The guidewires market represents medical devices used for guiding catheters or other medical tubing during minimally invasive surgeries and procedures. Guidewires are thin, flexible wires that are inserted through small incisions or body openings for delivering treatments and facilitating the placement of medical devices at precise anatomical locations inside the body. Rising preference for minimal invasiveness over traditional open surgeries to reduce risks of post-operative complications and enable faster recovery is driving adoption of guidewires. The global Guidewires Market is estimated to be valued at US$ 8.1 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing preference for minimally invasive surgeries is one of the key trends propelling growth of the guidewires market. Minimally invasive procedures cause less pain, require shorter hospital stays, have lower risks of infections and scarring, and enable faster recovery times compared to traditional open surgeries. As such, they are becoming widely accepted alternatives for several cardiac, peripheral vascular, urological, gynecological, and neurological applications. Greater patient awareness about benefits of minimal invasiveness is driving the transition from open to endovascular and catheter-based procedures that utilize guidewires as an integral part of the process. This widespread shift towards minimally invasive options is expected to significantly spur demand for guidewires over the forecast period.
SWOT Analysis
Strength: Guidewires have high tensile strength and torqueability which helps in navigating through intricate vascular anatomies. They offer precise manipulation under fluoroscopy and have varied tip configurations and radiopacity to facilitate navigation.
Weakness: Possibility of guidewire kinking or coiling during complex procedures which can potentially obstruct blood flow. Risk of vessel injury or dissection if force is applied during manipulation.
Opportunity: Rising prevalence of cardiovascular & neurovascular diseases is increasing the need for minimally invasive procedures. Growing adoption of advanced guidewires featuring enhanced flexibility, steerability and torque control offers an opportunity.
Threats: Stringent regulatory norms and time-consuming approval process increases cost of new product development. Price pressure from low-cost alternatives and reimbursement cuts in major markets poses challenge.
Key Takeaways
The global Guidewires Market is expected to witness high growth over the forecast period of 2023 to 2030. North America region currently dominates the market due to rising incidence of cardiovascular diseases and growing number of peripheral arterial disease treatment procedures in the region. Key regional markets include United States, Canada and Germany.
The guidewires market is expected to be dominated by Boston Scientific Corporation, ASAHI INTECC Inc., Cordis Corporation and C.R. Bard. Boston Scientific Corporation is expected to maintain its lead position in the market owing to its strong product portfolio and global brand presence. Cordis Corporation offers diverse range of specialty guidewires forneurovascular, peripheral vascular and coronary applications.
The global market is moving towards guidewires featuring enhanced torque control, steerability, and trackability.Growing usage of specialized guidewires in complex endovascular procedures will support market revenue growth over the forecast period. Rising medical tourism in low-cost Asian countries offers lucrative opportunity. However, availability of alternative vascular access devices and price pressure poses challenges.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
