NEW YORK , Aug. 31, 2022 /PRNewswire/ -- The guidewires market estimates a market value of USD 801.72 million from 2020 to 2025. The report offers a detailed analysis of the COVID-19 impact on the market and the new opportunities that market players can expect. In addition, the report projects the market to progress at a CAGR of 6.92% - Request a Free Sample Report
The prevalence of chronic disorders is a major factor driving the global guidewires market share growth. The rising prevalence of chronic disorders such as cardiac, urological, and neurovascular disorders contributes majorly to the market growth. The rising incidence of chronic urological disease has become very censorious in the recent decade and has led to a higher rate of hospitalization among the affected individuals. Further, people aged 40 and above have significantly a higher risk of cardiac arrest, and there has been a significant increase in the number of people encountering cardiac diseases globally. Additionally, the overall market growth of guidewires contributed partially through the sales of neurovascular guidewires and slightly higher contribution from the urological guidewires. For instance, 23 new cases of prostate cancer are registered annually. Thus, the growing prevalence of various chronic conditions is the major driver behind the growth of the overall guidewire market.
The growing demand for nitinol-based guidewires is another factor supporting the global guidewires market share growth. The materials used in guidewires play an important role as they offer several advantages. The nitinol alloy material (nickel and titanium) allows guidewire manufacturers to achieve unique characteristics in undergoing phase transformation when subjected to temperature changes, external forces, and mechanical loading. Also, this material offers greater shape memory and provides super elasticity by retaining its structure after a significant strain deformation. Nitinol, when compared to other guidewire materials such as stainless steel and polymers, provides excellent biocompatibility, recovering elongation, visibility, and radiopacity (radio-density) under X-ray fluoroscopy. However, while manufacturing a guidewire, different materials are used in different areas such as the outer coil and core areas. The favorable characteristics and properties of nitinol have led to the high adoption of this material in the production of vascular guidewires. Therefore, the rise in the use of nitinol material in guidewires will drive market growth.
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The market research report segments the guidewires market by Product (coronary guidewires, peripheral guidewires, urology guidewires, and neurovascular) and Geography (North America , Europe , Asia , and ROW).
Revenue Generating Segment - The guidewires market share growth in the coronary guidewires segment will be significant during the forecast period. The global coronary guidewires market segment is growing at a significant pace owing to the rising volume of vascular intervention procedures and the increased usage of coronary guidewires due to the high prevalence of CADs. The end-users shift from conventional procedures to MI surgeries and the implementation of initiatives to diagnose stenosis, occlusion, and other new indications have a positive impact on segment growth.
Regional Highlights - 40% of the market's growth will originate from North America during the forecast period. The US is the key market for the guidewires market in North America . Market growth in this region will be faster than the growth of the market in all other regions. The paradigm shift toward MI procedures will facilitate the guidewires market growth in North America over the forecast period.
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The competitive scenario provided in the Guidewires Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Guidewires Market Forecast Report - Buy Now!
The home blood pressure monitoring devices market share is expected to increase by USD 565.93 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.4%.
The surgical site infection control market share is expected to increase by USD 1.48 billion from 2021 to 2026, at a CAGR of 5.2%.
Accelerate at a CAGR of 6.92%
North America, Europe, Asia, and ROW
US, Germany, Japan, China, and France
Leading companies, competitive strategies, consumer engagement scope
Abbott Laboratories, Asahi Intecc Co. Ltd., Becton, Dickinson and Co., Boston Scientific Corp., Cardinal Health Inc., Cook Group Inc., Lepu Medical Technology (Beijing) Co. Ltd., Medtronic Plc, Merit Medical Systems Inc., and Terumo Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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3.4 Market outlook: Forecast for 2020 - 2025
5.3 Coronary guidewires - Market size and forecast 2020-2025
5.4 Peripheral guidewires - Market size and forecast 2020-2025
5.5 Urology guidewires - Market size and forecast 2020-2025
5.6 Neurovascular - Market size and forecast 2020-2025
7.3 North America - Market size and forecast 2020-2025
7.4 Europe - Market size and forecast 2020-2025
7.5 Asia - Market size and forecast 2020-2025
7.6 ROW - Market size and forecast 2020-2025
10.9 Lepu Medical Technology (Beijing ) Co. Ltd.
11.2 Currency conversion rates for US$
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