- Guidewires are flexible tubes for guiding a catheter to the heart’s diseased artery. They are used for the diagnosis of cardiovascular diseases. Demand for guidewires is expected to increase due to escalating minimally invasive surgeries. These surgeries have benefits like fast recovery, reduced hospital stay, and painless experience. Financial viability is yet another advantage. All these factors augur well for the guidewires market and drive its sales.
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Growing geriatric population and coronary diseases can also result in demand for these tubes. The market is predicted to attain around USD 2.3 billion by 2020. It had a demand of about 16, 645.9 thousand units in 2013. The market will reach 25, 640 thousand units by 2020, growing at a CAGR of 6.4 %.
Coronary, peripheral, neurovascular, and urology are the four products of the guidewires market. Coronary guidewires dominated the market in 2013, with incomes worth USD 700 million. Peripheral guidewires would remain the second largest product from 2014 to 2020.
High prevalence of peripheral artery diseases (PADs), peripheral vascular diseases (PVDs), carotid artery stenosis (CAS), and abdominal aortic aneurysms (AAA) will propel demand for peripheral guidewires during the forecast phase. This product is estimated to witness 6% CAGR during the same.
In 2013, Terumo Corporation dominated the peripheral guidewires segment on account of expansive product portfolio. Prominent players of neurovascular guidewires include ASAHI INTECC and Codman Neurovascular.
In relation to geographies, North America dominated the guidewires market in 2013. The region would earn more in the future due to prices of guidewires being 20% higher than the global prices. This could be attributed to advanced medical infrastructure and multiple cardiovascular & neurovascular diseases in the region.
Asia Pacific is likely to remain the most quickly growing guidewires market. It owes the same to healthcare tourism in China & India and expanding healthcare infrastructure in the region. Companies involved in the worldwide market have tried creating cost-effective products to check product recalls. Tip shape retention and flexibility are the prime needs of medical experts.
Well known participants in the global guidewires market comprise ASAHI INTECC, Cook Medical, Terumo Corporation, Medtronic, and Abbott Laboratories.
Information Source: Grand View Research
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