An Incisive, In-depth Analysis on the Guidewires Market
This study offers a comprehensive, 360 degree analysis on the Guidewires market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Guidewires market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Guidewires Market Outlook & Key Findings
- Guidewires market likely to grow at over 6.0% in 2020 owing to increasing adoption of minimally-invasive procedures for the treatment of coronary heart diseases
- Guidewire manufacturers are focusing on developing technologically advanced products to capture market share
- COVID-19 outbreak a short-term blip for guidewires market; long-term prospects remain bullish
Technological Advancements: A Pathway to Guidewires Market Growth
Guidewire engineering is moving towards more advancement as more complex lesions like CTO (chronic total occlusions) are replacing PCI (percutaneous coronary invention) lesions.
Retrograde, antegrade, and at times, even subintimal approach needs guidewires with CTO lesions. As such, these approaches are the largest growth area on the count of novel guidewire technology. Innovative products are being launched by the major market players to cater to CTO as well as PCI lesions.
Medtronic, one of the leading manufacturers of guidewires, has tabled “Wholey Guidewire System” in diverse configurations with varied lengths. It enables better interaction with the interventional devices.
Besides, Teleflex Incorporated, in Jan 2020, announced that it had received clearance from US FDA regarding Wattson Temporary pacing Guidewire designed for usage during TAVR (transcatheter aortic valve replacement) and BAV (balloon aortic valvuloplasty). It’s the very first commercially available bipolar temporary pacing guidewire.
In Apr 2020, Boston Scientific Corporation announced launching its novel Kinetix Guidewire for usage in PCI procedures. This is the first major advancement in the coronary guidewire technology since the last decade.
On the other note, the US FDA, in Aug 2019, has also put forth regulations related to upgradation of neurovascular, peripheral, and coronary guidewires. This compliance will also drive the market for guidewires in the forecast period.
Interventional Guidewires Witnessing Growing Demand
Interventional guidewires are witnessing increasing adoption in minimally-invasive surgical procedures as they prove to be less painful. The other advantages include faster recovery and less scarring.
Also, ambulatory centres across the globe prefer interventional guidewires, so that they could facilitate cost-effective, same-day discharge. These advantages are expected to drive the guidewires (interventional, in particular) market in the forecast period.
Guidewires Demand Directly Proportional to Increasing Prevalence of Non-Communicable Disease
As per the WHO, every year 70% deaths are attributed to non-communicable diseases
Furthermore, middle- and low-income countries around the world contribute for over 85% deaths due to NCDs that include diabetes, cancer, mental health, and cardiovascular diseases. Furthermore, cardiovascular diseases are reported to cause around 17.9 million deaths annually.
Moreover, across Asia Pacific, majority of total deaths is attributed to NCDs, especially in South-East Asia. These NCDs do develop over the period of time with adverse effects on the functional capabilities. The WHO states that deaths due to NCDs are projected to rise by 15% between 2010 and 2020; which comes to 44 million deaths; out of which 10.4 million would be reported in South-Asia alone.
The above mentioned statistics state that minimally invasive surgeries are imperative herein; and would bolster the guidewires market in the upcoming period.
New Product Launches, Coupled with Inorganic Growth Parameters to Catalyze the Guidewires Market
Globally, guidewires market players are looking forward to consolidate their positions through acquisitions, partnerships, and collaborations at the local level.
The other intention behind acquisitions is expansion of commercial and industrial platform pertaining to global distribution network. For instance – Boston Scientific and Mayo Clinic, in Jul 2019, entered into collaboration for accelerating development of minimally-invasive technologies for neuromodulation, urology, heart rhythm management, endoscopy, and interventional cardiology.
New product launch is another path being tread by the market players. For instance – Cardiovascular Systems, Inc., in Oct 2019, did announce pre-market approval for Viper Wire – Advance Coronary Guide Wire from US FDA so as to enhance its product offerings.
In May 2019, Medtronic launched WHAT IS DID LAUNCH Telescope Guide Extension Catheter to make way for additional backup support along with access to the distal lesions.
Covid-19 Crisis Impact: Key Challenges to Guidewires Market
The ongoing coronavirus pandemic is making a significant impact on the medical device industry including the guidewires market. The business has already slowed down due to Covid-19 pandemic and it is expected to take a while to recover.
Many of the leading companies are unable to manufacture enough guidewires to meet the global demand due to the shortage of manpower. The employees have been encouraged to work from home, and thus the production of medical devices has taken a hit. This disruption in supply chain could hamper the guidewires market for some time.
Guidewires Market: Region-wise Analysis
North America continues to be the most lucrative market for guidewires due to the high adoption rate of interventional as well as diagnostic guidewires. The U.S.remains the most lucrative country in global guidewires market and it has consistently shown notable annual growth rates, and the guidewire market is expected to grow at over 5.5% in 2020.
