Vascular Guidewires Market Overview:
Global Vascular Guidewires Market was valued at $1,051 million in 2015, and is expected to reach $1,610 million by 2022, supported by a CAGR of 6.2% during the forecast period 2014 to 2022.A guidewire is a flexible wire (may also be a spring in some cases), which helps the surgeons for introduction and proper placement of a medical device (particularly prosthesis) into a patient’s body. The use of guidewires is essential during an interventional procedure as they assist a medical practitioner guide a medical device through the patient’s anatomy. Therefore, vascular guidewires are used during various surgical procedures such as placement of angioplasty balloons, stents, and inferior vena cava filters.
Rise in prevalence of cardiovascular disorders, increase in geriatric population, demand for minimally invasive procedures, and rapid technological advancements in guidewires drive the market. On the other hand, major restraining factors include risks & complications associated with guidewires, and availability of effective conventional treatment options. 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 the market growth during the forecast period.
Vascular Guidewires Market Segmentation
There is an increase in trend of use of guidewires that ensure superior trackability and torque. This is achieved by a hydrophobic coating over the guidewire. To ensure optimal torque response, manufacturers focus on the development of guidewires with a one-piece-construction core wire. This ensures a direct connection between the core wire and the distal coil, which keeps the core wire centered while navigating complex anatomies. Therefore, the new generation of guidewires feature improved torque response and precise steerability; thereby rendering them useful in some of the most challenging clinical cases. Increase in number of minimally invasive surgeries for the treatment of blocked arteries propels the market growth. This is also due to the rise in prevalence of cardiac disorders globally. According to Cardiovascular Systems Inc., nearly 18 million Americans (age 65 and above) suffer from peripheral artery disease (PAD), which is caused by plaque accumulation in peripheral arteries (commonly the pelvis or leg). This leads to reduction of blood flow in peripheral arteries and increases the need for an interventional treatment procedure. In addition, prevalence of several risk factors (such as diabetes and obesity) that lead to PAD is also on the rise. Therefore, the number of people suffering from PAD are also expected to increase in future, which would lead to the growth of vascular guidewires market.
Vascular Guidewires Market, By Product, 2015 (%)
Snapshot of LAMEA Vascular Guidewires Market
There is an increase in prevalence of chronic diseases in the Latin American region. This is mainly due to the lack of efficient treatment systems in these countries. In addition, Latin American countries have reduced gross income and hence do not spend much on the development of new methods and devices. Hence, there is a need for efficient treatment systems. This demand has attracted several key players from the West to invest in the Latin American market for the growth of their business. Lack of facilities and an increased need for treatment devices draw key players to invest in the Middle Eastern market. However, lack of English-speaking customers restrict the market. To overcome this language barrier, modern instruments featuring CPR guidance and voice assistance in local language are developed. Hence, the market is expected to grow in the Middle Eastern countries in the near future. Rapid urbanization has led to a change in lifestyle, diet, risk-prone behavior, and change in cultural attitudes of the African population. Hence, the occurrence of chronic diseases is expected to increase in the coming years, which makes Africa as one of the emerging nations favoring market growth.
Saudi Arabia Vascular Guidewires Market, 2014-2022 (Thousand Units)
The vascular guidewires market has witnessed several clinical trials in the recent years. Europe was the region with maximum number of clinical trials (46), followed by North America (46). The U.S. was the main country in which maximum number of trials (41) were conducted.
Vascular Guidewires: Clinical Trials
The list of key players included in the report include Abbott Laboratories, B. Braun Melsungen AG, Biotronik SE & Co. KG, Boston Scientific Corporation, C. R. Bard, Inc., Cardinal Health, Inc., Cook Medical, Inc., Medtronic plc, Terumo Corporation, and The Spectranetics Corporation. Other players in the value chain include Lepu Medical Technology (Beijing) Co., Ltd., ASAHI INTECC CO., LTD., BrosMed Medical Co., Ltd, JOTEC GmbH, and Optimed Medizinische Instrumente GmbH.
- The study provides an in-depth analysis of the market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders capitalize on prevailing market opportunities.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
- Comprehensive analysis of all geographical regions is provided, which determines the prevailing opportunities in these geographies.
- Key players are profiled in the report and their strategies are analyzed thoroughly, which helps understand competitive outlook of the global market.
Vascular Guidewires Market Key Segments:
- Coronary Guidewires
- Peripheral Guidewires
By Coating Type
- Hydrophilic Coating
- Hydrophobic Coating
By End User
- Ambulatory Surgical Centers (ASCs)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA