The new report by EMR titled, ‘Global Guidewires Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global guidewires market, assessing the market based on its segments like products, materials, coatings, applications, end uses, , and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026):8%
- Forecast Market Size (2026): USD 1.7 billion
The global guidewires market is being driven by the several benefits provided by the product and increasing awareness among patients regarding the government’s reimbursement policies. The growing population and the rising living standards in the developing nations are driving the demand for safer and faster surgeries. Moreover, the low cost and increase in demand for surgeries are significantly aiding the industry growth. The market is being supported by the improving healthcare sector and the increasing demand for minimally invasive surgeries. Over the forecast period, the favourable government initiatives and rapid technological advancements are expected to further propel the market growth.
Industry Definition and Major Segments
Guidewires refer to a thin and flexible wire that is utilised in the healthcare industry to guide the catheter into place during CVC insertions. Guidewires provide benefits like low cost, smaller incisions, reduced pain, minimum impact on the patient, and faster recovery time.
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Based on product, the market is divided into:
By material, the industry can be segmented into:
- Stainless Steel
The market is bifurcated based on coating into:
Based on application, the industry can be segmented into:
On the basis of end-use, the market can be categorised into:
- Hospital and Clinics
- Diagnostic Centres
- Research Laboratories
The major regional markets of the product include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The global guidewires market is expected to be driven by the rising demand for minimally invasive surgeries across the globe. Compared to traditional surgeries, minimally invasive surgeries are safer and faster, thus, becoming quite popular in both developed and developing countries. This is expected to significantly boost the global market for guidewires. Further, due to the global outbreak of the COVID-19 pandemic, the minimally invasive surgeries have become one of the primary operation methods among patients as well as healthcare professionals due to their improved safety. This is expected to increase the guidewires market manifold in the forecast period.
Key Market Players
The major players in the market are Boston Scientific Corporation, Medtronic Plc, Teleflex Incorporated, Cardinal Health Inc., Terumo Medical Corporation, and Abbott Laboratories, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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