Guidewires Market Size, Share, Industry Trends and Forecast to 2030

Guidewires Market Size & CAGR in 2021

The global guidewires market is expected to reach USD 2.5 billion in 2021 with a Compound Annual Growth Rate (CAGR) of 5.3% from 2021 to 2028. The market is witnessing significant growth due to the increasing prevalence of chronic diseases, technological advancements in medical devices, and the rising demand for minimally invasive procedures.

COVID-19 Impact on the Guidewires Market

The COVID-19 pandemic has had a mixed impact on the guidewires market. On one hand, the increased focus on healthcare resources to combat the pandemic has led to disruptions in the supply chain of medical devices, including guidewires. On the other hand, the growing adoption of telemedicine and remote healthcare solutions has created new opportunities for market growth.

Guidewires Dynamics

The guidewires market is driven by factors such as the increasing prevalence of chronic diseases, rising geriatric population, advancements in medical technology, and the growing demand for minimally invasive procedures. Additionally, the market is witnessing a shift towards the adoption of nitinol guidewires due to their superior flexibility and durability.

Segments and Related Analysis

The guidewires market can be segmented based on product type, material type, application, end-user, and region. Product types include coronary guidewires, peripheral guidewires, neurovascular guidewires, and urology guidewires. Materials used for guidewires include stainless steel, nitinol, and hybrid materials.

By Region Analysis

The global guidewires market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the market due to the presence of advanced healthcare infrastructure, high healthcare expenditure, and the increasing prevalence of chronic diseases. The Asia Pacific region is expected to witness significant growth owing to the expanding healthcare sector and rising disposable income.

Key Market Players and Competitive Landscape

Key players in the guidewires market include Boston Scientific Corporation, Medtronic plc, Abbott Laboratories, Terumo Corporation, Cook Medical, B. Braun Melsungen AG, Olympus Corporation, Cardinal Health, Inc., and C.R. Bard, Inc. These companies are focusing on product innovation, strategic collaborations, and mergers and acquisitions to maintain their market position.

Recent Happenings in the Guidewires Market

- In May 2021, Boston Scientific Corporation introduced the PX2 Guidewire System, a nitinol guidewire designed for complex coronary procedures. - In September 2021, Terumo Corporation launched the Gladius Transradial Guidewire, specifically designed for transradial interventions. - In January 2022, Cook Medical announced the acquisition of a medical device company specializing in guidewires, expanding its product portfolio in the guidewires market.