Global guidewires market is forecasted to attain revenue of $1,126.5 million by 2023
The growth is led by favorable reimbursement scenario, increasing prevalence of chronic and lifestyle associated disorders, and growing demand for minimally invasive surgeries (MISs).
Insights on market segments
On the basis of material type, the market has been categorized into nitinol, stainless steel and hybrid type. Nitinol material is predicted to lead the guidewires market, in terms of size and as well as growth. The category held an estimated contribution of 47.2% in the global market in 2017 and is expected to progress at a CAGR of 5.9% during the forecast period. This leading position is mainly attributable to various features of these products such as high elastic property that provides kink resistance, better trackability and offers reduced prolapse, when compared to stainless steel and other materials.
On the basis of product, the guidewires market is categorized as surgical and diagnostic guidewires. Surgical product category is expected to showcase faster growth in demand, witnessing a CAGR of 5.7% during the forecast period. According to a report, Global Surgery 2030, published by Lancet Commission on Global Surgery, 143 million additional surgical procedures are needed each year to save lives and prevent disability, globally.
These products find application in coronary, peripheral, urology, neurovascular, gastroenterology and other health related disorders. Among these the neurovascular application category is expected to witness fastest growth in demand, growing at a CAGR of 6.7% during the forecast period, owing to the increasing number of neurovascular disorders globally.
Hospitals and diagnostic clinics, and ASCs are the key end users in the guidewires market. Hospitals and diagnostic clinics are the largest end user, with an estimated share of 86.9% in 2017. This end user category is also expected to showcase fastest growth in demand, witnessing a CAGR of 5.7% during the forecast period, mainly due to the increasing number of hospitals globally.