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Peripheral Vascular Guidewires Market Size is predicted to show a 6.00% CAGR during the forecast period of 2024–2031.
Key Industry Insights & Findings from the Report:
- Increasing demand for peripheral vascular guidewires driven by the aging population and the prevalence of lifestyle-related diseases.
- Market players focusing on strategic mergers and acquisitions to strengthen their product portfolios and geographical presence.
- Growing investments in research and development activities aimed at introducing innovative guidewire solutions with improved navigational capabilities and enhanced patient safety.
- Rising awareness among healthcare professionals regarding the benefits of using advanced guidewire technologies for complex peripheral vascular interventions,
- Market dynamics influenced by factors such as reimbursement policies, healthcare infrastructure development, and evolving regulatory landscapes across different regions.
Peripheral vascular guidewires are utilized as medical instruments to navigate and gain access to the peripheral vascular system, encompassing arteries and veins outside the heart and brain. These slender and pliable wires are available in many arrangements and play a vital role in interventional procedures such as angioplasty, stent implantation, and treating vascular diseases. They provide accurate guidance within ships, are fitted with safety measures, and are essential instruments in contemporary medicine.
Increasing demand for minimally invasive (MI) procedures drives peripheral guidewire industry growth. MI techniques are replacing conventional surgical and laparoscopic treatments as pressure mounts to lower healthcare costs and improve patient outcomes. MI techniques reduce infection risk, complications, hospital stays, and healing time.
Moreover, the increasing favorability and adoption of MI surgery due to its multitude of benefits is fueling the need for MI medical supplies, including peripheral guidewires. They are expected to facilitate market growth in the upcoming forecast period. Advancements in guidewire technology represent a significant trend in the peripheral guidewire market, with anticipated positive impacts on the industry during the forecast period.
The introduction of innovative peripheral guidewires featuring attributes like super elasticity, customizable shapes, and maximal deflection, among others, has opened new avenues for end-users. However, one of the major obstacles to the global peripheral guidewire industry's growth is the stringent regulatory framework. Additionally, the medical industry operates under strict regulations, with safety standards governing all phases of a product's life cycle, from research and development (R&D) and clinical trials to pre-market approvals, manufacturing, labeling, and marketing.
Competitive Landscape
Some Major Key Players in the Peripheral Vascular Guidewires Market:
- Terumo Corp
- Abbott Laboratories
- Boston Scientific Corp.
- Asahi Intecc Co., Ltd.
- Cardinal Health
- Cook Group Inc.
- Merit Medical Systems Inc.
- Medtronic plc
- CONMED Corporation
- Teleflex, Inc.
- Braun SE
- Becton and Dickinson Company (BD)
- Olympus Corporation
- Stryker
- Others
Market Segmentation:
The peripheral vascular guidewire market is segmented on the basis of guidewire type, coated type, product, application, and end users. Based on guidewires, the market is segmented into nitinol, stainless steel, and composite guidewires. According to coating type, the market is segmented as coated and non-coated. By application, the market is segmented into chemoembolization, prostate artery embolization, uterine fibroid embolization, GI bleeding embolization, bronchial artery embolization, and trauma-related embolization. The end-users consist of hospitals, ambulatory surgical centers, and specialty clinics.
Based on coating type, the coated segment is a Major contributor to the peripheral vascular guidewire market.
The coated category is expected to hold a major share of the global peripheral vascular guidewire market in 2024. The rising demand for coated coating types in the peripheral vascular guidewire market is primarily driven by the desire for improved performance, safety, and patient outcomes in vascular procedures. Healthcare providers and professionals increasingly recognize the advantages of coated guidewires, contributing to their growing popularity in the market. Coated guidewires can provide a smoother and more comfortable experience for patients undergoing vascular interventions. Reduced friction and atraumatic properties contribute to a better overall patient experience. Coated guidewires offer improved performance characteristics, such as reduced friction and enhanced maneuverability. These coatings can make it easier for healthcare professionals to navigate complex vascular structures and lesions, ultimately improving the success rates of vascular interventions.
The hospital segment witnessed rapid growth.
The hospital segment is projected to experience rapid growth in the global peripheral vascular guidewire market. The rising demand for medical procedures, especially those involving peripheral vascular interventions, has necessitated the expansion of healthcare facilities. These facilities include hospitals, clinics, and specialized medical centers where vascular surgeries and related procedures occur. As the prevalence of vascular diseases and cardiovascular conditions continues to grow, healthcare facilities are expanding to accommodate the rising number of patients seeking treatment.
In the region, the Asia Pacific Peripheral Vascular Guidewires Market holds a Significant revenue share.
The Asia Pacific Peripheral Vascular Guidewires market is expected to record the maximum market share in terms of revenue in the near future. The primary reason is the increased occurrence of heart diseases and the uptick in coronary and peripheral interventions. The expanding prevalence of cardiovascular diseases and the increasing preference for minimally invasive (MI) surgeries in the United States are the major factors propelling the regional market's growth. In addition, Europe is estimated to grow at a rapid rate in the global peripheral vascular guidewire market due to rapid industrialization, government initiatives, and increasing funding in various industries.
Recent Developments:
- In October 2023, B. Braun Medical Inc. declared its ongoing dedication to enhancing patients' experiences with peripheral intravenous (IV) therapy and its increased emphasis on addressing health disparities in vascular access. This is accomplished via a comprehensive strategy encompassing education, training, and improving care standards. The announcement was made at the Scientific Meeting of the Association for Vascular Access (AVA).
Peripheral Vascular Guidewires Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 6.00% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US dollars, volume (units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Type of guidewires, Coated type, Application, End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ; France; Italy; Spain; South Korea; South East |
|
Competitive Landscape |
Terumo Corp, Abbott Laboratories, Boston Scientific Corp, Asahi Intecc Co Ltd, Cardinal Health, Cook Group Inc, Merit Medical Systems Inc, Medtronic plc., CONMED Corporation, Teleflex, Inc., B. Braun SE, Becton and Dickinson Company (BD), Olympus Corporation, Stryker and Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular geographically competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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