Guidewires are medical devices that aid physicians in performing minimally invasive surgeries and diagnostic procedures. Guidewires allow insertion of other medical devices like catheters, biopsy forceps, and stents inside blood vessels, veins and arteries. They help physicians navigate narrow, twisted, and hard to reach areas of the body with precision. The rising prevalence of cardiovascular disorders has increased the demand for minimally invasive surgeries and procedures which require guidewires. The global Guidewires Market is estimated to be valued at US$ 8.1 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of cardiovascular disorders has accelerated the growth of the Guidewires Market. Cardiovascular diseases, especially heart diseases and stroke, are the leading causes of deaths globally. According to World Health Organization (WHO), cardiovascular diseases account for over 17.9 million deaths per year which is expected to grow to over 23.6 million by 2030. Increasing risk factors such as sedentary lifestyle, unhealthy diet and smoking have contributed significantly to the growing incidence of cardiovascular diseases. As guidewires are extensively used in minimally invasive cardiological procedures such as cardiac catheterization and angioplasty, the rising disease burden has augmented the demand for guidewires and subsequent market growth over the forecast period.
Segment Analysis
The global guidewires market is dominated by coronary guidewires sub segment. Coronary guidewires accounted for the largest share of the market owing to increasing incidence of cardiovascular diseases and rising number of PCI procedures globally. These guidewires are primarily used in angioplasty and other cardiovascular treatments procedures.
Key Takeaways
The global guidewires market is expected to witness high growth over the forecast period of 2023 to 2030. Factors such as increasing aging population, growing prevalence of lifestyle diseases and technological advancements will drive the market growth.
Regional analysis
North America currently dominates the guidewires market led by the United States owing to high incidence of cardiac diseases and growing number of surgical procedures in the region. Growing healthcare expenditure and robust medical infrastructure further support market growth in North America.
Key players
Key players operating in the guidewires market are Boston Scientific Corporation, ASAHI INTECC Inc., Cordis Corporation . Boston Scientific Corporation is the leading player in the guidewires market with wide product portfolio and global presence. Cordis Corporation holds a significant share in guidewires market especially in coronary guidewires segment.
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