Guidewires Market

Guidewires Market Outlook

The demand for guidewires is projected to grow at a CAGR of 6.1% during the forecast period (2023-2032). The global guidewires market size is projected to surpass US$ 1,755 Mn by the end of 2033, up from US$ 968 Mn in 2023.   

The use of minimally invasive surgery is on the rise, and this, together with improvements in surgical technology, is expected to drive the growth of the global guidewires market. The prevalence of the target ailment is expanding, major manufacturers are introducing new products often, and developed countries offer favorable guidewire medical reimbursement rates.

Minimally invasive treatments have a variety of significant therapeutic advantages over conventional open procedures, such as shorter hospital stays, faster patient recovery, improved procedural safety & efficacy, and greater affordability. Healthcare professionals are increasingly searching for alternative therapies that offer patients with target diseases, such as vascular diseases, cardiological diseases, urological diseases, and cancer disorders, safer and more efficient disease management techniques. As a result of the clinical benefits afforded by minimally invasive surgery, medical practitioners are choosing it more frequently than traditional open surgery.

• The World Health Organization (WHO) estimated that 17.9 million fatalities in 2019 were attributable to CVDs, accounting for 32% of all deaths worldwide.
• Additionally, it is anticipated that low- and middle-income nations account for more than 75% of CVD cases.

Consequently, the demand for guidewires is projected to rise as CVD among the elderly population grows. Additionally, due to decreased immunity, the aging population is more vulnerable to infections and a variety of chronic diseases, which raises the risk of consequences. Therefore, it is anticipated that the growing elderly population is likely to favourably affect the growth of the guidewires market throughout the study period.

The use of interventional radiology procedures for image-guided illness diagnosis and treatment has grown as a result of advancements in guidewire tip technology. The results of patient recovery have been greatly improved by interventional radiology. This is due to the procedure's lower risk, shorter recovery period, and less pain compared to open surgery. For vascular, gastrointestinal, hepatobiliary, pulmonary, and genitourinary illnesses, interventional radiology is ideally suited.

Report Attributes	Details
Guidewires Market Size (2023)	US$ 968 Mn
Projected Market Value (2033)	US$ 1,755 Mn
Global Market Growth Rate (2023-2033)	6.1% CAGR
U.S. Projected Market Value (2033)	US$ 438.75 Mn
China Forecast Market Value (2033)	US$ 263.25 Mn
Diagnostic Guidewires Segment	CAGR (2023-2033)
Key Companies Profiled	Boston Scientific Corporation Terumo Corporation Cardinal Health Inc.

Key Guidewire Market Dynamics

More and more adults are adopting unhealthy lifestyles like not getting enough exercise, working sedentary hours, consuming large amounts of alcohol and tobacco, and eating a lot of sugar and saturated fat. These factors raise the likelihood of developing chronic illnesses like obesity, diabetes, and cardiovascular conditions, which may necessitate surgical procedures and accelerate the progression of the disease. Therefore, the market is anticipated to grow in the years to come as the burden of chronic illnesses increases.

The risk of developing chronic conditions like obesity, cardiovascular disease, and metabolic disorders has increased as a result of unhealthy and changing lifestyle habits, such as consumption of salt, saturated fats, and sugars; lack of physical activity; high tobacco and alcohol consumption; and lack of physical activity.

• Urology guidewires have an atraumatic hydrophilic tip that makes it easier to maneuver through confined spaces. At least 15% of the global guidewire market share is expected to be accounted for by urology guidewires.

With a CAGR of 7.0% over the forecast period, the urology guidewires market is anticipated to experience the greatest growth. This is due to the rising incidence of chronic renal disease and the usage of dialysis catheters, both of which are expected to fuel the expansion of the urology guidewires market.

Restraints:

The guidewire-related risk could limit the market growth.

The use of guidewires entails several dangers and may result in lethal complications. The heart chambers or a vessel may be punctured or perforated by a guidewire. Other problems associated with guidewires include cardiac arrhythmias, irregularities in the conduction of the heartbeat, and guidewire loss in the vascular system. These severe consequences carry a high risk of death. This may therefore serve to deter several prospective patients from pursuing treatments that involve guidewires.

The current commercially available guidewires are manufactured using various materials, such as nitinol, stainless steel, Teflon or perylene, and other hybrid polymers.

