Global guidewires market is expected to grow at a significant pace from 2016 to 2024 owing to rising number of diseases related to cardiovascular and neurovascular among the geriatric population. Catheter placements in the arteries use guidewires. They are flexible, thin tubes which possess unique biomechanical properties such as steerability, flexibility, prolapsed tendency, and torque ability. Its components include core, distal tip and outer covering. Guidewires types are coronary, peripheral, neurovascular and urology.
Interventional and diagnostic purposes use guidewires in medical practices. Surgeries for placing IV catheter, endotracheal tube, central venous line and gastric feeding tubes require guidewires. Their properties can be customized according to the medical practitioner’s need. Due to these factors, their market demand in the medical sector is expected to grow over the forecast period.
Guidewire usage requires extensive training. Proper selection of guidewires requires expertise. The treatment is costly and the awareness is also low. Insurance policies have become more stringent and complicated. The global reimbursement scenario is affecting the market.
There has been a global rise in cardiovascular diseases in the recent past due to factors such as aging population, unhealthy lifestyles, smoking and lack of physical activity and is expected to follow the same trend over the next eight years. Guidewires provide minimal invasive interventions and hence are used to treat these diseases. Patients prefer minimum stay at hospitals and fewer incision wounds. The technological innovations in guidewires such as enhanced flexibility, proper tip retention, and portability have allowed it to cater to these preferences. It is anticipated that consumers will embrace its usage due to these technological innovations and its cost effectiveness contributing to a global rise in demand of guidewires in the future years.
Major industry participants include ASAHI INTECC, Medtronic Inc., Abbott Laboratories, Cordis Corporation, Maquet, Terumo Corporation, Boston Scientific Corporation, Covidien plc, B. Braun, Biosense Webster, St. Jude Medical Inc. and Stryker. Manufacturers are trying to develop innovative products which are efficient and less expensive in nature. Companies are focusing more on research and development to attain substantial market share.
A major company operating in the guidewires market is the Boston Scientific Corporation. Located in the U.S., the company is a developer, manufacturer, and distributor of medical equipment used in cardiac surgery, vascular surgery, endoscopy, oncology, urology, and neurovascular intervention. The company collaborates with medical practitioners across the globe to develop products. The company has introduced various types of guidewires such as Fathom Steerable Guidewires; Safari preshaped TAVI guidewires, Kinetix Guidewire, choice Floppy guidewires and Journey Guidewire. The Fathom Steerable Guidewires are created with advanced micro fabrication technology which allows its usage in tortuous vasculature. Safari Preshaped TAVI guidewires has enhanced shape retention property and comes in three curve sizes.
Abbot Laboratories, a U.S. based company, also operates in the guidewires market. It was founded in 1888 and has operations in more than 150 countries. The product portfolio of the company includes branded medical devices, diagnostics, generic pharmaceuticals, and nutrition products Abbot manufactures guidewires for coronary and peripheral interventions in healthcare. Hi-torque Command guide wire & Hi-torque progress guide wire is one of the products of Abbot Laboratories.
North America is accounted to lead the global guidewires market demand in the recent past and is forecasted to continue a similar trend over the next eight years. Stringent regulations in the U.S about healthcare, the availability of specialist medical practitioners, prevalent lifestyle diseases, and availability of sophisticated medical treatment are the market drivers. Large number of market companies and the specialty product offered by them is expected to benefit the overall market growth for guidewires over the forecast period.
Countries such as India, China and Japan are expected to contribute substantially to regional guidewires demand over the next eight years. Changing lifestyle, improving economic conditions and government initiatives to provide affordable treatment are anticipated to fuel the demand for guidewires in the regional market.
