Vascular Guidewires Market

Global Vascular Guidewires Market Size (2023 to 2028)

The global vascular guidewires market size is expected to register a CAGR of 5.12% from 2023 to 2028 and be worth USD 1.55 billion by 2028 from USD 1.21 billion in 2023.

Global Vascular Guidewires Market Share Insights:

• Based on product, the coronary guidewires segment had the leading share of the global market in 2022.
• Based on the coating type, the coated segment led the market in 2022.
• Based on end-user, the hospital segment dominated the market and accounted for the largest share of the global market in 2022.
• North America was the largest regional segment in the worldwide market in 2022.
• The European region held a notable share of the worldwide market in 2022. 

The vascular guidewires technology is used to highly precise and accurately access vascular targets and improve surgical and diagnostic procedures. These guidewires are predominantly utilized in internal cardiovascular procedures such as angioplasty and other percutaneous procedures. The guidewires technology has increased over the years as it guides towards introducing new devices into the market. Higher usage of vascular guidewires is because of their better procedural efficiency and reduced mortality risk.

MARKET DRIVERS:

The growing prevalence of cardiovascular diseases and increased demand for minimally invasive surgical procedures propel the vascular guidewires market growth.

As per the data published by the World Health Organization, around 17.9 million population worldwide died due to cardiovascular diseases and informed that CVDs are one of the key leading causes of death. Over the years, technical advancements have provided various opportunities for the market players to introduce advanced cardiovascular guidewires. Cardiovascular surgeries are gaining global acceptance among seniors because of the shorter recovery time.

The growing geriatric population worldwide is another significant factor promoting the global vascular guidewires market growth.

The World Health Organization estimated that the global population aged 60 years and above is anticipated to increase by 12% to 25% from 2015 through 2050. The rising geriatric population, more likely to have cardiovascular problems, elevates the market's growth rate.

The growing adoption of technological advancements is expected to boost the market’s growth rate.

The interventional radiology segment has seen many technological developments, such as advanced flexible guidewires. The growing awareness regarding the advantages associated with the usage of technologically well-advanced guidewires, such as improved flexibility, enhanced durability, advanced coatings, multifunctional capabilities, and improved visualization, is resulting in the growth of the vascular guidewires market.

In addition, increased demand has been noticed over the years for vascular guidewires due to the YOY growth in the minimally invasive surgeries carried out using guidewires. Furthermore, healthcare professionals adopt minimally invasive surgical procedures over conventional methods due to their clinical advantages. Therefore, as per the reports, there are many future growth opportunities with nitinol usage in cardiovascular guidewires. Furthermore, the increasing number of government initiatives worldwide is anticipated to impact the market’s growth rate positively. Various initiatives such as public healthcare funding, private healthcare incentives, healthcare reforms, and procurement policies favor the demand for vascular guidewires.

MARKET RESTRAINTS:

However, the risk and complications involved with guidewires and the availability of effective alternative conventional treatments are expected to propel the global vascular guidewires market growth during the forecast period. These guidewires are made using various materials such as nitinol, Teflon, stainless steel, and other hybrid polymers. Such material increases the prices of the products; therefore, guidewires cost more than conventional guidewires, which is estimated to impede market growth.

Impact of COVID-19 on the global vascular guidewires market:

Covid-19 was announced as a worldwide pandemic and the emergence of the healthcare industry. COVID-19 is an infectious disease that spreads quickly from person to person; to control the spread, all the governments have imposed nationwide lockdowns and a ban on transportation modes. The pandemic has affected all sectors of the economy. During the COVID-19 pandemic, the market's growth rate has experienced a slight decline. Due to a flight ban, the exchange activities were stopped, and the activities concerned were partially postponed. However, the second pandemic period held the maximum share due to the resumed activities. After the Unlock, the demand for angioplasty and other percutaneous procedures increased rapidly. Cardiovascular surgeries are gaining demand globally, and the number of manufacturers in the industry is rising to produce vascular guidewires; therefore, the need for the market has increased. However, the market is expected to record promising growth during the forecast period.

