers for rising preference for nitinol.
Other segment consisting of metals and alloys, other than stainless steel and nitinol such as platinum, or platinum-nitinol is expected to emerge with the fastest CAGR 6.7% over the forecast period. Technological advancements leading to the development of alloy based products exhibiting better material properties are anticipated to drive the growth. Examples of this product category includes Abbott’s HI-TORQUE CONNECT 0.018" PERIPHERAL GUIDE WIRE Family and Boston Scientific’s Platinum Plus Guidewire .014" & .018".
North America held the largest market share of USD 639.8 million in terms of revenue in 2018. This is majorly attributed to the high prevalence of cardiovascular diseases and rise in number of coronary and peripheral interventions. Moreover, growing preference for minimally invasive surgeries such as coronary bypass and cardiothoracic surgery is also one of the key factors driving the regional demand. Additionally, the presence of key players such as Terumo Medical Corporation, Boston Scientific Corporation, Abbott, Cardinal Health, AngioDynamics, and B. Braun Melsungen AG is also one of the indicators that depict its current huge market potential.
Asia Pacific is expected to register a lucrative CAGR of 8.4% over the forecast period, owing to the factors such as increasing geriatric population, prevalence of cardiovascular disease, and preference for advanced minimally invasive surgery technique that provide faster results and higher accuracy. Untapped opportunities in the emerging countries such as China and India are also driving the market.
Growing geriatric population in these countries coupled with rising prevalence of cardiovascular diseases is contributing to the market growth. For instance, according to Institute for Health Metrics and Evaluation (IHME), in 2017, stroke and ischemic heart disease were the leading causes of death in China. Some of the key players in this region are B. Braun Melsungen AG, Terumo Medical Corporation, and Abbott.
Guidewires Market Share Insights
The key market players are Boston Scientific Corporation, Abbott, Cordis (Cardinal Health) AngioDynamics, Medtronic, Stryker, Cook, Codman Neuro, and Terumo Medical Corporation. Strategic collaborations and new product launches are among the key strategies adopted by the key players to remain competitive. For instance, in May 2015, Terumo Medical Corporation collaborated with Olympus Corporation for the exclusive distributorship of Glidewire and urologic hydrophilic-coated guidewire. In April 2018, Asahi Intecc Co., Ltd received the U.S. Food and Drug Administration (FDA) approval for Chronic Total Occlusion (CTO) indication for selected products including PTCA guidewires and micro catheters.
Raw Materials Outlook
Middle East & Africa
The Guidewires market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Guidewires market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Guidewires market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Guidewires market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Guidewires market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Guidewires capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Guidewires by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Guidewires market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Guidewires market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Guidewires market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Guidewires industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Guidewires market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Guidewires market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Guidewires market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Guidewires market. These factors have benefited the growth of the global market for Guidewires. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Guidewires. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Guidewires are as follows:
History Year: 2016-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year 2020 to 2027
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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