Guidewires are medical devices used to guide and navigate other medical instruments during minimally invasive procedures such as angioplasty, stent placement, and others. The Global Guidewire Market was estimated to be worth around $2.5 billion in 2020, and it is expected to grow at a CAGR of 5.8% from 2021 to 2028, according to a report by Expert Market Research.
The growth of the guidewire market is attributed to factors such as the increasing prevalence of chronic diseases, the rising geriatric population, the growing demand for minimally invasive surgeries, and advancements in guidewire technologies. North America is currently the largest market for guidewires, followed by Europe and the Asia Pacific region.
Some of the major players in the guidewire market include Boston Scientific Corporation, Abbott Laboratories, Medtronic, Terumo Corporation, Cook Medical, and Cardinal Health, among others.
Moreover, the increasing investment in R&D activities by key market players to develop innovative and advanced guidewires is also expected to drive market growth. For instance, in 2021, Boston Scientific announced the launch of its TheraMax radiopaque support catheter and a new family of guidewires called the CrossBoss and Stingray System, which are designed for use in the treatment of coronary chronic total occlusions (CTOs).
North America is currently the largest market for guidewires, followed by Europe and the Asia Pacific region. The Asia Pacific region is expected to witness the highest growth during the forecast period, owing to factors such as the increasing adoption of minimally invasive surgeries, rising healthcare expenditure, and the growing prevalence of chronic diseases in the region.
Based on product type
the market is segmented into surgical guidewires and diagnostic guidewires. The surgical guidewire segment held the largest share of the market in 2020, owing to the growing demand for minimally invasive surgeries and the increasing adoption of surgical guidewires in such procedures. The diagnostic guidewire segment is also expected to witness significant growth during the forecast period, owing to the increasing demand for diagnostic procedures.
Based on application
the market is segmented into cardiology, urology, neurology, gastroenterology, and others. The cardiology segment held the largest share of the market in 2020, owing to the high prevalence of cardiovascular diseases and the increasing adoption of guidewires in cardiac surgeries.
The neurology segment is also expected to witness significant growth during the forecast period, owing to the increasing prevalence of neurological disorders and the growing demand for minimally invasive neurological procedures.
North America is currently the largest market for guidewires, followed by Europe and the Asia Pacific region. The Asia Pacific region is expected to witness the highest growth during the forecast period, owing to factors such as the increasing adoption of minimally invasive surgeries, rising healthcare expenditure, and the growing prevalence of chronic diseases in the region.
Some of the key trends expected to shape the global guidewire market from 2023 to 2028 include:
• Increasing adoption of advanced guidewire technologies: As the demand for minimally invasive surgeries continues to grow, there is an increasing need for advanced guidewire technologies that offer better navigation and precise positioning.
This is driving innovation in the guidewire market, with key players investing in R&D activities to develop new and improved guidewires.
• Growing prevalence of chronic diseases:
The increasing prevalence of chronic diseases such as cardiovascular diseases, cancer, and diabetes is expected to drive the demand for guidewires, which are commonly used in the treatment of such diseases.
• Rising geriatric population: The global population is aging, which is leading to a higher incidence of age-related diseases that require minimally invasive surgeries.
This is expected to fuel the demand for guidewires, as they are commonly used in such procedures.
• Increasing demand for diagnostic procedures: The demand for diagnostic procedures such as angiography, endoscopy, and bronchoscopy is expected to drive the demand for diagnostic guidewires.
• Focus on emerging markets: With the increasing demand for guidewires in emerging markets such as the Asia Pacific region
Key Players in the market are expanding their presence in these regions to capitalize on the growth opportunities.
Shift towards value-based care: The shift towards value-based care is expected to impact the guidewire market, as healthcare providers focus on providing better outcomes at a lower cost.
This is expected to drive the adoption of minimally invasive procedures, including those that use guidewires.