Guidewires Market Outlook: Enormous rise in geriatric population to drive the industry growth over 2016-2023
Guidewires market revenue is poised to witness a considerable surge over the coming years, driven by its growing applications in minimally invasive surgeries along with its rising popularity across medical sector. Moreover, rise in aging population, resulting in occurrence of cardiovascular, urological, and neurovascular diseases is expected to benefit the industry growth over the next few years. As per the WHO predictions, the old population across the globe is expected to rise by 16% by 2050. Furthermore, introduction of new technologies in guidewires such as medical infusion, super elastic hydrophilic coated guidewires, and magnetic navigation technologies is predicted to drive the industry trends in the near future. As per Global Market Insights, Inc., “Guidewires Industry size is projected to surpass USD 2.6 billion by 2023.”
Germany Guidewires Market, by Product, 2012-2023 (USD Million)
Coronary guidewires are expected to dominate the product landscape by 2023
Taking into account the product trends in guidewires market, peripheral guidewires market is estimated to witness a considerable growth over 2016-2023, driven by the rising occurrence of various peripheral artery and vascular diseases. Furthermore, conditions such as abdominal aortic aneurysms and carotid artery stenosis related to old age are expected to further drive the growth. According to AHA (American Heart Association), nearly 12 million population in U.S. is affected due to peripheral arterial ailments.
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Declining product prices owing to favorable government reimbursement policies along with growing efforts by manufacturing firms to produce high quality & low cost products, is expected to drive coronary guidewires market growth over the coming timeframe. Neurovascular guidewires industry size, which is forecast to surpass USD 110 million by 2023, will be driven by its rising demand in the minimally invasive neuro-vasculature surgeries along with increase in proportion of neurovascular diseases across the globe.
Increase in aging population base leading to high occurrence of kidney ailments along with the rise in healthcare spending is estimated to drive urology guidewires market size over the coming years, having touched the revenue margin of over USD 330 million in 2015.
North America is forecast to make significant revenue contributions over 2016-2023
Considering the regional trends, North America coronary guidewires industry which was estimated at USD 284.9 million in 2015, is projected to contribute considerably towards guidewires market size over the next few years. High occurrence of cardiovascular disorders as a result of sedentary lifestyles, smoking, and irregular as well as unbalanced diet intake, is expected to boost the regional growth. In addition to this, growing levels of patient awareness along with easy availability of radiologists, catheterization laboratories, and cardiologists are expected to further drive the regional share. U.S. is expected to lead North America guidewires market share, registering a CAGR of 4.4% over 2016-2023.
Europe guidewires market size is expected to grow at a rate of 6.1% over the period of 2016-2023, driven by flexible CE (European Conformity) approval procedures that encourage firms to introduce new products in the guidewires business. Furthermore, rising healthcare expenditure in developed countries of Europe along with bright economic growth prospects in emerging economies of Europe are expected to further drive the regional revenue. France, Russia, UK, Poland, and Germany are major revenue pockets of the region.
APAC guidewires industry will observe a noticeable growth over the next few years, driven by high presence of elderly population base resulting in rise of peripheral vascular disorders and surgeries. Furthermore, enhanced healthcare facilities at affordable costs, expanding medical tourism sector, the rising popularity of minimally invasive surgeries, increase in consumer spending capacity, and introduction of favorable healthcare initiatives by the government are few of the factors expected to catalyze the industry growth in the region. Japan, India, and China are expected to be the key regional revenue contributors.
Market players will try to increase their revenue through R & D investments and strategic alliances. Key industry participants include Codman Neurovascular, Cordis Corporation, Terumo Corporation, Medtronic Company, Abbott Laboratories, Boston Scientific Corporation, Cook Medical, Merit Medical Systems Inc., B. Braun Melsungen, and St. Jude Medical.
Author Name : Dhananjay Punekar