Coronary Guidewires Market
Number of pages: 100 | Report Format: PDF | Published date: May 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 515 million |
|
Revenue Forecast in 2031 |
US$ 800.16 million |
|
CAGR |
4.5% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Material, Coating, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global coronary guidewires market was valued at US$ 515 million in 2022 and is expected to register a revenue CAGR of 4.5% to reach US$ 800.16 million by 2031.
Coronary Guidewires Market Fundamentals
Coronary guidewires are medical devices used in interventional cardiology procedures to guide catheters through the blood vessels to the heart. They are thin, flexible wires with tapered, rounded tips that can navigate through narrow or blocked arteries. Guidewires are available in different sizes, shapes, and materials to accommodate different patient anatomy and clinical needs. Hydrophilic coatings to reduce friction, flexible tips for navigating narrow vessels, and radiopaque markers for X-ray visualization are some of the specialized characteristics of some guidewires. The coronary guidewires market is always changing, with new trends appearing as technology advances. The reception of guidewires with hydrophilic coatings lessens rubbing and improves guidewire mobility, making it simpler to explore through veins. Guidewires with hydrophilic coatings are getting increasingly popular, especially in complicated situations where accurate navigation is essential. In order to improve procedure navigation and visualization, manufacturers are incorporating imaging and sensor technologies into guidewires. With this integration, procedural outcomes can be improved, and the need for additional devices can be reduced.
The global coronary guidewires industry market report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the coronary guidewires market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to coronary guidewires market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Coronary Guidewires Market Dynamics
The global coronary guidewire market is expected to experience significant growth in the coming years, driven by several key factors. Globally, coronary artery disease and other cardiovascular disorders are becoming more common. Furthermore, heart disease is a top cause of death in the United States for people of both sexes and those who belong to the majority of racial & ethnic groups, according to a report released by the CDC in 2021. Additionally, one person dies from CVD in the US every 34 seconds. The market is driven by the need for interventional procedures like angioplasty, which uses guidewires to direct catheters into blood arteries. Developments in guidewire technology, such as the creation of hydrophilic coatings, dual-coil wires, and nitinol-based wires, are enhancing the safety and effectiveness of interventional treatments. Thus, it is anticipated that these devices will become more widely used. Because they have a lower risk of problems, require less hospital time, and have quicker recovery times, minimally invasive procedures like angioplasty are becoming increasingly popular. These treatments depend heavily on guidewires, which increases demand for these gadgets. Additionally, the industry participants use this method to expand their product lines and provide various cutting-edge and new products. It is the approach that businesses most frequently use to draw in new clients. For instance, the U.S. FDA granted a further indication for using Teleflex's specialized catheters and coronary guidewires in February 2022 (CTO PCI) for crossing chronic total occlusion percutaneous coronary operations.
Coronary Guidewires Market Ecosystem
Coronary Guidewires Market, by Material
Coronary Guidewires Market, by Coating
Coronary Guidewires Market, by End User
Coronary Guidewires Market by Material
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The stainless-steel segment accounts for 49% of the revenue market share of the global coronary guidewires market. Due to its non-magnetic, non-staining, excellent corrosion resistance, and antibacterial qualities, it is predicted to exhibit a similar trend over the forecast period. According to a 2022 NCBI article, numerous academics and fresh start-ups have developed novel cardiac guidewires with antibacterial capabilities to prevent problems and post-operative infections. The need for stainless steel coronary guidewires is anticipated to increase, boosting the segment's growth. Over the projection period, rising product approvals are anticipated to aid in the segment's expansion. For instance, Cardio Flow Inc.'s FreedomFlow Peripheral Guidewire was approved by the US Food and Drug Administration (FDA) in June 2022. The FreedomFlow guidewire has a fixed distal spring and is made of stainless steel from core to tip.
The market segmentation sections provide the coronary guidewires market outlook in terms of the demarcation of different consumer groups. Market segmentation is the split of industry into subgroups depending on characteristics such as material, coating, and end user. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential coronary guidewires market demand opportunities.
Coronary Guidewires Market by Region
North America accounts for the largest global coronary guidewires market revenue share. During the forecast period, the region is expected to be driven by the availability of state-of-the-art healthcare facilities, the availability of products, and the emphasis on the use of contemporary healthcare technology. Compared to all other nations, the US has the highest rates of CHD. CHD is the main cause of death in the US, and MI affects over 735,000 people yearly. Due to conditions like high blood pressure and cholesterol, US individuals also have the highest risk of AP and MI worldwide. Furthermore, the favorable medical reimbursement policies in the U.S. are anticipated to offer enticing opportunities for the expanded use of coronary guidewires in the region. Additionally, the rise in minimally invasive procedures for performing angioplasties is also responsible for the increasing demand for guidewires.
Based on the regions, the global coronary guidewires market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of coronary guidewires industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level coronary guidewires market overview.
Key Components of the Report
Coronary Guidewires Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Coronary Guidewires Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
In interventional cardiology procedures, coronary guidewires are used to direct catheters through the blood vessels to the heart. They are round, tapered, thin, flexible wires that can pass through blocked or narrow arteries.
The total coronary guidewires market size worldwide in 2022 is around US$ 515 million.
North America would have the largest coronary guidewires market size during the forecast period from 2023 to 2031.
Global coronary guidewires are expected to grow at a revenue CAGR of 4.5% during the forecast period from 2023 to 2031.
The market size of the global coronary guidewires market in 2031 is expected to reach US$ 800.16 million.
While coronary guidewires are an established and effective technology for performing percutaneous coronary interventions (PCI), there are alternative technologies, such as intravascular ultrasound (IVUS) and optical coherence tomography (OCT), that can provide additional guidance and imaging during procedures. These technologies may compete with guidewires for market share and limit their growth potential.
As the global population ages, the incidence of cardiovascular diseases is expected to increase. This is expected to drive demand for interventional procedures such as angioplasty, further fueling the growth of the coronary guidewire market.
Abbott Laboratories Inc., Koninklijke Philips NV, Medtronic Plc, Boston Scientific Corporation, and B. Braun Melsungen AG are some of the key players in the global coronary guidewires market.
The stainless steel guidewires market has the highest share in the global coronary guidewires market.
*Insights on financial performance are subject to the availability of information in the public domain