Selbyville, Delaware, Sept. 21, 2020 (GLOBE NEWSWIRE) —
According to latest report “Guidewires Market by Material (Nitinol, Stainless Steel, Hybrid), Coatings (Coated {Hydrophilic Coating, Anti-thrombogenic/Heparin Coating, Hydrophobic Coating, Silicone Coating, Tetrafluoroethylene (TFE) Coating}, Non-coated), Application (Coronary Guidewires, Peripheral Guidewires, Urology Guidewires, Neurovascular Guidewires), Diameter (0.014-inch, 0.018-inch, 0.025-inch, 0.032-inch, 0.035-inch, 0.038-inch), Length (80 cm, 120 cm, 145 cm, 150 cm, 180 cm, 260 cm, 300 cm, 450 cm), End-use (Hospitals, Ambulatory Surgical Centers, Research Laboratories), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of guidewires will cross $1200 million by 2026.
Increasing adoption of minimally invasive surgeries will drive the guidewires market growth in the coming years. For instance, as per the recent article, approximately 1.5 million cases of myocardial infraction (MI) occur annually in U.S. This has led to an increase in adoption of guidewires. Furthermore, the growing burden of lifestyle disorders will spur the need for development of advance guidewires such as hybrid guidewires. The introduction of novel cost-efficient materials such as nitinol will further boost the market demand.
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Stainless steel segment accounted for 22.5% revenue share in 2019. Stainless steel guidewires are traditional guidewires and are being utilized in few of the underdeveloped economies owing to cost constraints. Stainless steel offers more torque ability, push ability as well as good shape ability. However, due to its less flexible characteristics, the adoption of nitinol guidewires has seen a spike in the last few years.
Coated segment in the guidewires market is expected to witness around 5% growth rate till 2026. Guidewires are being coated with a polymer such as polytetrafluoroethylene (PTFE) or silicone. This helps in increasing the lubricity and thus can be easily facilitated in coronary and urological procedures.
The peripheral guidewires market held over 28.9% of the revenue share in 2019. Peripheral guidewires are utilized in assisting the placement of catheters in small vessel anatomy. Few of the peripheral guidewires being utilized across the healthcare settings include carnelian support (Biotronik), Victory Guidewires (Boston Scientific) and ASAHI Gladius, ASAHI Halberd, and Gaia PV peripheral guide wires (Asahi Intecc Co., Ltd.).
0.025-inch guidewires accounted for 6% market share in 2019. The wires are widely used in ERCP related procedures, as they possess low risk of accidents. These wires provide high degree of freedom during the operation and enable the use of various devices.
The 150 cm guidewires segment valuation was USD 160.1 million in 2019.. led by rising adoption of minimally invasive surgical procedures which utilize microcatheters. The use of corsair microcatheter to facilitate placements of wires in the peripheral and coronary vasculatures will further supplement the growth.
The guidewires market for research laboratories application are poised to expand at 5% CAGR through 2026. The rising incidence of target diseases coupled with the increasing population has demanded for more research related to guidewires. For example, unexplored potential of guidewires in varied applications and novel materials specific to surgical and diagnostic procedures among others.
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Europe guidewires market is estimated to reach USD 331.2 million by 2026 on account of availability of latest technologies and medical equipment. Adoption of percutaneous coronary intervention procedure is increasing in developed as well as developing economies of Europe in the last few decades. Advanced guidewire systems improve precision and control of surgical procedure and offer patients a higher quality of operating interventions. Moreover, increasing coronary artery disease among European countries will favor the industry growth in the region. The growing demand for minimal invasive surgical procedures coupled with advanced treatment procedures will drive the European market. Also, key industry manufacturers of surgical instruments are present in Europe that will upsurge industry growth over the coming years.
A few notable companies operating in the guidewires market include Boston Scientific Corporation, Medtronic plc, B. Braun Melsungen AG, Cook Group Incorporated and Olympus Corporation among other players. Industry leaders are focusing on various strategies such as novel product launches, acquisition, and business expansion to consolidate their product portfolio. For instance, in May 2019, Olympus launched two new products in the U.S., the CleverLock Guidewire Locking Device and the RevoWave Endoscopic Guidewire. The RevoWave guidewire is designed for biliary endoscopy and luminal device exchange, whereas CleverLock guidewire is designed to secure multiple locks in place. This strategy has consolidated their product portfolio and increased their revenue generation.
Table of Contents (ToC) of the report:
Chapter 3. Guidewires Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.5. Technological advancements
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By material
3.4.2. By coating
3.4.3. By application
3.4.4. By diameter
3.4.5. By length
3.4.6. By end-use
3.5. COVID-19 impact analysis
3.6. Regulatory landscape
3.7. Technology landscape
3.8. Porter’s analysis
3.9. Competitive landscape, 2019
3.9.1. Company share analysis (Hydrophilic), 2019
3.9.2. Competitive matrix analysis
3.10. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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