• Hybrid polymers are also used to manufacture guidewires due to their varied benefits, such as flexibility, kink resistance, tensile strength, columnar strength, and torque.

However, using these materials significantly increases the price of the product as compared to conventional guidewires. For example, the average cost of a conventional diagnostic guidewire ranges from US$ 3 to US$ 15 in the US, while the average cost of a hydrophilic guidewire ranges from US$ 100 to US$ 140.

Category-wise Insights

Urology guidewires exhibit a high rate of expansion, although coronary guidewires are likely to predominate.

The global guidewires market is anticipated to be dominated by the coronary guidewires segment. It is projected that rising rates of coronary illnesses are likely to propel the industry forward. Reaching a lesion or vascular segment with these guidewires is simple because they are straightforward to maneuver within blood vessels. It serves as a guide for bigger catheters, making a delivery to the treatment site simple.

• The market for coronary guidewires is anticipated to account for two-fifths of the market for all guidewires, growing at a CAGR of 6.6% over the forecast period.

The urology guidewires segment is set to expand the highest, with a CAGR of 7.0% during the forecast period. This is attributed to the increasing prevalence of chronic kidney dysfunctions and the use of dialysis catheters which is anticipated to drive the urology guidewires segment’s growth. Moreover, urology guidewires offer an atraumatic hydrophilic tip, which facilitates negotiating tight areas. Urology guidewires are anticipated to account for at least 15% of the global guidewire market share.

Due to the advantages offered, coated guidewires are projected to be quickly adopted.

The coated guidewires market is expected to grow at a 4.7% CAGR through 2028 as a result of the advantages they provide. Coated guidewires, particularly in interventional procedures, are responsible for the smoother transmission of the guidewire and are frequently utilized for complex anatomical structures. The hydrophobic coatings are silicone-based as well, which means that they don't need any additional liquid activation to make the guidewire slippery. Additionally, coated guidewires provide the best torque responses for devices supplying difficult anatomy.

Benefits of Nitinol Guidewires to Accelerate the Growth of the Guidewires Market

Due to nitinol's superior procedural results compared to guidewires made of other materials. The nitinol-based guidewires market generated US$395.5 million in revenue in 2022. It is anticipated to grow at a CAGR of 5.5% during 2023-2033. The benefits of nitinol-based guidewires include improved longevity, higher flexibility, and corrosion resistance. The increase in nitinol guidewire use in medical operations is another factor contributing to the industry's growth.

The hospital's segment accounted for 34.3% market share in 2022

Hospitals are well equipped with cardiovascular devices and units to cater to various cardiovascular procedures as well as instant necessities can be fulfilled. For instance, according to the Center for Disease Control and Prevention (CDC) report, nearly 800,000 in the U.S. have a heart attack every year, and one in four people has already had a heart attack earlier. Thus, the usage of guidewires in a patient undergoing cardiovascular surgeries in hospital settings is likely to propel the guidewires market growth during the projected years.

Country-wise Insights

The United States to Reign over Guidewires Market

In terms of revenue, North America accounted for the greatest market share in 2018, with US$ 438.75 Mn. The rising frequency of cardiovascular disorders and the increase in coronary and peripheral treatments are the main causes of this. The increased preference for minimally invasive procedures like cardiothoracic and coronary bypass surgery is also one of the main causes boosting regional demand. Another sign of the market's current enormous potential is the existence of leading companies like Terumo Medical Corporation, Boston Scientific Corporation, Abbott, Cardinal Health, AngioDynamics, and B. Braun Melsungen AG.

The primary factors driving the market's growth in the U.S. are the increased prevalence of cardiovascular illnesses and the inclination for minimally invasive procedures. Due to the significant risk of infection connected with invasive surgeries, many in the nation favour less invasive procedures. Noninvasive techniques also shorten patients' hospital stays, saving money and time.;

China to Emerge as a Region with High Growth Potential in Guidewires Market

China's guidewire market is foreseen to emerge as the fastest-growing market, registering a CAGR of 7.7% throughout the forecast period. China is anticipated to be valued at US$ 263.25 Mn by 2033. Due to factors such as an aging population, the prevalence of cardiovascular disease, and the preference for cutting-edge minimally invasive surgery methods that deliver quicker outcomes and higher accuracy, Asia Pacific is predicted to grow at a profitable CAGR of 8.4% over the projection period. The market is also being driven by untapped prospects in developing nations like China and India.

