Guidewires Market - Regional Estimates & Trend Analysis by 2020
10 Dec 2018 - Global Guidewires Market is expected to exceed over USD 2.19 billion by 2020with a CAGR of 6.4%. Minimally invasive interventions have proved to influencethe global guidewires market to a great extent and is therefore expected towitness high growth on account of increasing demand for these devices.Open/invasive surgeries are rapidly being replaced by minimally invasivesurgeries. Presence of better satisfaction among patients owing to lower numberof complications post-surgery and lesser incision wounds are some advantagesaccountable for this shift. Additionally, this processes need shorter hospitalstays and hence, is economically more feasible.
Prevalent medical
conditions including coronary and peripheral occlusions coupled with growing
base of aging population is anticipated to fuel the guidewires market over the
next six years. Mortality rates have been increasing in the past few years
majorly due to increasing number of cardiovascular diseases. Changing lifestyle
habits such as growing occurrence of obesity, rising number of global smokers
along with irregular dietary habits have impacted the growth of these
cardiovascular disease to a great extent. Owing to the introduction of devices
such as guidewires and stents in addition to various drug therapies have
positively impacted the treatment of cardiovascular disorders.
Guidewires play a
vital role in vascular intervention. They are used to access cross lesions and
target vessels to deliver accurate interventional therapy. There are many
options available in the marketi n the form of different clinical presentations
that require different device attributes. Choice of an appropriate guidewire
holds utmost importance owing to its ability to improve crossing success
particularly in total occlusions, limit costs, limit the risk of vascular
injury and improve device delivery.
Determining which
device features and attributes are required in different cases needs knowledge
of engineering concepts that form those attributes. In few cases, these wires
may be required for crossing and exchanging so as to gain safer and better
device delivery. On the other hand, intraluminal crossing, involves different
methodologies and device attributes as compared to sub-intimal crossing. With
proper wire choice and manipulation, numerous occlusions can be treated
interventionally without the need for expensive crossing tools.
Wire performance is
greatly affected by external support catheters, proximity from the treatment
site to the torque site and tortuosity. Improvements in guidewire design and a
better understanding of how to use these wires may lead to an improved
procedural success. Product
Insights
Based on the product
type, global guidewires market is segmented as peripheral, coronary, urology
and neurovascular guidewires. Coronary guidewires emerged as the most dominant
player in the overall guidewires market by share in 2013 owing to the presence
of large volumes of minimally invasive coronary procedures in addition to high
usage rates. Rising number of initiatives by manufacturers in an attempt to
reduce operational expense besides the governmental impact to strengthen
reimbursement policies may result in declining product price of coronary
guidewires market over the forecast period. In 2013, one unit of coronary
guidewires was priced at USD 90.2 the average selling price for one unit of
coronary guidewires was USD 90.2 in 2013.
Moreover, in order to
enter newer markets and expand into emerging economies, manufacturers have been
continuously putting in efforts to produce goods that are cost effective with
limited patient purchasing capacities. North America is expected to be the most
highly priced market over the forecast period and is anticipated to remain
nearly 20% more than the overall average selling prices. In 2013, peripheral
guidewires constituted for the second largest market share owing to the
prevalence of peripheral occlusions.
There has been a
steady increase in the R&D spending over the past few years, in an effort
to develop cost effective and technologically advanced products therefore
avoiding barriers including product recalls. Additionally, R&D lays
emphasis primarily on unmet requirements of healthcare consultants and experts
in consideration. Minimal wire perforation, flexibility and tip shape retention
are the most important requirements of healthcare specialists and consultants.
Regional
Insights
Key regional market
for guidewires market includes Europe, Asia-Pacific, North America, and RoW. In
2013, the North America emerged as the largest segment in terms of market
revenue. This can be attributed to high prevalence of cardiovascular, presence
of sophisticated healthcare infrastructure, high patient awareness levels and
neurovascular disorders.
On the other hand,
Asia-Pacific was the most rapidly growing region of the guidewires market.
Drastic improvement in the economic conditions of developing countries such as
China and India along with the availability new opportunities in untapped
markets is projected to propel market growth of guidewires market in the
region.
Competitive
Insights
Key industry players
operating in the market include Boston Scientific Corporation, Terumo Corporation
and Abbott Laboratories. A diversified product portfolio in addition to high
market penetration in emerging economies such as China and India, Terumo
Corporation emerged as the dominant player in the peripheral guidewires market
in 2013.
Boston ScientificCorporation, Cook Medical, Terumo Corporation and Bard Medical are some of thekey players in the urology guidewires market. Terumo’s patent product“Glidewire” has been gaining popularity amongst several healthcarepractitioners and is one among the fastest growing organisations in thissegment. Additionally, key market participants of the neurovascular guidewiresindustry include Codman Neurovascular and ASAHI INTECC.
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