Asia Pacific is expected to grow at the fastest rate in the forecast period. Guidewires demand in this region can be attributed to increasing medical tourism, rising incidence of lifestyle-related and chronic diseases, and healthcare infrastructure improving at a rapid pace.
According to International Diabetes Federation Atlas, China and India have the highest number of diabetic patients, aged between 20 and 79
The guidewires market in Japan is slated to witness an exponential growth as more than 25% of its population is aged 65 and above. The geriatric population requires regular healthcare support and management, which is likely to push demand for a number of products, including guidewires.
Guidewires Market: Competitive Intelligence
Some of the key players in the guidewires market are:
- Boston Scientific Corp.
- Becton, Dickinson and Company
- Teleflex Incorporated
- Cook Medical Inc.
- Stryker Corporation
- Merit Medical Inc.
- Medtronic Plc.
- Cardinal Health
- B. Braun Melsungen AG
- Terumo Corporation
- Olympus Corporation
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Guidewires: The Way Forward
The long-term outlook on guidewires market is arithmetically progressive, with FMI’s analysis estimating revenues to grow at over 6.0% consistently. The global increase in the patient pool having the chronic cardiac disease and rising elderly population are likely to drive demand.
Guidewires manufacturers will need to focus on cost management and product distribution through collaboration to expand their presence in wider geographies.
Portfolio strengthening and upgradation to technologically advanced guidewires are the major strategies of key market players. Besides, to increase their presence in lucrative markets and introduce a new product to a new set of end-users, market consolidation activities such as mergers, acquisitions and collaborations need to be on the anvil.
A recent market study published by Future Market Insights (FMI) on the guidewires market offers global industry analysis for 2015-2019 & opportunity assessment for 2020-2030. The report consists of a comprehensive assessment of the most important market dynamics. On conducting thorough research on the historical as well as current growth parameters of the market, growth prospects of the market are obtained with utmost precision.
The report features unique and salient factors that may make a huge impact on the development of the guidewires market during the forecast period. It can help market players modify their manufacturing and marketing strategies to envisage maximum growth in the guidewires market in the years to come. The report provides detailed information about the current and future growth prospects of the guidewires market in the most comprehensive way for better understanding of readers.
Key Segments of Guidewires Market
FMI’s study on the guidewires market offers information divided into six important segments— product type, application, material type, tip shape, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Chapter 01 – Executive Summary
The report commences with the executive summary of the guidewires market report, which includes the snapshot of key findings and statistics of the market. It also includes the market value (US$ million) estimates of the leading segments of the market as well as the key trends impacting the market.
Chapter 02 – Market Overview
Readers can find detailed taxonomy and product definition of the guidewires market in this chapter. This section also provides the key inclusions and exclusions to the market that help readers understand basics of the market.
Chapter 03 – Key Market Trends
This section highlights the key trends impacting the market, which will help readers understand the current trends and their impact on market growth.
Chapter 04 – Market Background
This chapter explains the key macroeconomic factors that are expected to influence the growth of the guidewires market during the forecast period. It also highlights the major forecast factors that will shape market growth. It provides knowledge about value chain analysis of the market. Besides, it provides key dynamics of the market, which include the drivers, restraints, and opportunities.
Chapter 05 – Market Context
This section highlights the key context of the market such as product adoption/usage analysis, product USPs/ features, regulatory scenario, key strategies by the leading manufacturers, supply-chain analysis, which will help readers to gain extensive knowledge about the market.
Chapter 06 – Global Guidewires Market Volume (in ‘000 Units) Analysis 2015-2019 and Forecast 2020-2030
This section explains the current and future market volume (in ‘000 Units) projections and the growth trend. Readers can also get knowledge about the current volume of guidewires, by region/ country and historical market volume (in ‘000 Units) of global market.
Chapter 07 – Global Guidewires Market Pricing Analysis
This section covers the pricing analysis of the market on the basis of region and the other attributes. It will help the reader find comparative analysis of product pricing across different regions of the globe.
Chapter 08 – Global Guidewires Market Value (US$) Analysis 2015-2019 and Forecast 2020-2030
This section explains the global market value analysis and forecast for the market between 2020 and 2030 along with the historical market and opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the same forecast period.
Chapter 09 – Global Guidewires Market Analysis (2015-2019) & Opportunity Assessment (2020-2030), By Product Type
Based on product type, the market is segmented into interventional guidewires and diagnostic guidewires and both these segments are further divided into hydrophilic guidewires and hydrophobic guidewires. In this chapter, readers can find a detailed analysis of the market by different product types and their growth over the forecast period.
