Guidewires Market to grow by USD 807 Million from 2024-2028, driven by rising chronic disorders, AI-powered report highlights impact on market trends - Technavio

NEW YORK, Oct. 7, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Global Guidewires Market size is estimated to grow by USD 807 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 6.1% during the forecast period. Prevalence of chronic disorders is driving market growth, with a trend towards growing demand for Nitinol-based guidewires. However, difficulty in retrieval of lost guidewires poses a challenge - Key market players include Abbott Laboratories, Amecath, AngioDynamics Inc., Asahi Intecc Co. Ltd., B.Braun SE, Becton Dickinson and Co., BIOTRONIK SE and Co. KG, Boston Scientific Corp., Cardinal Health Inc., Cook Group Inc., Cryolife Inc., Lepu Medical Technology Beijing Co. Ltd., Medtronic PLC, Merit Medical Systems Inc., Rocamed, Rontis Corp. SA, Stryker Corp., Teleflex Inc., and Terumo Corp..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Market Driver

Guidewires are essential components in various medical procedures, particularly in urology and cardiovascular surgery. Nitinol, a nickel-titanium alloy, has emerged as a popular material for guidewires due to its unique properties. Nitinol undergoes phase transformation when exposed to temperature changes, external forces, and mechanical loading, allowing manufacturers to achieve desirable characteristics. Nitinol guidewires offer superior biocompatibility, greater elongation recovery, enhanced visibility, and radiopacity under X-ray fluoroscopy. While manufacturing guidewires, different materials are used in different areas, such as the outer coil and core. The widespread adoption of nitinol in guidewires is due to its favorable characteristics and properties. For instance, the Zebra Urologic Guidewire by Boston Scientific features a nitinol wire with a striped jacket, offering excellent visual feedback and handling. The increasing use of nitinol in guidewires will fuel market growth in the forecast period. 

In the medical device industry, Teleflex Incorporated, a leading player, continues to make strides in the Guidewires Market. The company's focus on innovation is evident in their production of Hydrophilic and Stainless Steel Guidewires for Image Guided Procedures. These guidewires are essential for Minimally Invasive Procedures (MIPs) and surgeries, including Neurovascular conditions and Urological disorders. Teleflex's strategic acquisitions, like Rapid Medical and Drivewire, have bolstered their product portfolio. Their Hybrid imaging facilities use Ultrasound navigation to ensure precision during Catheter procedures. The market for Interventional Guidewires, including Peripheral and Cardiovascular procedures, is growing due to the increasing prevalence of Chronic Disease Patients and the Geriatric population. However, challenges such as Device mechanism issues and Guidewire failures necessitate continuous improvement. Sales Analysis indicates that Straight Tips and Minimally Invasive procedures are popular trends. Teleflex's Direct sales force and BPS Change initiatives aim to address these needs and expand their market share in the Acquisition space. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

 Market Challenges

• Urological, vascular, and neurovascular procedures frequently utilize devices such as stents and catheters, which necessitate the use of guidewires for proper placement and navigation. The choice of guidewire depends on the patient's medical condition, as determined by the surgeon. The increasing number of urological procedures and the complexity of new devices and techniques have led to an unfortunate rise in the loss of guidewires during surgeries. Retrieval of these lost guidewires is crucial to prevent severe vascular and urological complications, including potential fatalities. Cardiologists often employ 3D snare devices for retrieving intravascular lost wires. However, the intervention of a separate device for retrieval may hinder the growth of the global guidewires market due to the limitation on guidewire usage.
• In the medical device industry, Teleflex Incorporated, a leading player, faces challenges in manufacturing and supplying guidewires for image-guided procedures. These include hybrid imaging facilities requiring hybrid guidewires, hydrophilic guidewires for minimally invasive surgeries, and stainless steel guidewires for cardiovascular procedures. Rapid Medical, a competitor, is making strategic acquisitions in the acoustic guidance and urology spaces, posing a threat. Challenges also arise from device mechanism issues, such as straight tips and BPS change in catheters, affecting sales analysis. Guidewire failures in neurovascular conditions and urological disorders add to the concerns. The geriatric population's increasing need for minimally invasive procedures and surgical cardiovascular procedures further complicates the landscape. Teleflex must address these challenges through efficient product manufacturing facilities, direct sales force, and addressing device mechanism issues. They can also consider non-invasive procedures using ultrasound navigation and explore partnerships or acquisitions in the peripheral guidewires market for chronic disease patients with coronary heart disease.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This guidewires market report extensively covers market segmentation by

