Guidewires Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Guidewires are flexible and thin tubes that guide a catheter for placement in the diseased organ. Guidewires are used to open the target vessels, cross lesions and provide definitive interventional therapy to patients. Guidewires are the crucial components of vascular intervention with indispensable uses in the field of minimally invasive surgeries due to its capacity of rendering precise and effective results. Guidewires are of several types as various clinical presentations need different device features. An appropriate guidewire for a particular condition can improve device delivery, enhance crossing success, restrict expenses and limit the risk of vascular injury. Guidewires are mainly manufactured from stainless steel with an elastic coil tip to prevent blood vessel from damage. The guidewires are reusable products in nature with low cost stainless steel mainly used as a raw material by manufacturers. A robust range of wire configurations and tip shapes makes it possible for healthcare professionals in choosing the right tool for surgical procedures. Biomechanical properties of the guidewires in the medical device industry contributes to its rapid growth.

Extensive use of guidewires in surgical interventions is expected to fuel the growth of guidewires market

According to the Journal of American College of Cardiology, an estimated 422.7 million prevalent cases of cardiovascular diseases were recorded globally in 2015, with 8.9 million deaths observed due to Ischemic Heart Disease (IHD). The higher occurrence of cardiovascular diseases is attributed to the shift in lifestyle habits including dietary irregularities and smoking which results in growing incidences of obesity, thus resulting in the global guidewires market demand. Also, the demand for guidewires is increasing by the rise in patient awareness about the advantages of minimally invasive procedures like decreased traumatic surgical experience, faster recovery, fewer post-surgery complications, reduced incision wounds and higher patient satisfaction. Additionally, growing acceptance of guidewires among medical practitioners, rising research and development investments and surging number of market entrants are the factors propelling guidewires market. Growing use of guidewires for diagnostic and interventional purposes of cardiological diseases is expected to stimulate guidewires market over the forecast period.

Coronary guidewires are largely used guidewires owing to the high volumes of minimally invasive coronary procedures

The global guidewires market is segmented on the basis of product type, application, end user and geography.

On the basis of product type, the global guidewires market is segmented into:

  • Stainless Steel Guidewires
  • Nitinol Guidewires
  • Hybrid Guidewires

On the basis of application, the global guidewires market is segmented into

  • Interventional cardiology
  • Infusion therapy
  • Vascular access
  • Interventional neuroradiology
  • Endourology
  • Gastroenterology

On the basis of end user, the global guidewires market is segmented into:

  • Hospitals
  • Ambulatory Surgical Centers
  • Others

The rise of peripheral vascular diseases fuels the guidewires market in Asia Pacific

Regional segmentation of the global guidewires market by Coherent Market Insights comprises North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. According to Centre for Disease Control and Prevention in 2016, approximately 8.5 million people in the U.S. have peripheral artery disease and is expected to reach 19 million by 2050. Thus, North America holds a dominant position in the global guidewires market. The major driving factors for the growth of the guidewires market in North America, include rise in lifestyle diseases such as heart attack, strokes, myocardial infarction, ischemic stroke, atherosclerosis and neuro vascular diseases. Asia Pacific market is developing at a rapid rate owing to economic development, improving healthcare amenities and government initiatives in the emerging economies. Also, a large group of patients suffering from peripheral vascular diseases leads to an increase in the endovascular procedures in densely populated countries of India and China.

Rapid technological advancements like navigation with a magnetic guidewire is expected to created immense growth opportunities for industry participants

Key players operating the guidewires market are Boston Scientific Corporation, ASAHI INTECC Inc., Cordis Corporation and C.R. Bard. The launch of Glidewire product by Terumo is rapidly gaining popularity in the global market owing to its higher efficiency in vascular access and coronary intervention procedures.  Other leading vendors have adopted technological innovation and advancements for manufacturing novel guidewires in terms of flexibility, construction and tip retention are Terumo Corporation, Medtronic Inc., Abbott Laboratories, Covidienplc, Braun Melsungen and Cook Medical.

Research Methodology

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  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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