Global Guidewires Market By Product (Surgical and Diagnostic), By Material (Nitinol, Stainless Steel, and Hybrid), By Coating (Coated and Non-Coated), By Application (Cardiology, Vascular, Neurology, Urology, Gastroenterology, and Others), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Guidewires Market size is expected to be worth around USD 2.4 Billion by 2023 from USD 3.8 Billion in 2032, growing at a CAGR of 4.8% during the forecast period from 2022 to 2032.

Guidewires is the device used to develop the quality of surgical as well as diagnostic techniques. Guidewires technology is extensively used to accept vascular targets with greater perfection and accuracy. This device expands the quality of surgical as well as diagnostic processes. Guidewires are mostly operated in gastrointestinal, cardiovascular, and interventional radiology applications.

Guidewires are utilized to reach lesions in the blood artery and coated with hydrophobic and hydrophilic chemicals to promote lubrication during vascular involvements and significantly invasive processes. Combined with this, the integration of advanced technologies in guidewires, such as superior vision and steerability, can enhance procedural outcomes.

Key Takeaways

• The Guidewires Market size is projected to be worth around USD 2.4 Billion by the end of 2023.
• The market is growing at a CAGR of 4.8% from 2022 to 2032.
• Guidewires technology is notably used in applications such as gastrointestinal, cardiovascular, and interventional radiology.
• The surgical segment of the global guidewires market had a 53.2% market share in 2022.
• The stainless steel segment in terms of material had the highest market revenue share in 2022.
• The coated guidewire segment accounted for 56.4% of the revenue share in 2022.
• The cardiology segment, based on the application, is predicted to have significant growth during the forecast period.
• The hospitals and specialty clinics segment is anticipated to drive the market during the forecast period.
• North America accounted for a 46% market revenue share of the global guidewires market.
• Asia-Pacific is expected to register the highest CAGR of 8.4% during the forecast period.
• Boston Scientific Corporation and Medtronic plc are among the key players that held the majority of the market share.

Product Analysis

Surgical Segment to Witness Significant Growth

On the basis of product, the global guidewires market is divided into surgical additional sub-segmented into {hydrophilic and hydrophobic} and diagnostic additional segmented into {hydrophilic and hydrophobic}.

The surgical segment accounted for the largest market share of 53.2% in 2022, due to factors such as the increasing adoption of significantly invasive surgical processes for the treatment of vascular disease among medical professionals as well as patients due to its procedural benefits and accessibility of reimbursements for vascular treatments processes across developed countries.

Material Analysis

Improved Efficiency of Stainless Steel is Projected to Boost the Segment

Based on the material, the global guidewires market can be classified into nitinol, hybrid, and stainless steel. The stainless steel segment accounted for the highest market revenue share in 2022. Due to improving procedural consequences over other materials.

However, the abilities of stainless steel, such as higher rational stability and resistance, are anticipated to boost this section. The Nitinol material segment is expected to register major CAGR due to an important shift of material preference for nitinol above stainless steel.       

Coating Analysis

Significant Transmission of Coated Guidewires to Boost Growth of the Coated Segment

Based on coating material, the global guidewires market is divided into coated and non-coated. The coated guidewire was considered for the majority of the revenue share of 56.4% in 2022. Due to high requirements, these products reduce friction, allow easy access to blood vessels, and preserve tactile feel.

These coatings are responsible for the smoother transmission of guidewires through complicated anatomical structures. However, coated guidewires minimize the risk of infections and injuries. The non-coated segment is anticipated to witness low CAGR as a consequence of lower adoption in the global market.

Application Analysis

Cardiology Segment Accounted for the Largest Market Share During the Forecast Period

Based on the application, the global guidewires market is segmented into cardiology, neurology, vascular, urology, gastroenterology, oncology and otolaryngology, oncology and gastroenterology. The cardiology segment is anticipated to have significant growth in the market during the forecast period.

Due to factors such as the increasing adoption of guidewires among cardiologists. Attributed to procedural and technical aids by nitinol materials used in the manufacture of cardiology guidewires, such as resistivity, biocompatibility, recovering elongation, steerability, and super elasticity.

End–User Analysis

The rising amount of Surgical and Diagnostic Procedure in Hospitals Lead the Hospitals and Specialty Clinics Segment

On the basis of end-user, the global guidewires market is divided into hospitals, diagnostic centers, ambulatory surgical centers, research laboratories and academic institutes and specialty clinics, and others. The hospitals and specialty clinics segment is anticipated to drive the market during the forecast. st period.

The rising number of cardiovascular and gastrointestinal surgeries in hospitals is expected to boost the market growth. Joined with this, the gradual shift of patient inclination from inpatient visits to outpatient visits which are expected to offer important growth opportunities for diagnostic centers.

The other segment, which includes ambulatory surgical centers, research laboratories, and others, is anticipated to hold a considerable market share due to increased requirements from progressive healthcare abilities in developing countries.