Chapter 10 – Global Guidewires Market Analysis (2015-2019) & Opportunity Assessment (2020-2030), By Material Type
Based on material type, the market constitutes nitinol guidewires, PTFE guidewires, stainless steel guidewires, and hybrid guidewires. In this chapter, readers can find a detailed analysis of the market and their growth over the forecast period.
Chapter 11 – Global Guidewires Market Analysis (2015-2019) & Opportunity Assessment (2020-2030), By Application
Based on application, the market spans coronary guidewires, peripheral guidewires, urology guidewires, radiology guidewires, neurovascular guidewires, gastroenterology guidewires, and others. In this chapter, readers can find a detailed analysis of the market by different applications and their growth over the forecast period.
Chapter 12 – Global Guidewires Market Analysis (2015-2019) & Opportunity Assessment (2020-2030), By Tip Shape
Based on tip shape, the market comprises J tip, angled tip and straight tip. In this chapter, readers can find a detailed analysis of the market by different tip shapes their growth over the forecast period.
Chapter 13 – Global Guidewires Market Analysis (2015-2019) & Opportunity Assessment (2020-2030), By End User
Based on end user, the market consists of hospitals, ambulatory surgical centres, cardiac catheterization laboratories and speciality clinics. In this chapter, readers can find information about a detailed analysis of the market by end users of guidewires and their growth over the forecast period.
Chapter 14 – Global Guidewires Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, By Region
This chapter explains how the market will grow across various regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa (MEA).
Chapter 15 – North America Guidewires Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter includes a detailed analysis of the growth of the North America’s market along with the country-wise assessment including the U.S. and Canada. Readers can also find key takeaways of this region, and market growth based on product type, consumption, and country of guidewires in the North American region.
Chapter 16 – Latin America Guidewires Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter includes the growth prospects of the market in leading countries such as Brazil, Mexico, and the rest of Latin America. Readers can find thorough information about the growth parameters of Latin America’s guidewires market during 2020-2030.
Chapter 17 –Europe Guidewires Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
Important growth prospects of the market based on product type, consumption, and country in several European countries such as the U.K., Germany, France, Italy, Spain, Russia, BENELUX, and Rest of Europe are included in this chapter.
Chapter 18– South Asia Guidewires Market Analysis 2015-2019 and Forecast 2020-2030
India, Indonesia, Malaysia, Thailand, and the rest of South Asia are the leading countries/regions in South Asia that are the prime subjects of assessment to obtain the growth prospects of the South Asia’s guidewires market. In this chapter, readers can find thorough information about the growth parameters of the South Asia’s market between 2020 and 2030.
Chapter 19 – East Asia Guidewires Market Analysis 2015-2019 and Forecast 2020-2030
Detailed information about factors such as incremental opportunity, Y-O-Y growth, and regional trends that are impacting the growth of the East Asia’s market are included in this chapter. It also includes the growth prospects of the market in leading East Asian countries such as China, Japan, and South Korea.
Chapter 20 – Oceania Guidewires Market Analysis 2014–2018 and Forecast 2020–2030
This chapter consists of important parameters that have a huge impact on the growth of the market in Oceania, based on market segmentation, during the forecast period. The chapter also provides an overview of the drivers, restraints, and trends in the Oceania’s guidewires market.
Chapter 21 – MEA Guidewires Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter provides information on how the market will grow in the major countries in MEA region such as GCC Countries, South Africa, Northern Africa, Turkey, and Rest of MEA during 2020-2030.
Chapter 22 – Key and Emerging Countries Guidewires Market Analysis 2015–2019 and Forecast 2020–2030
This chapter includes the growth prospects of the market in key and emerging countries such as U.S., Canada, Brazil, Germany, China, India, etc. Readers can find thorough information about the growth parameters of the key and emerging countries’ market during 2020-2030.
Chapter 23 – Market Structure Analysis
This chapter covers the market analysis of competitors based on revenue tiers, single point view of portfolio across industry segments, and their relative market position.
Chapter 24 – Competition Analysis
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the guidewires market, along with detailed information about each company, including company overview, revenue shares, strategic overview, and recent company developments. Players featured in the market report include Boston Scientific Corp., Becton, Dickinson and Company, Teleflex Incorporated, Abbott, Cook Medical Inc., Stryker Corporation, Merit Medical Inc. Medtronic Plc., Cardinal Health, Terumo Corporation and Olympus Corporation among others.
Chapter 25– Assumptions and Acronyms Used
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the report.
Chapter 26 – Research Methodology
This chapter helps readers understand the research methodology followed to obtain various conclusions, important qualitative information, and quantitative information about the guidewires market.
Sources and Primary Research Splits (%)