Peripheral Guidewires Market Value Projected to Expand by 2026
Peripheral guidewires are important minimally invasive medical devices that are used during surgeries to access peripheral vessels and provide precise interventional treatment. Guidewires help in accessing the exact location of the treatment site by acting as a guide and creating an easier passage for larger catheters. The global peripheral guidewires market is expected to expand at a swift speed due to a number of factors. Demand for minimally invasive procedures is increasing due to their benefits over open surgeries such as minimal bleeding, lesser postoperative infection chances, fewer complications, shorter hospital stay, and early recovery. These surgeries are performed with the help of laparoscopes, endoscopes, and catheter-based techniques.
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Increase in patient preference for minimally invasive procedures drives demand for medical devices required to perform them. Hence, rise in the number of minimally invasive surgeries and rapid changes in technology are likely to propel the global peripheral guidewires market during the forecast period. Reimbursement policies governing medical devices are favorable in several countries, fuelling demand for guidewires. For instance, adoption of peripheral guidewires by physicians in Europe has increased owing to the favorable reimbursement scenario. In Spain, all citizens can avail free public health care facilities. Free health care not only includes diagnostic and therapeutic techniques, but also preventive care. Rise in demand for advanced guidewires with improved lubrication, ease of insertion, and less patient discomfort has created a lucrative opportunity for research and development in this field. Emergence of nitinol-based guidewires has created new opportunities in the urology segment owing to beneficial properties such as superelasticity, desirable shape, and maximal deflection without kinking. Advancements in technology has enabled manufacturers to offer customized guidewires depending upon the need and application. Hence, adoption rate of guidewires among physicians is likely to increase, which, in turn, is expected to drive the peripheral guidewires market.
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The global peripheral guidewires market can be segmented based on material, application, and region. Based on material, the market can be classified into stainless steel, nitinol, and hybrid. In terms of application, the peripheral guidewires market can be categorized into diagnostic guidewires and interventional guidewires. Based on geography, the peripheral guidewires market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to remain dominant regions of the peripheral guidewires market due to the high spending on health care, increase in surgical procedures, and introduction of technologically advanced products in the region. The market in Asia Pacific is expected to expand at a high CAGR owing to the rise in demand for peripheral guidewires from developing nations. Developing countries in Asia Pacific are expected to witness rapid growth during the forecast period. Indigenous production for treatment and diagnostics along with government initiatives, increased public awareness, and reduction in cost are the major drivers of the market in these regions. Countries such as China, Japan, and India in Asia Pacific are likely to be lucrative for the peripheral guidewires in the near future. Major factors for the positive outlook of the market are rapid development of health care infrastructure, rise in medical tourism from the West for cheaper dental services, and increase in emphasis on research and development in the health care sector.
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Key players operating in the peripheral guidewires market include Abbott Vascular, Boston Scientific Corporation, CONMED Corporation, Cardinal Health Inc., Stryker Corporation, Medtronic PLC, B. Braun Melsungen AG, Cook Medical LLC, Terumo Corporation, and Asahi Intecc Co. Ltd.