The Global Medical Guide Wire market size is projected to reach USD 1713.2 million by 2026, from USD 1235.7 million in 2020, at a CAGR of 5.9% during 2022-2027.
The primary reason behind the growth in the market for medical guide wire market is a preference for minimally invasive surgeries over conventional open surgeries as it has several advantages such as higher safety and efficacy, shorter hospital stay, faster recovery for patients and greater affordability. Hence, healthcare professionals are looking for more efficient technologies in order to manage patients with targeted diseases such as oncology disorders, vascular diseases, cardiology diseases and more. Thus, the increasing pervasiveness of targeted diseases and growing attraction towards minimally invasive surgeries is boosting the market for guidewire market.
Furthermore, the growth of the guidewire market is fueled by the increasing number of laparoscopic cholecystectomy and bariatric surgeries. However, the factor that is expected to hinder the growth of the guidewire market is the high cost of surgical guidewire and usage of hybrid guidewire owing to its benefits like torque, tensile strength, columnar strength has more costing when compared to the conventional guidewire. Along with these elements, partial reimbursement coverage for minimally invasive surgeries in a few developed countries is expected to further hamper the growth of the market.
The report also assesses the key opportunities in the Medical Guide Wire market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global Medical Guide Wire Market has also been forecasted for the period 2021-2026, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
Top Key players in the Medical Guide WireMarket have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Medical Guide Wire Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report includes Medtronic plc (Ireland), Boston Scientific Corporation (US), Cook Group (US), Asahi, Terumo Corporation (Japan), Abbott Laboratories (US), and Stryker Corporation (US) dominated the global guidewires market. The other key players operating in this market include Cardinal Health (US), Olympus Corporation (Japan), Johnson & Johnson (US), B. Braun Melsungen AG (Germany), C.R. Bard Inc. (US), Teleflex Incorporated (US), and Angiodynamics (US) and other.
Feb. 23, 2022: Teleflex Receives FDA Clearance for Expanded Indication for Specialty Catheter and Coronary Guidewire Use in CTO PCI Procedures--
Teleflex Incorporated (NYSE: TFX), a leading global provider of medical technologies, today announced that the U.S. Food and Drug Administration (FDA) has cleared an expanded indication for its specialty catheters and coronary guidewires for use in crossing chronic total occlusion percutaneous coronary interventions (CTO PCI).
Medical Guide Wire Market is segmented based on the type, applications, companies, and regions.
By Type, Medical Guide Wire Market has been segmented into
By Application, Medical Guide Wire Market has been segmented into
The report offers an in-depth assessment of the growth and other aspects of the Medical Guide Wire Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific and Latin America.
The Americas are expected to dominate the therapeutic medical guidewire market throughout the forecast period. This is due to an increase in the prevalence of chronic diseases, technological breakthroughs, a growing desire for minimally invasive procedures, and rising healthcare costs. According to the Centers for Disease Control and Prevention (CDC), chronic health disorders account for 86% of total yearly healthcare spending in the United States. During the projection period, the European therapeutic medical guidewire market is estimated to be the second-largest. The European therapeutic guidewire market has been driven by rising healthcare expenditure and increased government assistance for research and development.
Due to the continually changing healthcare sector and the presence of tremendous prospects for market development, Asia-Pacific is the fastest-growing therapeutic guide wire market. Furthermore, South Korea had a 15.5% market share in the Asia-Pacific area in 2018. Because of the existence of poor and slow developing countries, particularly in the African region, the Middle East and Africa has the smallest market share. Due to well-developed technology and large spending, the Middle East controls a significant portion of the regional market.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 5.9% over the forecast period (2022-2027) |
By Type |
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By Application |
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By Companies | Medtronic plc (Ireland), Boston Scientific Corporation (US), Cook Group (US), Asahi, Terumo Corporation (Japan), Abbott Laboratories (US), and Stryker Corporation (US) dominated the global guidewires market. The other key players operating in this market include Cardinal Health (US), Olympus Corporation (Japan), Johnson & Johnson (US), B. Braun Melsungen AG (Germany), C.R. Bard Inc. (US), Teleflex Incorporated (US), and Angiodynamics (US) |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 122 |
Customization Available | Yes, the report can be customized as per your needs |
What is the growth rate of Medical Guide Wire Market?
The Medical Guide Wire Market is growing at a CAGR of 5.9% over the next 5 years.
Who are the key players in Medical Guide Wire Market?
Medtronic plc (Ireland), Boston Scientific Corporation (US), Cook Group (US), Asahi, Terumo Corporation (Japan), Abbott Laboratories (US), and Stryker Corporation (US) dominated the global guidewires market. The other key players operating in this market include Cardinal Health (US), Olympus Corporation (Japan), Johnson & Johnson (US), B. Braun Melsungen AG (Germany), C.R. Bard Inc. (US), Teleflex Incorporated (US), and Angiodynamics (US)
What are the significant types of Medical Guide Wire Market?
Straight Medical Guide Wire, Angled Medical Guide Wire, J-Shape Medical Guide Wire
What are the major end-use applications of Medical Guide Wire Market?
Peripheral Artery Disease (PAD), Cardiovascular Diseases
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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