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.
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
- The global guidewires market, in the year 2019, was dominated by interventional guidewires as they continue to be the first choice with regards to minimally-invasive surgical procedures
- As far as applications are concerned, peripheral and coronary guidewires collectively account for around 65% of revenue share
- By material, stainless steel, due to superior torque and ductility, is expected to be the highest revenue generator in the forecast period.
- North America is expected to be the most lucrative region and expected to generate around 40% of the overall revenue in 2020 and this trend is expected to continue during the forecast period.
“Technological advancements such as the development of multifunctional and low-cost guidewires are expected to provide an innovative paradigm shift to market players.” Says the FMI Analyst.
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.
What else is in the report?
Future Market Insights offers actionable insights and unique perspective on guidewires market in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on product type (interventional guidewires and diagnostic guidewires), by application (coronary guidewires, peripheral guidewires, urology guidewires, radiology guidewires, neurovascular guidewires, gastroenterology guidewires and others) by material type (Nitinol guidewires, PTFE guidewires, stainless steel guidewires and hybrid guidewires) by tip shape (J tip, angled tip and straight tip) by end-user (hospitals, ambulatory surgical centres, cardiac catheterization laboratories and speciality clinics) in seven key regions.
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