Guidewires Market Is Predicted To Grow Swiftly Due To Increasing Demand For Minimally Invasive Interventions Till 2020: Grand View Research, Inc.
Global guidewires market is projected to exceed over USD
2.19 billion in the forecast period. Increasing population together with
increasing prevalence of diseases is likely to drive demand over the forecast
period. Technological innovation has led to product enhancement on tip
retention and flexibility, thus leading to its increasing requirement from the
healthcare sector.
Coronary guidewires segment was
worth USD 700.1 million in 2013 and is likely to be a significant segment by
2020. Shifting lifestyle habits including dietary irregularities resulting in
growing incidences of obesity and rising number of smokers globally have led to
the high occurrence of cardiovascular diseases, thus resulting in the product
demand.
The industry is expected to
witness changing consumer preference from minimally invasive surgeries to
open/invasive surgeries due to higher patient satisfaction, reduced incision
wounds, and fewer post-surgery complications & mortality rates. In
addition, these processes implicate shorter hospital stays hence making it economically
viable. Demand for guidewires was 16.7 million units in 2013 and is likely to
reach 25.6 million units growing at 6.4% CAGR from 2014 to 2020
Global coronary and peripheral
guidewires market, 2012 – 2020 (USD Million)
Browse full research report on
Guidewires Market
Further key findings from
the report suggest:
Peripheral guidewire segment is projected to follow coronary guidelines
segment in terms of revenue. It is expected to grow at a CAGR exceeding 6.0%
from 2014 to 2020 on account of increasing occurrence of peripheral artery
diseases (PADs), carotid artery stenosis (CAS), peripheral vascular diseases
(PVDs), and abdominal aortic aneurysms (AAA).
North America accounted for the significant share in 2013 due to the high
occurrence of neurovascular & cardiovascular disorders and advanced
healthcare infrastructure in the region. Asia Pacific, on the other hand, is
anticipated to be one of the rapidly growing regional markets for guidewires on
account of growing medical tourism demand in developing countries such as China
and India.
Some key industry participants in guidewires include ASAHI INTECC, Terumo
Corporation, Medtronic Inc., Abbott Laboratories, Cordis Corporation, Covidien,
Boston Scientific Corporation, Cook Medical and B. Braun.
To devise cost-effective products and technologically advanced tools,
significant expenditure in R&D has been observed over the last three years.
This factor has aided the industry in eventually lowering the number of product
recalls. Market players have been investing increasingly in R&D in order to
develop innovative products and strengthen their foothold in the market. Key
specifications include flexible & minimal wire perforation and tip shape
retention.
Key participants in the urology guidewires market include Boston
Scientific Corporation, Cook Medical, Terumo Corporation and Bard Medical. With
the increasing popularity of “Glidewire”, Terumo’s new product, it is expected
to be one of the rapidly growing companies in this product segment. In
addition, market players in the neurovascular guidewires market include Codman
Neurovascular and ASAHI INTECC.
About Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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