Guidewires Market Opportunities in Medical Industry

Guidewires Market by Material (Nitinol, Stainless Steel, Hybrid), Product (Surgical, Diagnostic (Hydrophilic, Hydrophobic)), Application (Cardiology, Vascular, Neurology, GIT, ENT, Urology, Oncology), End User (Hospital, ASCs)

(EMAILWIRE.COM, May 24, 2019 ) The global guidewire market is projected to reach USD 764.0 Million by 2022 from USD 582.5 Million in 2016, at a CAGR of 4.8%.

In 2016, Boston Scientific (US), Abbott Laboratories (US), Medtronic (Ireland), Terumo Corporation (Japan), and Cook Group (US) held the leading position in the global guidewires market.

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In the past three years, these companies adopted product developments & commercialization, acquisitions, market expansions, and agreements & collaborations as their key business strategies to ensure market dominance. Cardinal Health (US), Olympus (Japan), Johnson & Johnson (US), B. Braun (Germany), and C.R. Bard (US) are some of the other major players in this market.

Stakeholders
-Original equipment manufacturers (OEMs)
-Product sales and distribution companies
-Healthcare service providers (such as hospitals, diagnostic, and surgical centers)
-Non-government organizations
-Government regulatory authorities
-Research laboratories and academic institutes
-Clinical research organizations (CROs)
-Research and development companies
-Market research and consulting firms

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The growth witnessed by guidewires is mainly driven by the growing target patient population, continuous product launches by major manufacturers, increasing availability of medical reimbursements for guidewires across developed countries, and rising adoption of minimally invasive surgical procedures across major countries.

Factors such as high cost of surgical guidewires, spending cuts, and excise duties on medical devices and dearth of skilled surgeons for minimally invasive surgeries are expected to restrain the growth of the market during the forecast period.