20 February 2020 - Global
Guidewires Market is expected to
exceed over USD 2.19 billion by 2020 with a CAGR of 6.4%. Minimally invasive
interventions have proved to influence the global guidewires market to a great
extent and is therefore expected to witness high growth on account of
increasing demand for these devices. Open/invasive surgeries are rapidly being
replaced by minimally invasive surgeries. Presence of better satisfaction among
patients owing to lower number of complications post-surgery and lesser
incision wounds are some advantages accountable for this shift. Additionally,
this processes need shorter hospital stays 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 Scientific Corporation,
Cook Medical, Terumo Corporation and Bard Medical are some of the key players
in the urology guidewires market. Terumo’s patent product “Glidewire” has been
gaining popularity amongst several healthcare practitioners and is one among
the fastest growing organisations in this segment. Additionally, key market
participants of the neurovascular guidewires industry include Codman
Neurovascular and ASAHI INTECC.
Market Segment:
Global Guidewires Product Outlook (Volume, Thousand units; Revenue, USD
Million, 2012 - 2020)
• Coronary Guidewire
• Peripheral Guidewire
• Neurovascular Guidewire
•
Urology Guidewire
Guidewires Regional Outlook (Volume, Thousand units; Revenue, USD
Million, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
Comments
Post a Comment