Peripheral Guidewire Market Size, Share, Growth, and Industry Analysis by Type (Straight Guide Wire, Angled Guide Wire, and J-Shaped Guide Wire), By Application (Diagnostic Guidewires and Interventional Guidewires), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

PERIPHERAL GUIDEWIRE MARKET REPORT OVERVIEW

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The global peripheral guidewire market size was USD 822.1 million in 2021 and is projected to touch USD 1928.55 million by 2031, exhibiting a CAGR of 8.9% during the forecast period.

A peripheral guidewire is a medical device used in the healthcare industry for surgeries to access peripheral vessels by providing a precise treatment. Guidewires are an integral part of the vascular intervention and they are used to access vessels, lesions, and many more to deliver interventional therapy. Selection of appropriate guidewires is essential to improve the crossing success, device delivery, and limiting the risk of vascular injury. They are helpful in accessing the exact location of to create an easy passage for larger catheters.

Peripheral guidewires are used in performing surgeries and the demand for such guidewires is due to the rise in negligibly intrusive procedures. They are gaining more and more traction due to disinclination towards open surgeries. Benefits such as less postoperative infection chances, early recovery, short duration hospital stays, less bleeding and complications. The increasing demand for advanced guidewires is due to ease they provide in insertion, lubrication, and less patient distress has enabled the demand for guidewires. 

COVID-19 Impact: Halt on Production to Hinder Market Growth  

The global COVID-19 pandemic has been unprecedented and staggering, with peripheral guidewires experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the peripheral guidewire market growth and demand returning to pre-pandemic levels once the pandemic is over.

The outbreak of COVID-19 is already being felt globally, and the global peripheral guidewire market is noticeably impacted. In 2020, COVID-19 had a negative impact on the market. Several countries went into lockdown. With the sudden pandemic, many hospitals and healthcare institutions reduced the non-emergency surgeries such as minimally invasive medical procedures, laparoscopies, and endoscopies. The operations were halted due to the lockdown restrictions which impacted the production of peripheral guidewires. People opted for minimally invasive surgical procedures which during as much as they could which led to the demand for the guidewires.

LATEST TRENDS

"Advancements in Guidewire Technology to Push Growth"

Latest trends such as advancements in guidewire technology is expected to pose an opportunity in the global peripheral guidewire market. Players of the market have been doing R&D and developments to introduce advanced peripheral guidewires that can produce more improved results. The new and advanced guidewires can help in having improved interventional and diagnostic experience. The new technological advancements include the advent of nitinol-based peripheral guidewires which has created new opportunities due to the benefits such as maximum deflection, desirable shapes that prevent kinking, and super elasticity. Such advancements have led to manufacturers to offer custom made guidewires according to applications and requirements. Such developments are expected to push the market growth.  

PERIPHERAL GUIDEWIRE MARKET SEGMENTATION

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• By Type

According to type; the market is divided into straight guide wire, angled guide wire, and j-shaped guide wire.

Angled guide wire holds the largest part in the type segment and it is expected to dominate the market. It is due to their success in commercial applications.

• By Application

Based on the application; the market is divided into diagnostic guidewires and interventional guidewires.

Interventional guidewires hold the largest part in the application segment and diagnostic guidewires are also projected to have considerable growth in the market.

DRIVING FACTORS

"Demand for Minimally Invasive Surgeries to Facilitate Market Growth"

The global peripheral guidewire market growth is owed to the demand for minimally invasive surgical procedures. The preference for least invasive procedures have been on the rise due to their benefits over open surgeries such as less chances of postoperative infections, less bleeding, early recovery, and shorter hospital stays. Such surgeries are performed with the aid of endoscopes, laparoscopes, and catheter-based methods. Increase in preference for such medical devices is deriving from rise in minimally invasive medical procedures and rapid technology changes are expected to propel the growth of the market. 

"Government Initiatives to Drive Market Demand "

Increasing government reimbursement policies in several countries for medical devices is anticipated to drive the demand for the market. Adoption of peripheral guidelines by doctors in Europe and several other regions has increased due to favorable reimbursement policies by the government. In some countries, people can avail health services for free which includes therapeutic and diagnostic techniques and preventive care services. Such policies are expected to drive the demand of the product in the market. 

RESTRAINING FACTORS

"High Costs of Minimally Invasive Surgeries to Decline Market Demand"

The applications of peripheral guidewires can be seen in various medical surgeries, however, there are some factors that can act as restraints in the market such as high costs of minimally invasive surgeries where peripheral guidewires are used increasingly. Such high costs can drive people to opt for open surgeries and it is expected to decline the demand for the market.    

PERIPHERAL GUIDEWIRE MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Growing Healthcare Advancements"

North America has the largest part in the global peripheral guidewire market share due to growing advancement in the healthcare industry. The region is expected to dominate the market owing to high expenditures in healthcare, growing surgical procedures, and introduction of technological advanced products. The dominance is also attributed to the presence of biotechnology and pharmaceutical companies in large numbers.

Europe and Latin America and Middle East & Africa are also expected to hold a large part in the market share as they are the potential markets for peripheral guidewires and it is also expected to grow owing to the adoption of technically advanced products. Research and development by market players and government initiatives are also some of the factors that can propel the demand.

Asia Pacific is expected to grow owing to the rapid demand for peripheral guidewires in the developing countries. Production of diagnostics and treatment and government initiatives, reduction in the cost, and public awareness are some of the factors that can inflate market growth.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, new products, technological developments, acquisitions, mergers, and partnerships. Other aspects examined for the global peripheral guidewire market include which companies are producing the maximum revenue, bringing inventions in products, costing and pricing of their products.

List of Market Players Profiled

• Terumo Medical (Japan)
• Abbott Vascular (U.S.)
• Asahi Intecc (Japan)
• Boston Scientific Corporation (U.S.)
• Cook Medical (U.S.)
• Integer (U.S.)
• Medtronic (U.S.)
• TE Connectivity (U.S.)
• Merit (U.S.)
• SP Medical (Denmark)
• Epflex (Germany)
• Biotronik (Germany)

INDUSTRY DEVELOPMENT

• March 2021: Cardiovascular Systems, Inc., an U.S.-based medical device development company that has announced that it will acquire a line of peripheral support catheters from WavePoint Medical, LLC, an U.S.-based medical device company that focuses on high performing micro-catheters.

REPORT COVERAGE

This research projects an intelligent report with rigorous studies that analyze the firms that exist in the market that affects the forecasting period. With thorough studies done, it also offers a comprehensive analysis by examining the factors like segmentation, segmentation, trends, growth, size, restraints, etc. This analysis is subject to change if the key players and projected analysis of market dynamics change.