Key Market Segments

By Product

• Surgical
• Hydrophilic
• Hydrophobic
• Diagnostic
• Hydrophilic
• Hydrophobic

By Material

• Nitinol
• Stainless Steel
• Hybrid

By Coating

• Coated
• Non-Coated

By Application

• Cardiology
• Vascular
• Neurology
• Urology
• Gastroenterology
• Other Applications

By End-User

• Hospitals
• Diagnostic Centers
• Ambulatory Surgical Centers
• Research Laboratories & Academic Institutes
• Specialty Clinics
• Other End-Users

Drivers

Growing Adoption of Minimally Invasive Surgeries to Dominate the Market

Increased demand for minimally invasive surgeries worldwide due to their benefits, such as reduction in cost, lesser hospital, faster recovery, and better patient experience, is attributable to the guidewires market growth throughout the forecast period. Thus, combined with advantages offered by advanced guidewire features such as a superior lesion, improved vision, and the low procedural cost is anticipated to boost the market growth during the forecast period.

Moreover, technological developments in surgical equipment and diagnostics are expected to offer lucrative growth opportunities for minimally invasive surgeries. It will drive the growth of the market.

Attractive Medical Compensation Policies to Rise the Approval of Guidewires

Favorable medical compensation policies executed by government authorities are anticipated to cause significant growth in the market. Stringent implementation of such policies is likely to encourage the utilization of guidewires in surgical processes, which eventually boosts the market revenue.

Restraints

High Cost of Surgical Guidewires

The present commercially obtainable guidewires are produced using numerous materials such as stainless steel, nitinol, and hybrid polymers. Hybrid polymers are used to manufacture guidewires owing to their tensile strength, columnar strength, and flexibility.

Moreover, the use of these materials significantly raises the price of the product as related to conventional guidewires.

Opportunity

Developing Markets to Provide Lucrative Opportunities for the Market Growth

Owing to the increasingly high incidence of target diseases such as kidney failure and hypertension. Rising demand for a better healthcare system and huge opportunities are fueling the market growth.

The health of the increasing geriatric population is a main concern in North Asian countries like China, Korea, and Japan.  The prominent market players are tapping the market to manage a rises demand for guidewires for various surgical processes.

Trends

The Increasing Requirement for Nitinol- Based Guidewires is Another Factor Supporting the Market Share Growth

The materials used in guidewires play a significant role as they propose various advantages. The nitinol alloy material allows guidewire manufacturers to accomplish unique characteristics in undergoing phase alteration when subjected to temperature variations, mechanical loadings, and external forces. Also, this material offers improved shape memory and provides great elasticity by retaining its structure later, an important strain deformation.

Nitinol, when related to other guidewire materials such as polymers and stainless steel, provides excellent biocompatibility, visibility, and radio capacity. The Favorable characteristic and properties of nitinol have led to high acceptance of this material in the production of vascular guidewires. Hence, the increase in the usage of nitinol material in guidewires will boost market growth.

Regional Analysis

North America Region Accounted Significant Revenue Share of the Global Guidewires Market

North America accounted for a significant guidewires market revenue share of 46%. This is mainly attributed to the increasing prevalence of cardiovascular diseases and the increase in the amount of coronary and peripheral intentions.

However, the growing preference for minimally invasive surgeries such as cardiothoracic surgery and coronary bypass is also one of the factors driving the regional demand. Europe’s vastly growing amount of surgeries combined with a strong emphasis adoption of minimally invasive surgeries is likely to offer significant opportunities for the market in the region.

In Asia-Pacific, the entrance of novel market players and the implementation of strategic marketing policies by them are anticipated to boost the growth of the region and generate the highest CAGR of 8.4% during the forecast period. Due to factors such as the dominance of cardiovascular disease and the rising geriatric population.

Preference for advanced minimally invasive surgery techniques that provide faster results and high accuracy.  In Latin America& Middle East Africa, the rising number of healthcare facilities is projected to drive the growth of the market in this region.

 Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Boston Scientific Corporation and Medtronic plc to Lead the Market Growth

Key players operating in the global guidewires industry are concentrating on the launches of advanced products which drive the target industry market. The guidewires market is a highly combined market, as a limited number of key players hold the market share.

Boston Scientific Corporation and Medtronic plc are the key companies that held the majority of the market share. Owing to a strong brand incidence and combined customer base. Some of the prominent key players in the global market include Medtronic plc, Merit Medical Systems, Inc, Abbott, Cook Medical, Inc., and other key players.

Major Key Players

• Medtronic plc
• Boston Scientific Corporation
• Cook Medical, Inc.
• Merit Medical Systems, Inc.
• Cardinal Health, Inc.
• Terumo Medical Corporation
• R. Bard, Inc.
• Abbott
• Johnson & Johnson
• Braun Melsungen AG
• Teleflex Incorporated
• Boekel Scientific
• ARCOX TMC GROUP
• KARL STORZ & Co, KG
• Stryker Corporation
• Olympus Corporation
• Other Key Players

Recent Development

• April 2021– Boston Scientific Corporation announced the launch of its novel Kinetix Guidewire for usage in percutaneous coronary intervention processes.
• January 2021- Teleflex Expanded the value of ErgoPack’s complete developments to critical vascular access products.

Report Scope