The Guidewires market study analyzes each market player encompassed in the market study as per its market share, production footprint, current launches, agreements, ongoing R&D projects, and market strategies. SWOT analysis has been performed in the market study to investigate the strengths, weaknesses, opportunities and threats of each player.
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Adoption of interventional radiology techniques in image-guided diagnosis and treatment of diseases has increased in the past few years. Interventional radiology is highly suitable for gastrointestinal, hepatobiliary, genitourinary and pulmonary complications. The benefits of such minimally invasive procedures in the form of minimal blood loss, shorter hospital stays and quick recovery have made interventional radiology techniques more popular.
The increasing preference for interventional radiology techniques has bolstered the demand for guidewires and is anticipated to continue doing so in the future. The global guidewires market is poised to register a positive growth trajectory, expanding at a CAGR of 6.1% during the forecast period (2020-2025). The market is pegged to reach a value pool of US$ 2.6 Bn by the end of 2025.
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The COVID-19 pandemic is anticipated to moderately impact the production of guidewires in the forecast period. This is attributed to key companies implementing strict countermeasures to limit person-to-person contact, investing a significant part of its revenue in finding testing mechanisms and antiviral drugs, and staggering shift timings.
Key Takeaways of Global Guidewires Market Study:
- By product, the coronary guidewires segment shall capture a major chunk of the global guidewires market. Rising cardiovascular diseases, easy navigability across blood vessels and faster delivery of treatment are key growth drivers. A CAGR of 6.6% is predicted for the forecast period.
- However, urology guidewires are poised to grow the fastest, with a CAGR of 7.0%. Rising prevalence of urological dysfunction has facilitated increased usage of urology guidewires. These guidewires offer an atraumatic hydrophilic tip, facilitating negotiating of compact areas. The segment shall capture 15% of the total guidewires market.
- By end-use, hospitals are anticipated to capture significant market share, owing to expanding hospital infrastructure, adoption of hygienic practices and along with presence of skilled personnel for the surgery. Projected market share of hospitals accounts for two-fifth of the overall guidewires market.
- North America is projected to retain market dominance, expanding by 1.5x during the forecast period. Sophisticated healthcare infrastructure and presence of important guidewires manufacturers is anticipated to leverage North America’s growth.
- Asia-Pacific is anticipated to grow rapidly, registering a CAGR of 7.2%. Rising incidence of health diseases, favorable business policies and economic development have motivated key players to establish their businesses in these countries. There is a high demand by consumers for high quality guidewire brands.
- Key manufacturers have directed a significant portion of their funds and research towards combating the COVID-19 pandemic. Companies such as Abbott Laboratories have directed their research in developing novel testing methods to detect the presence of COVID-19 amongst patients. For instance, the company received FDA clearance for the fastest available molecular point-of-care for detecting COVID-19 in as little as five minutes. The company is concentration on producing nearly 50,000 units daily of its ID NOW testing boxes.
- With respect to supply-chain disruptions, companies such as Terumo International have reported that their production has not been affected much. This is due to the company undertaking strict countermeasures, which includes restricted movement between business locations, encouraging non-production staff to work from home and staggering shift timings.
The Guidewires market report provides the readers with the below-mentioned insights:
- Key trends, including ecological conservation, patented solutions, and globalization.
- Consumption pattern of each segment of the market in every region.
- Detailed study of the factors (positive and negative) impacting the growth of the global Endobronchial Valves market.
- Critical analysis of R&D activities performed by market players to expand their production footprint across various industries.
- Thorough research of effect of the market across various end use industries.
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The Guidewires market report gets rid of the following queries:
- Which end use has the highest rate of consumption and why?
- Which regions are the market players targeting to gain a competitive edge?
- What is the growth forecast of the global market in region?
- What is the Y-o-Y growth rate of the global market?
- Which segment will have the maximum share of the global market by the end of year?
And so on…..
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