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Guidewires Market is expected to reach US$ 5.9 Billion by the end of 2030
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The Guidewires Market is projected to reach $5.9 billion by 2030, driven by demand for minimally-invasive procedures and regulatory advancements.
FMI, an ESOMAR-certified market research and consulting firm, expects global Guidewires Market to reach US$ 5.9 Bn by 2030, in its latest study. According to the study, guidewires manufacturers will be hard-pressed to increase their spending on R&D, in line with regulatory evolutions and end-user demand.
Non-communicable diseases (NCDs) – namely cancer, cardiovascular diseases, diabetes, chronic respiratory diseases are at their all-time high, with 14 million people dying too young (before reaching 70).
The WHO Global NCD Action Plan 2013-2020 does follow on with recognition of primary role as well as responsibility of various governments regarding responding positively to challenge posed by NCDs and international co-operation for supporting national efforts.
A part of their action plan is bringing down all the NCDs listed above by at least 30% and render 80% availability of basic technologies/medications.
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These include provision of guidewires to facilitate minimally-invasive surgical procedures at affordable rates in ambulatory centres. These factors have been collectively driving the guidewires market till date and will continue to do so in the forecast period as well. Plus, US FDA has come up with guidelines regarding upgradation of guidewires to ensure faster and more efficient procedures. This is another factor giving impetus to the market. This upgradation is likely to happen through inorganic as well as organic mode of expansion.
Again, as per FMI, the global guidewires market is slated to value US$ 3.3 Bn in 2020 and expected to witness a substantial CAGR of over 6.0% between 2020 and 2030.
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Key Takeaways of Guidewires Market Study
New Product Launches – The Win-Win Strategy for Market Players
The market players are focusing on launching advanced products for supporting clinicians with respect to interventional or diagnostic procedures. For instance – Olympus Corporation, in May 2019, tabled RevoWave endoscopic guidewire in the U.S. for performing balloon dilation, biliary endoscopy, and stent placement. On the similar grounds, Abbott’s Frontline Workhorse guidewires are making ways for most interventional devices.
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The article discusses the growth and future projections of the global Guidewires Market.
Increased demand for minimally-invasive procedures and regulatory advancements are key drivers.
North America is expected to be the most lucrative region, generating 40% of the revenue.
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