The prevalence of cardiovascular disorders is increasing in these nations, and this, combined with a growing senior population, is fueling market expansion. According to the Institute for Health Metrics and Evaluation (IHME), stroke and ischemic heart disease were the main causes of mortality in China in 2017. B. Braun Melsungen AG, Terumo Medical Corporation, and Abbott are among the leading participants in this market.

France to Lead European Guidewires Market

France has established training institutes for these procedures since French surgeons are renowned throughout the world for their proficiency in minimally invasive procedures. During minimally invasive coronary operations, guidewires are employed as safety measures. The use of technologically improved utilities for the treatment of target ailments, as well as favorable government policies, are some of the main drivers propelling market expansion in this area. B. Braun Melsungen AG, Medtronic, Cook Medical, and Stryker are major companies that compete in the European market.

Patient Comfort and Product Development to Aid Market Players Gain Larger Share

The global guidewires market is fragmented, with the top four players accounting for more than half of the market. Abbott Technologies, Terumo Medical Corporation, Integer Holdings Corporation, and Boston Scientific Corporation. These players concentrate on expanding their product portfolio by developing guidewires for various therapeutic applications and providing improved patient comfort in the form of lubricous coating.

"Boston Scientific Corporation and Medtronic Expected to Lead the Global Market"

Due to a few numbers of competitors controlling the majority of the market share, the guidewires industry is highly consolidated. The three companies with the largest market shares in 2018 were Boston Scientific Corporation, Medtronic, and Abbott.

• Boston Scientific Corporation led in terms of revenue, which is mostly attributable to its strong brand recognition, consolidated client base, and robust distribution network.

Due to ongoing product releases, strategic alliances, and a focus on market penetration in emerging regions, it is predicted that Medtronic and Abbott's market share is anticipated to rise over the forecast period.

Abbott Technologies majorly concentrates on the development of new products.

• The Hi-Torque Command 18 018 guidewire is one of its products. The hybrid construction of this guidewire combines the strength of nitinol with the push, torque, and support of stainless steel.
• A different product called PressurewireTM X evaluates hemodynamics by taking measurements of the Resting Full Cycle Ratio (RFR) or the FFR fractional flow reserve.

For coronary and vascular interventional procedures, Terumo Interventional Systems, a competitor in the market, offers hydrophilic and cutting-edge hybrid guidewires with nitinol cores. The Long Taper GLIDEWIRE, the J-tip GLIDEWIRE, and the GLIDEWIRE TORQUETM Device are some of its products. These guidewires offer unrivaled retention and lubricity. This guarantees uniformity throughout the entire process.

• The FDA approved Cardiovascular Systems Inc.'s ViperWire Advance Coronary Guide Wire in October 2019. Diamondback 360 orbital atherectomy system is a feature of the newly developed guidewire, allowing for better navigation and therapeutic results.
• Cardiovascular Systems signs an agreement with OrbusNeich and Integer in January 2018. The business made the strategic choice to increase the range of premium balloon and guidewire products it offers.
• Asahi Intecc Co., Ltd. declared in March 2021 that Asahi Intecc J-sales, Inc., one of its group companies, would handle the direct sales of endoscopic guidewire "M-Through" in Japan. This guidewire is frequently used in the field of gastroenterology. The company's presence in the nation is anticipated to increase as a result of this strategy.

Global Guidewires: Market Segmentation

• By Product Type:

  • Diagnostic Guidewires
  • Interventional Guidewires

• By Material Type:

  • Nitinol Guidewires
  • PTFE Guidewires
  • Stainless Steel Guidewires
  • Hybrid Guidewires

• By Application:

  • Coronary Guidewires
  • Peripheral Guidewires
  • Neurovascular Guidewires
  • Urology Guidewires
  • Radiology Guidewires
  • Gastroenterology Guidewires
  • Other Guidewires (Otolaryngology & Oncology)

• By End-user:

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
  • Diagnostic Centers

• By Regions:

  • North America
  • Europe
  • Asia Pacific
  • Eastern Europe
  • Latin America
  • Middle East & Africa (MEA)