According to a new report published by Allied Market Research titled,"Vascular Guidewires Market by Application, Coating Type, and End User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"The global vascular guidewires market size in 2017 is $883 million, and is projected to reach $1,336 million by 2025, growing at a CAGR of 5.4% from 2018 to 2025. The coronary guidewires segment accounted nearly half of the total vascular guidewires market share in 2017.
A guidewire acts as a guide toward the introduction of a large device (such as catheter) into a patient’s body. Guidewire technology has greatly improved over the past few years. This has helped key players offer a comprehensive collection of various wires with different properties to help interventional cardiologists reach their vascular target accurately in time without causing any complications. A guidewire consists of a core (generally made of steel) with a coating over the core. The coating may be done either with a hydrophilic or a hydrophobic polymer.
The vascular guidewires market is expected to exhibit significant growth during the forecast period due to rise in the prevalence of cardiovascular disorders, increase in geriatric population, demand for minimally invasive procedures, and rapid technological advancements in guidewires drive the market growth. However, risks and complications associated with guidewires, and availability of effective conventional treatment options restrict the market growth. Conversely, increase in use of nitinol in vascular guidewires and growth opportunities in the emerging economies of the Asia-Pacific and LAMEA regions are expected to provide several opportunities for market growth during the forecast period.
Based on application, the market is categorized into coronary guidewires, peripheral guidewires, urology guidewires, and neurovascular guidewires. The coronary guidewires segment is expected to maintain its dominant position throughout the analysis period, mainly due to the increase in prevalence of cardiac disorders globally.
Based on coating type, the market is categorized into coated and non-coated. The coated segment is expected to grow at the highest CAGR of 5.4% from 2018-2025, owing to its trackability and torque.
North America dominated the market in 2017, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. This is attributed to the development of innovative devices, adoption of minimally invasive surgeries, and mergers & acquisitions to acquire novel technologies are the important market trends.
The report provides a comprehensive analysis of the key players operating in the global vascular guidewires market industry, namely Abbott Laboratories, B. Braun Melsungen AG, Becton, Dickinson and Company (C.R. Bard), Biotronik SE & Co. KG, Boston Scientific Corporation, Cardinal Health, Inc., Cook Medical Inc., Olympus Corporation, and Terumo Corporation. The other players in the value chain include Stryker Corporation, Teleflex Incorporated, AngioDynamics, Asahi Intecc USA, Inc., Bard Peripheral Vascular, Inc., and others.
Key Findings of the Vascular Guidewires Market:
- Based on end user, the hospitals segment accounted for three-fifths of the total market in 2017
- Based on coating type, the hydrophilic coating segment accounted for more than half of the total market in 2017
- Asia-Pacific is expected grow at the highest CAGR of 6.2%, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of vascular disorders
- In terms of volume, North America accounted for one-third of the total volume market in 2017.