REPORT COVERAGE:

This research report on the global vascular guidewires market has been segmented and sub-segmented based on the product, coating type, end-user, and region.

Vascular Guidewires Market – By Product:

• Coronary Guidewires
• Peripheral Guidewires

Based on the product, the coronary guidewires product segment is projected to account for the majority share in the global vascular guidewires market during the forecast period. Due to the increase in the prevalence of cardiovascular diseases globally, availability of advanced coronary guidewires, and more generous incentives for adopting greater guidewires.

Vascular Guidewires Market – By Coating Type:

• Coated
  • Hydrophobic Coatings
  • Non-Hydrophobic Coatings
• Non-Coated

Based on the coating type, the coated segment held the largest share of the global vascular guidewires market in 2022 and is forecasted to continue its domination during the forecast period. Hydrophobic and hydrophilic are the types of covered types. These segments are accountable for the smoother transmission of a guidewire through the complex anatomical structure. As a result, these guidewires minimize the risk of infection and injuries. Therefore, it is expected to record a healthy CAGR during the forecast period.

Vascular Guidewires Market – By End-User:

• Hospitals
• Ambulatory Surgical Centers

Based on the end-user, the hospital segment is anticipated to dominate the market throughout the forecast period. The rising number of angioplasty and other cardiovascular surgeries in hospitals is estimated to increase the market growth. Moreover, improving healthcare infrastructure facilities are further expected to drive the hospital segment. According to the Agency for Healthcare Research and Quality, the volume of percutaneous transluminal coronary angioplasty procedures increased by an estimated 20% between 2001 to 2011 in hospitals in the United States.

Vascular Guidewires Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Regionally, the vascular guidewires market in North America led the global market, and the Asia Pacific is supposed to show the highest CAGR during the forecast period. The North American market accounted for most of the global vascular guidewires market in 2022. This regional market is forecasted to continue showing dominance throughout the forecast period. The increasing availability of reimbursement for guidewires among developed countries, the availability of products, and the availability of advanced technology are leveling up the growth of the vascular guidewire market in this region.

The European vascular guidewires market is anticipated to hold the second-largest global market share during the forecast period. Factors such as the rapidly increasing number of surgeries and the adoption of minimally invasive surgeries are expected to provide opportunities for the market's growth in this region. Moreover, increasing healthcare facilities and growing technological developments are estimated to hold the market share of the vascular guidewire market. As a result, UK and Germany are predicted to show dominance in this regional market during the forecast period.

The vascular guidewires market in the Asia Pacific is predicted to showcase the fastest CAGR among all regions in the global market during the forecast period. Implementation of strategic policies and the active participation of key market players in this region is expected to increase market growth. In addition, improving healthcare infrastructure in emerging countries such as India and China is most likely to develop the development of vascular guidewires.

The vascular guidewires market in Latin America is projected to witness a steady CAGR during the forecast period. This is because the growing aging population, increasing adoption of technological developments, rising prevalence of CVDs, increasing healthcare expenditure, and a growing number of initiatives by Latin American countries are propelling regional market growth.

The vascular guidewires market in MEA held a moderate share in the worldwide market in 2022 and is looking forward to having a healthy CAGR during the forecast period. In addition, an increasing number of healthcare facilities, awareness among the people about cardiovascular treatment procedures, and government investments to improve the medical infrastructure are further expected to expand the market growth of vascular guidewires.

KEY MARKET PARTICIPANTS:

Manufacturers such as Abbott Laboratories, Terumo Corporation, Stryker Corporation, B. Braun Melsungen AG, Medtronic plc, Biotronik SE & Co. KG, Cook Medical, Inc., Boston Scientific Corporation, Cardinal Health, Inc., C. R. Bard, Inc., and The Spectranetics Corporation are expected to dominate the global vascular guidewires market during the forecast period.

RECENT HAPPENINGS IN THIS MARKET:

• In January 2018, cardiovascular systems inks agreed with OrbusNeich and integer. This agreement was made to expand its high-quality balloons and guidewire product portfolio.
• In 2017, True form Reshapable guidewire was launched by merit medical systems.