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Guidewires Market size forecast to exceed $2.6 billion by 2023: Global Market Insights Inc.
Tuesday, Jul 19, 2016
Guidewires Market size is projected to reach USD 2.61 billion by 2023; as per a new research report by Global Market Insights, Inc. Growing number of geriatric population globally leading to rising prevalence of cardiovascular, neurovascular, and urology disorders, technological advancements in guidewires, and growing demand for minimally invasive surgeries will drive growth. Global guidewires market size stood at more than 19.1 million units for 2015, along with 6.4% CAGR growth anticipated from 2016 to 2023.
The guidewires industry is highly influenced by the technological innovations and growing adoption of minimally invasive surgeries. The launch of magnetic navigation technology, medical infusion, and super elastic hydrophilic coated guidewires is expected to be revenue puller. Moreover, increasing usage to facilitate cross-resistant lesion within the tortuous vasculature is also expected to be significant growth driver.
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Coronary segment was major revenue contributor to the global guidewires market with target market likely to exceed USD 1 billion by 2023. Coronary guidewires prices should decline in the coming seven years mainly due to favorable government initiatives supporting reimbursement of these devices, as well as increasing efforts of manufacturers to introduce low cost high value products in the market.
Peripheral guidewires market size may see to exceed over USD 875 million, by 2023 following coronary products. Prevalence of various peripheral vascular, artery diseases, along with conditions such as carotid artery stenosis (CAS), and abdominal aortic aneurysms (AAA) are associated with advanced age. As per American Heart Association, around 12 million Americans suffer from peripheral arterial diseases. As per the Centers for Disease Control and Prevention (CDC) report, women and men are equally affected by PADs. Peripheral guidewires play an imperative role in the field of peripheral vascular surgeries by providing fast and effective results.
European countries exhibit relatively higher growth rate compared to North America. Europe guidewires market is set to register a 6.1% CAGR from 2016 to 2023. This growth rate can be attributed to relatively flexible CE approval processes as compared to U.S. FDA, due to which various market players are encouraged to launch new products in this market. Moreover, growing healthcare related consumer expenditure in its developed economies such as France, the UK, and Germany, and potential market opportunities in emerging economies of Eastern Europe such as Russia and Poland should also contribute to growth.
Browse key industry insights spread across 103 pages with 29 market data tables & 22 figures from the report, “ Guidewires Market Size by Product [Coronary, Peripheral, Neurovascular, Urology], Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
APAC poses a significant growth opportunity, with target market likely to exceed USD 8.3 billion, by 2023. With the increase in geriatric population base, there is an increase in number of peripheral vascular procedures in densely populated countries such as India and China. Moreover, improving healthcare facilities provides more number of patients access to healthcare facilities at an affordable rate. Growing demand for minimally invasive surgery and rising medical tourism in the Asian countries should also boost the Asia Pacific guidewires market.
Key insights from the report include:
- Global guidewires market size was estimated to be USD 1.7 billion in 2015, and projected to see 5.5% CAGR by 2023 to reach USD 2.6 billion.
- The global guidewires industry space was driven by North America, accounting for a revenue share of 36% in 2015. High prevalence of neurovascular, and cardiovascular disorders, rapid technology adoption, and rising awareness levels among patients are pivotal factors contributing to its large share. Europe, Asia Pacific, Latin America, and MEA followed North America in that order.
- North America coronary guidewires market was valued at USD 284.9 million in 2015, representing the largest market for coronary guidewires. The large share should be attributed to high prevalence of cardiovascular diseases owing to lifestyle habits such as smoking and inappropriate diet, rising patient awareness, and greater presence of interventional cardiologists, radiologists and catheterization labs.
- Coronary guidewires segment dominated the overall guidewires market share in 2015. The coronary guidewires market size may see to exceed over USD 777 million in 2015.
- The new entrant threat in peripheral guidewires market is expected to remain moderately low throughout forecast period due to presence of stringent regulatory guidelines, and high cost of product development.
- Presence of high unmet medical needs owing to rapidly ageing population, implementation of new healthcare reforms, and rising disposable income of the consumers in APAC should act as a catalyst for growth.
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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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Source: Global Market Insights, Inc.