The global guidewires market size was USD 2.65 billion in 2023, estimated at USD 2.80 billion in 2024 and is anticipated to reach around USD 4.76 billion by 2034, expanding at a CAGR of 5.44% from 2024 to 2034.
The global guidewires market size accounted for USD 2.80 billion in 2024 and is predicted to reach around USD 4.76 billion by 2034, growing at a CAGR of 5.44% from 2024 to 2034. Growing incidences of target diseases across the globe is major factor driving growth of the global guidewires market.
The U.S. guidewires market size was valued at USD 670 million in 2023 and is estimated to reach around USD 1,210 million by 2034, growing at a CAGR of 5.48% from 2024 to 2034.
The research report offers analysis of key trends and predictions of guidewires products across diverse geographies such as North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. Geographically, guidewires market is conquered by North America owing to favorable government policies for the guidewires reimbursement in the countries of this region, especially in the U.S. and Canada of the region. Asia Pacific is expected to register the fast growth rate, on account of increasing research and development investment by key market players and growing adoption of the guidewires in the various end use applications. The growth of the guidewires industry in the countries of the Asia Pacific is attributed to growing adoption of the guidewires due to increasing minimally invasive surgical procedures in the countries including China, India, Japan, among others. Also, increasing healthcare spending, coupled with rising aging population are other factors anticipated to propel growth of the target industry in the countries of region.
Guidewires refer to thin and flexible wires used by doctors in various medical procedures, such as radiology, urology, angioplasty, endoscopy, and cardiology. These wires are widely used in invasive medical procedures that require navigation through the pathways of the body, like ducts and blood vessels. They minimize the need for open surgery by assisting physicians in reaching the exact location within the body.
These flexible wires are made from nitinol or stainless steel and come in various coatings, shapes, and sizes. Additionally, these wires are in high demand for medical procedures due to their ability to reduce the risks associated with surgery. Therefore, these durable wires are widely used for navigating the complex anatomy of the human body.
COVID-19 Impact on Global Guidewires Market
Outburst of COVID-19 has impacted on most of the key markets across the globe. COVID-19 is have low impact on the target market. North America is the biggest market for the guidewires, but to the spread of coronavirus and lockdown situations in U.S. supply and demand for the guidewires decreased. Due to COVID-19, supply chain disruption, fluctuations in the raw material supply, insufficient man power in the manufacturing facility and low demand form the end use costumers hampered target industry growth in the developed as well as emerging economies worldwide. However, COVID-19 situation is resolving slowly and most of the industries are started their facilities at full capacity.
Future of Global Guidewires Market
Key companies of the target industry such as Terumo Corporation and Boston Scientific Corporation are focusing in the business growth by adopting strategies such as capacity expansion, innovative product launches and heavy investments in the production in their facilities that is expected to flourish the global guidewires market growth in the near future. This trend is expected to continue and will augment growth of the global guidewires industry in the next 10 years. Further, increasing awareness regarding the benefits of the guidewires and rising old age population demanding more production of the guidewires and intern are boosting growth of the guidewires in the coming years.
| Report Highlights | Details |
| Market Size in 2023 | USD 1.04 Billion |
| Market Size in 2024 | USD 2.80 Billion |
| Market Size by 2034 | USD 1.59 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 5.44% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, Coating, Raw Materials, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Increasing prevalence of cardiovascular diseases and rising demand for minimally invasive surgeries
With time, the cases of cardiovascular disease have increased across the globe due to changing lifestyles and food habits. Cardiovascular conditions, like heart attacks and peripheral artery disease, have become common among people of various age groups, which often require surgery to treat the condition. In addition to this, the demand for minimally invasive techniques is surging in the medical field. Doctors and patients prefer invasive techniques since they reduce long-term risks and recovery timings.
High cost
The high cost of guidewires limits their adoption among medical professionals. The cost of these wires depends on the availability and price of raw materials. However, volatility in raw material prices significantly impacts the final cost of the product. Moreover, stringent regulations for guidewire approval make the entire process costly and lengthy, thus hampering the market.
Advancements in material science
Continuous advancements in materials and technology have resulted in innovations in guidewires coating, design, and materials. These advancements have created new opportunities for medical professionals to cater to the needs of patients suffering from cardiovascular, neurological, and orthopedic conditions. These advancements led to the finest and more flexible guidewires, thus fueling the market.
Coronary segment is projected to control the Product Segment of Guidewires Market Revenue
On the basis of product segment, the global market is segregated into Neurovascular, coronary, urology, and peripheral. The coronary product segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to the growing demand for guidewires due to growth in the prevalence of cardiovascular diseases across the globe. Neurovascular segment will expand at a significant CAGR during the forecast time-frame.
Coating Segment Is Projected to Lead the Coating Segment of Guidewires Market Revenue
On the basis of coating segment, the global market is segregated into coating and non-coating. The coating segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to rising preference for the hydrophilic coated guidewires in vascular procedures across the globe.
Stainless Steel segment is projected to rule the Raw Material Segment of Guidewires Market Revenue
On the basis of raw material segment the global market is segregated into nitinol, stainless steel, and others. The stainless-steel raw material segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to the excellent properties offered by stainless steel such as push force transmission, torque specifications, and good support. Nitinol segment will expand at a significant CAGR during the forecast time-frame.
Emerging applications of guidewires are estimated to create gainful growth opportunities for the major companies functioning in the global guidewires market. Emerging economies across the globe are focusing on the healthcare spending which can have positive impact on the growth of the global guidewires market. Additionally, in the developed countries like United States and Canada, governments as well as regulatory bodies are offering attractive reimbursement policies for boosting adoption of guidewires which is augmenting growth of the target industry in the near future. Also, emerging countries across the globe are focusing on increasing guidewires production in order to cater the increasing global demand of the guidewires. This trend is expected to continue and will enhance growth of the global industry in the near future.
The companies focusing on research and development are expected to lead the global guidewires market. Leading competitors contending in global guidewires market are as follows:
For the better understanding the recent situation of the global guidewires market and for most policies of the country, Precedence Research forecast the future evolution of the guidewires industry. This research study proposes qualitative and measurable under standings on global guidewires market and assessment of market revenue and expansion trends for global market segments.
Major Market Segments Covered
By Product
By Coating
By Raw Materials
By Geography
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