Guidewires Global Market Report 2024

The guidewires market has grown strongly in recent years. It will grow from $2.4 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed during the historical period can be attributed to several factors, including the demand in developed healthcare markets, the increased adoption of endoscopic procedures, advancements in materials and coatings used in guidewires, a heightened focus on patient safety, and the development of specialty guidewires tailored for specific medical applications.

The guidewires market is expected to see strong growth in the next few years. It will grow to $3.18 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to factors such as the emphasis on customization and specialty devices, a heightened focus on patient safety and efficacy, increasing demand in emerging economies, a rising prevalence of chronic diseases, and the growth in minimally invasive surgeries. Key trends expected in the forecast period include the miniaturization of medical devices, an increased demand for interventional procedures, expanding applications in cardiology, and a focus on enhancing the durability of guidewires.

The guidewires market is anticipated to experience growth due to the increasing prevalence of chronic diseases. Chronic diseases, lasting for more than a year and requiring ongoing medical treatments, are often treated using guidewires to reach the heart through blood vessels. The market is expected to expand as chronic diseases become more prevalent and technology in this field advances. For example, a research paper from the National Center for Biotechnology Information projected a nearly 99.5% increase in the number of U.S. citizens aged 50 and above with chronic diseases, rising from 71.52 million in 2020 to 142.66 million by 2050. This rise in chronic diseases is expected to be a driving force for the guidewires market.

The guidewires market is also poised for growth due to the increasing aging population globally. As the demographic shift leads to a higher proportion of elderly individuals, guidewires play a crucial role in navigating vascular structures during minimally invasive procedures, particularly in older age groups. The World Health Organization estimates that by 2030, one out of every six individuals globally will be 60 years old or older, with the population aged 60 and above expected to reach 1.4 billion. This demographic trend contributes significantly to the growth of the guidewires market.

A notable trend in the guidewires market is the adoption of technological advancements. Major companies in this market are incorporating innovative guidewire technologies to maintain their market positions. For instance, Merit Medical introduced the GO2WIRE Steerable Guide Wire System, utilizing Straight Linear Torque Steel Core Wire technology to improve response by 40%. The distal tip of the GO2WIRE is reshapable, enabling clinicians to tailor the wire tip to specific anatomical needs, and it features a platinum-enhanced tip for exceptional visibility during fluoroscopy.

Major companies in the guidewires market are focusing on the development of revolutionary coronary interventions featuring unique components such as micro-cut nitinol sleeves. Boston Scientific launched the Kinetix Guidewire, which incorporates a micro-cut nitinol sleeve for enhanced torque control during percutaneous coronary intervention procedures. This represents a significant advancement in coronary guidewire technology, offering improved deliverability, support for device delivery, and a strong safety profile.

In February 2022, Boston Scientific Corporation acquired Baylis Medical Company Inc. for approximately $1.75 billion. This acquisition aims to strengthen Boston Scientific Corporation's position in the cardiology market by incorporating Baylis's products and platforms, including guidewires, sheaths, and dilators.

Major companies operating in the guidewires market report are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Cook Group Incorporated, Abbott Laboratories, Cardinal Health Inc., Stryker Corporation, Olympus Corporation, Johnson & Johnson, B. Braun Melsungen AG, Teleflex Incorporated, AngioDynamics Inc., C.R. Bard Inc., Merit Medical Systems Inc., Becton Dickinson and Company, Cordis Corporation, Asahi Intecc Co. Ltd., Advanced Cardiovascular Systems Inc., Biosensors International Group Ltd., Bracco Diagnostics Inc., BTG plc, Coherex Medical Inc., Conmed Corporation, CryoCath Technologies Inc., Edwards Lifesciences Corporation, Interventional Spine, Intraluminal Therapeutics Inc., MicroPort Medical Systems Inc., NuVasive Inc., Penumbra Inc., Spectranetics Corporation, VasoNova Inc.

North America was the largest region in the guidewires market in 2023. Asia-pacific is expected to be the fastest-growing region in the global guidewires market report during the forecast period. The regions covered in the guidewires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the guidewires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of guidewires are interventional guidewires and diagnostic guidewires. Interventional guidewires are a diverse range of wires designed with unique properties suitable for specific medical procedures. They are employed to access a person's vascular system and reach the desired position during minimally invasive interventions. Guidewires are made from materials such as nitinol, stainless steel, hybrid compositions, available in both coated and non-coated forms. They find applications in various medical fields, including coronary procedures, peripheral interventions, urology, radiology, neurovascular procedures, gastroenterology, among others. These guidewire products are utilized by hospitals, ambulatory surgical centers, research laboratories, and other medical facilities.

The guidewires market research report provides guidewires market statistics, including guidewires industry global market size, regional shares, competitors with an guidewires market share, detailed guidewires market segments, market trends and opportunities, and any further data you may need to thrive in the guidewires industry. This guidewires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The guidewires market consists of sales of solid core wire, mandrel wire, and ribbon wire. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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