The global guidewires market is projected to reach USD 764.0 million by 2022 from 605.2 million in 2017, at a CAGR of 4.8%. The growth of the guidewires market is mainly attributed to factors such as growing burden of target diseases, increasing availability of reimbursements for guidewires across mature markets, and rising adoption of minimally invasive surgical procedures across major countries.
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Continuous commercialization of guidewires used for multiple applications by key manufacturers (including the technological advancements) is expected to offer a wide range of growth opportunities in the market. The product launches such as True Form Reshapable Guidewire, Safari2 Preshaped guidewire, Visiglide guidewire, InQwire Amplatz Guide Wire, and Merit Laureate Hydrophilic Guidewire drives the growth of the market.
Based on material, the market is segmented into nitinol guidewires, stainless steel guidewires, and hybrid guidewires. The hybrid guidewires segment is expected to grow at a high CAGR of the global guidewires market in 2017. The high growth rate of this segment is attributed to rising adoption of hybrid guidewires among medical professionals owing to their technological and procedural advantages and growing awareness among surgeons about the clinical benefits of these guidewires. By commercializing the guidewires with technological benefits, the major companies can maintain the market share.
Based on product, the global guidewires market is segmented into diagnostic guidewires (further subsegmented into hydrophilic and hydrophobic diagnostic guidewires) and surgical guidewires (further sub segmented into hydrophilic and hydrophobic surgical guidewires). The surgical guidewires segment is expected to account for the highest growth rate of the guidewires market in 2017. The high CAGR of this segment is attributed to the rising adoption of minimally invasive surgical procedures for the treatment of vascular diseases among medical professionals as well as patients, owing to its procedural benefits and availability of reimbursements for vascular treatment procedures including guidewires across developed countries. The key players have to focus on commercializing guidewires used for multiple applications to build a competitive advantage in the market.
Based on application, the market is segmented into cardiology, vascular, neurology, urology, gastroenterology, oncology, and otolaryngology. In 2017, the cardiology applications segment is projected to account for the highest growth rate in the market. The growth of this segment is attributed to the significant commercialization of guidewires used in cardiology applications by the major market players.
On the basis of end user, the hospitals, diagnostic centers, and surgical centers segment is expected to grow at the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to increasing purchasing power of these end users owing to the rising group purchasing organizations (GPOs) across developed countries and the rising incidence of target diseases. Strengthening distribution network by manufacturers across the globe is expected to enable the key players to maintain the major market share.
In 2017, the Asia Pacific region is expected to emerge as the new revenue-generating segment for prominent market players. The highest CAGR for the APAC guidewires market can be attributed to the factors such as the increasing number of surgical and diagnostic procedures performed in the region (coupled with the growing burden of target diseases) and modernization and expansion of healthcare infrastructure across key APAC countries.
