ALBANY, New York, November 23, 2018
ALBANY, New York, November 23, 2018 /PRNewswire/ --
A report by Transparency Market Research on the global guidewires market states that it would rise steadily at 6.2% CAGR over the course of the forecast duration starting from 2017 and ending in 2025. Expanding at this pace, the market is expected to attain a value of US$2.7 bn by the end of 2025. The report valued the market at US$1.6 bn in 2016.
Popularity of Minimally Invasive Procedures Stokes Global Guidewires Market
At the forefront of driving the global guidewires market is the surging uptake of minimally invasive procedures for treating a range of a health conditions, namely angiography, prostatic stenting, transurethral electroporation of the prostate, and transurethral microwave. Further, increase in per capita healthcare expenditure also has a positive impact on the market.
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At present, most of the demand in the global guidewires market is being fuelled by the end use segment of hospitals. With more and more of them ramping up facilities to promote better healthcare, the demand for guidewires is soaring too. Apart from hospitals, clinics too are pushing up demand in the market. The proliferation of ambulatory surgical centers is having a positive impact on demand too.
With respect to products, the report segments the global guidewires market into peripheral guidewires, coronary guidewires, urology guidewires, neurovascular guidewires, gastroenterology guidewires, and radiology guidewires. At present, the coronary guidewires account for maximum market share because of the alarming increase in cardiovascular diseases worldwide. From a geographical perspective, the biggest share is currently held by North America. This is mainly due to the alarming rise in cardiovascular health issues in the region owing to unhealthy eating habits and lifestyles. Apart from that, high per capita healthcare spends on healthcare alongside the rising popularity of minimally invasive procedures is also having a positive impact on the North America guidewires market.
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High Cost Deters Sales
Having a negative impact on the global guidewires market is their high cost. This, coupled with the fact that they cannot be reused, drives up costs significantly for players in the domain.
However, the global guidewires market is expected to rise further owing to more sophisticated guidewire tips technology, particularly with respect to magnetically rich guidewires. Adds the lead analyst of the TMR report, "Owing to technological developments, the application areas of guidewires has further widened."
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Some of the prominent participants in the global guidewires market are Integer Holdings Corporation, Terumo Medical Corporation, ASAHI INTECC CO., LTD., Medtronic, and Cardinal Health, Inc. Strategies adopted by these players to progress in the market involve investments in new product development. They are seen trying to come up with various sophisticated features in their products to satisfy the wide-ranging needs of the medical industry.
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The review is based on the findings of a TMR report, titled, "Guidewires Market (Product - Coronary Guidewires, Peripheral Guidewires, Neurovascular Guidewires, Urology Guidewires, Radiology Guidewires, and Gastroenterology Guidewires; End-user - Hospitals, Clinics, Ambulatory Surgical Centers, and Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025."
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