Developments in the field of guidewires has risen due to the growing uptake of interventional radiology technologies. These technologies find wide range of application in treatment of several diseases as well as image guided diagnosis as well. In recent years, use of interventional radiology has significantly improved the overall recovery of patients. This is due to the fact that the processes involve less pain, minimum risk, and rapid recovery time as compared to the open surgeries. Naturally, people are becoming increasingly inclined towards undergoing interventional radiology for wide range of problems such as genitourinary diseases, pulmonary diseases, hepatobiliary, gastrointestinal problems, and vascular disorders among others.
Thus, the growing popularity, as well as the adoption of minimally invasive surgical procedures, have helped in driving the overall development of the global guidewires market. In addition to this, in recent years, there have been huge and noteworthy technological developments complementing the growth of these minimally invasive surgical procedures. This too has had a profound impact on the overall development of the global market. A FactMR study predicts that the global guidewires market is expected to showcase a highly positive 6.1% CAGR for a forecast period ranging from 2020 to 2025.
Coronary Guidewires Segment to Dominate in Coming Years
Among the different segments of the global guidewires market, the segment of coronary guidewires has been the most dominant one in recent years. The growth of the segment is attributed to growing prevalence of coronary disorders across the globe. Coronary guidewires are highly easy to navigate through the blood vessels so as to reach the vessel segment or a lesion. It works as a guide for the bigger catheters that easily facilitate the delivery of medication to the treatment site. It is projected that the segment of coronary guidewires will account for two fifth of the overall market in the near future.
On the other hand, the segment of urology guidewires is projected to showcase a highly promising rate of growth in the coming years of the forecast period. This growth of the segment is primarily attributed to the growing prevalence of chronic kidney related disorders and dysfunctions. In addition to this, use of dialysis catheters is also expected to have a highly positive impact on the overall development of the urology guidewires segment. Another important factor for the growth of the segment is that it offers hydrophilic tip that is able to negotiate tight spaces.
North America to Continue Leading Global Market
In terms of regional segmentation, the global guidewires market is segmented into five key regions namely Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Of these, currently, the global market is being dominated by the regional segment of North America. The region is expected to continue to assert its dominance over the course of the given period of forecast. The growth of the regional market is mainly attributed to the growing prevalence of urological as well as cardiovascular disorders in the region. In addition to this, the presence of highly sophisticated and developed healthcare infrastructure is also projected to have a key influence in the overall development of the regional market.
The top four players accounting for more than half of the global market for guidewires making it a fragmented competitive landscape. These players are: Abbott Technologies, Terumo Medical Corporation, Integer Holdings Corporation and Boston Scientific Corporation.