LOS ANGELES, Dec. 09, 2020 (GLOBE NEWSWIRE) -- The global guidewires market is anticipated to grow at a CAGR of around 6.8% during the forecast period 2020 to 2027 and reach around US$ 3.4 Bn by 2027.
The market in North America is expected to account for major revenue share in the global guidewires market due to increasing number of patients suffering from heart associated diseases. According to U.S. Department of Health & Human Services about 655,000 Americans die from heart disease each year that’s 1 in every 4 deaths. Every year, about 805,000 Americans have a heart attack of these, 605,000 are a first heart attack and 200,000 happen to people who have already had a heart attack.
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Increasing number of inpatients in hospitals related to neurology and urology associated problems coupled with increasing surgeries related to them is resulting in demand for surgical giudewire which is another important factor expected to support the growth of target market.
In addition, rapid technological advancements in medical devices by major players and developing regulatory scenario are among other factors expected to support the growth of guidewires market.
- In 2018, The U.S. Food and Drug Administration (FDA) put forward the “Coronary, Peripheral, and Neurovascular Guidewires - Performance Tests and Recommended Labeling” draft guidance that provides draft recommendations for 510(k) submissions for certain guidewires intended for use in the coronary, peripheral and neurovascular.
- In April 2019, the FDA published a draft guidance titled, “Technical Considerations for Non-Clinical Assessment of Medical Devices Containing Nitinol,” which includes proposed recommendations on what manufacturers should include in their premarket submission of a device containing nitinol.
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Players are highly focused on enhancing the business through acquisition and partnership is expected to increase the customer base and enhance the product portfolio further expected to boost the growth of target market.
- In 2016, Teleflex Inc. a global provider of medical technology products acquired Vascular Solutions Inc. for US$ 1 Bn. The acquisition is expected to help the company to enhance the product portfolio.
- In 2017, BTG acquired Roxwood Medical a provider of cardiovascular specialty catheters for US$ 80 Mn. The acquisition is expected to help the company to enhance the customer base and increase the revenue share.
The market in Asia Pacific is expected to witness faster growth in the target market due to developing healthcare standards. In addition, increasing government spending on development of hospital infrastructure in order to provide enhanced care to patients and adopt advanced medical devices this is another factor expected to support the growth of target market.
Increasing geriatric population in emerging economies with problems related to coronary and peripheral, coupled with rising demand of minimally invasive surgical procedures are among other factors expected to support the growth of target market.
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Increasing incidence of chronic diseases across the globe, technological advancements in surgical devices, and wide applicability of guidewires in cardiology, vascular, neurology, etc. surgeries are major factors expected to drive the growth of global guidewires market. In addition, availability of favorable business policies and continuous product launch by players are among other factors expected to support the growth of target market.
However, factor such as high cost associated to the product and lack of trained professionals are expected to hamper the growth of global guidewires market. In addition, stringent government regulations related to product approval is expected to challenge the growth of target market.
Factors such as high spending by players for product development and players focus on strengthening the distribution channel through partnerships are expected to create new opportunities for players operating in guidewires market over the forecast period. In addition, high spending by the government for development of healthcare infrastructure is expected to support the revenue transaction of target market.
The global guidewires market is segmented into product, material, application, and end use. The material segment is bifurcated into nitinol guidewires, stainless steel guidewires, and hybrid guidewires. Among the material the stainless steel guidewires segment is expected to account for major revenue share in target market.
Players operating in the global guidewires market are Terumo Medical Corporation, Boston Scientific Corporation, Abbott, ASAHI INTECC CO., LTD., AngioDynamics, B. Braun Melsungen AG, CODMAN NEURO, Medtronic, and Stryker. The market is highly competitive due to presence of large number of players operating on global level.
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