Guidewires Market to Reach USD 1,401.0 Million at 5.9% CAGR by 2026; Growing Rate of Coronary Surgeries to Bolster Sales Opportunities: Fortune…

June 03, 2020 07:42 ET | Source: Fortune Business Insights

Pune, June 03, 2020 (GLOBE NEWSWIRE) -- The global guidewires market size is projected to reach USD 1,401.0 million by 2026, exhibiting a CAGR of 5.9% during the forecast period. Rising incidence rate of cardiovascular diseases is expected to be one of the major forces of growth for this market. According to estimates released by the American Heart Association (AHA), a staggering 15.5 million Americans were suffering from coronary heart disease in 2016. These numbers augur good news for the guidewire market as a steady rise in the prevalence of cardiovascular disorders will necessitate the utilization of advanced guidewire technology for quicker diagnosis and delivery of more accurate treatment for these conditions.

According to the Fortune Business Insights report, titled Guidewires Market Size, Share & Industry Analysis, By Product (Coronary Guidewire, Peripheral Guidewire, Urology Guidewire, Neurovascular Guidewire, and Others) By Material (Nitinol, Stainless Steel, and Others) By Coating (Coated and Non-Coated) By End User (Hospitals & Clinics, Diagnostic Centers, and Others) and Regional Forecast, 2019-2026, the value of the market stood at USD 887.6 million in 2018. The report also incorporates a thorough research into the various dynamics, trends, and other factors which will influence the market and enable businesses to take strategic decisions to solidify their position in this market.

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Growing Preference for Minimally Invasive Diagnostic Procedures to Catalyze Growth

One of the primary factors driving the guidewires market trends is the demand for minimally invasive procedures for diagnostic purposes, which is gaining ground in healthcare. This is on account of the benefits offered by such procedures. For example, a patient will recover at a faster rate if the incision in her body is small and narrow. This would also minimize the patients hospital stay, saving her a good amount of her resources. Technologically advanced guidewires allow for superior lesion access and better visibility, which brings down procedural costs and becomes more pocket-friendly for the patient. The guidewire market stands to gain as a result.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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Robust Healthcare Infrastructure to Propel the Market in North America

Having generated a revenue of USD 308.2 million in 2018, North America is set to dominate the guidewires market share during the forecast period. This will be mainly attributable to variety of favorable conditions including availability of cutting-edge healthcare technology, friendly medical reimbursement policies, and a ready acceptance of modern technology.

The market in Europe will be chiefly driven by growing demand for minimally invasive procedures and increasing number of surgeries. Coupled with these is the high adoption rate of interventional diagnostic methods in Western European countries such as Germany and France, which is further fueling the market in the region.

Emergence of new market players and effective marketing will aid the market in Asia-Pacific, according to the guidewires market analysis by Fortune Business Insights. Additionally, the market in this region is poised to gain from the evolving healthcare conditions in India and China and rising healthcare investment in Australia and Japan.

In Latin America, Africa, and the Middle East, increasing number of healthcare facilities and organizations will feed market growth in the forecast period.

New Product Launches to Make Competition Exciting

Competitors are looking to consolidate their position in the guidewire market by developing and launching new products and widening their offerings to consumers. Moreover, many players are entering into partnerships to strengthen their hold on the market, accelerating the guidewires market revenue.

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Key Industry Developments:

List of the Prominent Players Operating in the Guidewires Market are:

Teleflex Corporation

Olympus Corporation

Abbott

Boston Scientific Corporation

Merit Medical Inc.

Cook

C. R. Bard, Inc.

Terumo Medical Corporation

Abbott

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Guidewires Market to Reach USD 1,401.0 Million at 5.9% CAGR by 2026; Growing Rate of Coronary Surgeries to Bolster Sales Opportunities: Fortune...