1. Product 
• 1.1 Coronary guidewires
• 1.2 Peripheral guidewires
• 1.3 Urology guidewires
• 1.4 Neurovascular
2. End-user 
• 2.1 Cardiac catheterization laboratories
• 2.2 Hospitals
• 2.3 Specialty clinics
• 2.4 Ambulatory surgical centers
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Coronary guidewires- The guidewires market refers to the industry that produces and supplies guidewires for various medical procedures. These thin, flexible wires are essential tools for guiding catheters, stents, and other medical devices to specific locations within the body. Major players in this market include Boston Scientific, Medtronic, and Abbott Laboratories. They manufacture and sell guidewires for use in interventional cardiology, neurovascular procedures, and other medical applications. The market's growth is driven by increasing healthcare expenditures, an aging population, and technological advancements in medical devices.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Guidewires Market is witnessing significant growth due to the increasing prevalence of cardiovascular diseases, particularly chronic conditions like coronary heart disease. The market encompasses various types of guidewires, including interventional, hydrophilic, stainless steel, and hybrid guidewires. These guidewires play a crucial role in minimally invasive procedures and surgeries, such as image-guided and hybrid imaging facility-assisted cardiovascular procedures. The market is driven by the rising number of chronic disease patients requiring cardiovascular procedures. The device mechanism issues, such as kinking or fracturing, are being addressed through strategic acquisitions and product manufacturing facility expansions by key players. Sales analysis indicates a growing trend towards the use of hybrid guidewires, which combine the benefits of both hydrophilic and stainless steel guidewires. Rapid Medical, for instance, offers a range of hybrid guidewires designed for minimally invasive surgeries. BPS Change: The global guidewires market is expected to experience a steady BPS change due to the increasing demand for minimally invasive procedures and the development of advanced guidewire technologies. Cardiovascular Procedures: The market growth is primarily driven by the increasing number of cardiovascular procedures, including surgical and interventional procedures, performed worldwide. Catheters Market: The guidewires market is a significant segment of the larger catheters market, which is expected to grow at a CAGR of around 6% during the forecast period. Chronic Disease Patients: The rising number of chronic disease patients, particularly those with cardiovascular conditions, is a major factor driving the demand for guidewires. Coronary heart disease: Coronary heart disease is a leading cause of death worldwide, and the increasing prevalence of this condition is driving the demand for guidewires in cardiovascular procedures. Device mechanism issues: Device mechanism issues, such as kinking or fracturing, are a concern in the guidewires market, but are being addressed through technological advancements and strategic acquisitions. Hospitals: Hospitals are the primary end-users of guidewires, as they are used extensively in various cardiovascular procedures. Hybrid guidewires: Hybrid guidewires, which combine the benefits of hydrophilic and stainless steel guidewires, are gaining popularity in the market due to their versatility and improved performance. Hybrid imaging facility: Hybrid imaging facilities, which combine the capabilities of various imaging modalities, are increasingly being used in cardiovascular procedures, and the demand for guidewires in these facilities is expected to grow. Hydrophilic guidewires: Hydrophilic guidewires are commonly used in interventional procedures due to their ability to reduce friction and improve guidewire navigation. Image-guided procedures: Image-guided procedures, which rely on real-time imaging to guide the placement of guidewires and other medical devices, are becoming increasingly common in cardiovascular procedures. Interventional Guidewires: Interventional guidewires are used in various medical procedures, including cardiovascular procedures, and the market for these guidewires is expected to grow at a steady pace. Minimally invasive procedures: Minimally invasive procedures, which are less invasive and have a shorter recovery time than traditional surgical procedures, are becoming increasingly popular, and the demand for guidewires in these procedures is expected to grow. Minimally invasive surgeries: Minimally invasive surgeries, which use small incisions and specialized instruments, are becoming increasingly common in various medical fields, including cardiovascular surgery, and the demand for guidewires in these surgeries is expected to grow. Peripheral Guidewires: Peripheral guidewires are used in various procedures, including peripheral vascular interventions, and the market for these guidewires is expected to grow at a steady pace. Product manufacturing facilities: Product manufacturing facilities are a crucial component of the guidewires market, as they enable the production of high-quality guidewires that meet the demands of healthcare providers and patients. Rapid Medical: Rapid Medical is a leading manufacturer of guidewires and other medical devices, and its range of hybrid guidewires is gaining popularity in the market due to their improved performance and versatility. Sales Analysis: Sales analysis indicates a growing trend towards the use of hybrid guidewires, which offer the benefits of both hydrophilic and stainless steel guidewires, in various cardiovascular procedures. Stainless Steel Guidewires: Stainless steel guidewires are commonly used in various medical procedures, including cardiovascular procedures, and the market for these guidewires is expected to remain stable. Straight Tips: Straight tips are a common feature of guidewires, and they improve the accuracy and efficiency of guidewire navigation during various medical procedures. Strategic Acquisitions: Strategic acquisitions are a common strategy used by key players in the guidewires market to expand their product offerings and gain a competitive edge. Surgical cardiovascular procedures: Surgical cardiovascular procedures, which involve the use of surgical instruments and devices, are a significant application area for guidewires, and the demand for these guidewires is expected to remain strong.

Market Research Overview

The guidewires market encompasses a range of flexible, thin wires used in various medical procedures. These wires play a crucial role in guiding catheters, balloons, and other medical devices to specific locations within the body. The market is witnessing significant growth due to the increasing prevalence of cardiovascular diseases, such as coronary heart disease and peripheral artery disease, particularly among the geriatric population. The market includes hydrophilic, stainless steel, and hybrid guidewires, among others, used in image-guided procedures, endoscopic surgical procedures, and minimally invasive surgeries. The market is driven by strategic acquisitions, sales analysis, and a direct sales force. Device mechanism issues, such as guidewire failures, are a concern, and companies are investing in product manufacturing facilities and hybrid imaging facilities to address these challenges. The market also includes Rapid Medical and Teleflex Incorporated as key players, and covers non-invasive procedures for neurovascular conditions and urological disorders, as well as coronary and surgical cardiovascular procedures. Ultrasound navigation and minimally invasive procedures are also gaining popularity in the market. The catheters market, which is closely related to the guidewires market, is also experiencing growth due to the increasing number of chronic disease patients requiring interventional procedures.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Coronary Guidewires
• Peripheral Guidewires
• Urology Guidewires
• Neurovascular
• End-user
• Cardiac Catheterization Laboratories
• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio