Global Guidewires Market Size 2024, Forecast To 2033
6 Mar, 2024
The guidewires market size has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to demand in developed healthcare markets, adoption of endoscopic procedures, evolving materials and coatings, increased focus on patient safety, development of specialty guidewires. The guidewires market size is expected to see strong growth in the next few years. It will grow to $3.18 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to customization and specialty devices, focus on patient safety and efficacy, demand in emerging economies, rising prevalence of chronic diseases, growth in minimally invasive surgeries. Major trends in the forecast period include miniaturization of medical devices, increased demand for interventional procedures, expanding applications in cardiology, focus on enhanced durability.
Global Guidewires Market Key Driver
The rising number of chronic diseases is expected to propel the growth of the guidewires market going forward. Chronic disease refers to a condition or disease that lasts for more than a year and requires ongoing medical treatments. Guidewires are used to assist in the treatment of heart disease which is a chronic disease by reaching the heart through the blood vessels. The guidewires market is expected to continue to grow in the coming years, driven by the increasing prevalence of chronic diseases and advancements in technology. For instance, in January 2023, the National Center for Biotechnology Information, a US-based branch of the National Institutes of Health published a research paper that said the number of U.S. citizens above the age of 50 with chronic diseases is supposed to increase by approximately 99.5% from 71.52 million in 2020 to 142.66 million by 2050. Therefore, the rising number of chronic diseases will drive the guidewires market with market size projections of 2023 reaching $X million, 2024 reaching $Y million, and 2028 reaching $Z million.
Get A Free Sample Of The Global Guidewires Market ReportGlobal Guidewires Market Segments
The guidewires market covered in this report is segmented –
1) By Product: Interventional Guidewires, Diagnostic Guidewires
2) By Material: Nitinol, Stainless Steel, Hybrid, Other Materials
3) By Coating: Coated, Non-Coated
4) By Application: Coronoary Guidewires, Peripheral Guidewires, Urology Guidewires, Radiology Guidewires, Neurovascular Guidewires, Gastroenterology Guidewires, Other Applications
5) By End-User: Hospitals, Ambulatory Surgical Centers, Research Laboratories, Other End-Users
By Geography:The regions covered in the guidewires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the guidewires market in 2023. Asia-pacific is expected to be the fastest-growing region in the global guidewires market report during the forecast period. The regions covered in the guidewires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Guidewires Industry Players
Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Cook Group Incorporated, Abbott Laboratories, Cardinal Health Inc., Stryker Corporation, Olympus Corporation, Johnson & Johnson, B. Braun Melsungen AG, Teleflex Incorporated, AngioDynamics Inc., C.R. Bard Inc., Merit Medical Systems Inc., Becton Dickinson and Company, Cordis Corporation, Asahi Intecc Co. Ltd., Advanced Cardiovascular Systems Inc., Biosensors International Group Ltd., Bracco Diagnostics Inc., BTG plc, Coherex Medical Inc., Conmed Corporation, CryoCath Technologies Inc., Edwards Lifesciences Corporation, Interventional Spine, Intraluminal Therapeutics Inc., MicroPort Medical Systems Inc., NuVasive Inc., Penumbra Inc., Spectranetics Corporation, VasoNova Inc.
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Guidewires Market Overview
Guidewires refer to a thin wire that is used to understand the placement of a catheter during a medical procedure that is minimally invasive. Guidewires are used to enter the vascular systems while conducting minimally invasive procedures to access the desired part of the body.
Guidewires Global Market Report 2023 provides data on the global guidewires market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The guidewires market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.