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Guidewires are thin, flexible medical devices used to guide catheters and other minimally invasive surgical instruments into desired body cavities or vessels. These products help in efficient guidance of devices to targeted therapy or diagnostic sites with precision and ease. Growth in geriatric population susceptible to cardiovascular and neurological disorders has been a major factor propelling demand for guidewires. Guidewires are critical components for complex interventional procedures like angioplasty, balloon dilation, and stent placement. Their advantages include facilitating accurate placement of delivery catheters, providing support during navigation through complex vasculature, and reducing risk of trauma to vessel walls during surgical interventions.
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:
One of the key trends witnessed in the guidewires market over the recent years is the introduction of innovative product variants. Manufacturers are focusing on developing technologically advanced products with enhanced performance, flexibility, compatibility and safety. For instance, launch of ultra low-profile nitinol guidewires that can access complex lesions through tortuous paths. Similarly, hydrophilic coated guidewires that become slippery when in contact with blood or fluid, allowing for easy insertion and navigation. Further, emphasis is being placed on miniaturization of guidewire sizes to facilitate procedures involving small and distal vessels. Demand is also rising for products compatible with newer generation devices leveraging advanced imaging modalities. In order to consolidate their market position, leading players are expanding manufacturing capacities and enhancing global distribution networks.
Porter’s Analysis
Threat of new entrants: The guidewires market poses a moderate threat for new entrants due to stringent regulations and the need for extensive R&D and clinical trials.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of generic brands and products from new and emerging companies.
Bargaining power of suppliers: The threat from suppliers is low as there are numerous established raw material suppliers for metals, polymers, and other components used in guidewires.
Threat of new substitutes: The threat from substitutes is low as there are limited alternative products that can efficiently guide catheters and devices during invasive cardiovascular surgeries.
Competitive rivalry: The competitive rivalry is high among the major players due to their continuous efforts to gain a larger market share through product innovation.
Key Takeaways
The global guidewires market is expected to witness high growth over the forecast period owing to the increasing prevalence of cardiovascular diseases and the rising number of invasive interventional procedures. 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.
Regional analysis: North America is expected to dominate the global guidewires market during the forecast period. This is attributed to the growing geriatric population, rising prevalence of lifestyle diseases, and continuous technological advancements in the region. Asia Pacific is expected to grow at the fastest pace due to growing healthcare expenditure, increasing medical tourism, and growing awareness about minimally invasive procedures.
Key players: Key players operating in the guidewires market are Boston Scientific Corporation, ASAHI INTECC Inc., Cordis Corporation and C.R. Bard. Boston Scientific Corporation is the market leader with wide geographical presence and advanced product portfolio. ASAHI INTECC Inc. is another prominent player focusing on new product launches.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
