A guidewire performs the role of a guide toward the insertion of a larger device, such as catheter, into a patient’s body. Technological advancements in guidewires over the last few years have encouraged major companies in the market to offer a wide range of guidewires with diverse properties that help interventional cardiologists accurately reach their vascular target in time without leading to any complications. The material generally used in making guidewire is core steel with a coating applied over the core. A hydrophilic or hydrophobic polymer is used as coating.
Rise in prevalence of coronary disorders, increase in geriatric population, high demand for minimally invasive procedures, and technological advancements in guidewires are factors propelling the vascular guidewires market. However, various risks and complications are linked with the usage of guidewires. Availability of effective conventional treatment alternatives is hampering the global vascular guidewires market. There has been an increase in the usage of nitinol in vascular guidewires. Large amount of growth opportunities in emerging economies of the Asia Pacific and LAMEA are expected to provide several opportunities for the market during the forecast period.
The global vascular guidewires market has been segmented depending upon material, application, coating type, end-user, and region. In terms of material, the vascular guidewires market can be divided into nitinol, stainless steel, and hybrid.
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Based on application, the vascular guidewires market can be segregated into peripheral guidewires, coronary guidewires, urology guidewires, and neurovascular guidewires. Based on coating type, the global vascular guidewires market can be bifurcated into coated and non-coated. Depending upon end-user, the global vascular guidewires market can be categorized into hospitals and ambulatory surgical centers.
In terms of application, the coronary guidewires segment is expected to maintain its major share of the market throughout the forecast period, owing to the rise in prevalence of cardiac disorders across the globe. Based on coating type, the coated segment is anticipated to expand at a rapid pace during the forecast period owing to its track ability and torque.
Based on region, the global vascular guidewires market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to account for major share of the market in the near future owing to the vast potential patient pool, availability of innovative devices, high rate of adoption of minimally invasive surgeries, and rise in mergers & acquisitions to attain novel technologies.
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However, the market in Asia Pacific is estimated to expand at a high CAGR due to the rapid growth in medical tourism, introduction of automated IVF processes, and gradual shift toward minimally invasive or non-invasive IVF procedures in the region.
Key players operating in the global vascular guidewires market include Boston Scientific, Abbott Laboratories, Medtronic, Terumo Corporation, Cardinal Health, Olympus, Johnson & Johnson, B. Braun, C.R. Bard, and Cook Group. These companies have been adopting market expansion, product development & commercialization, acquisition, and agreements & collaborations as its business strategies in order to ensure supremacy in the market.