Pressure Guidewire Market Size, Share, Growth, and Industry Analysis, By Type (Flat Tipped, Flexible Tipped and Others), By Application (Hospitals, Ambulatory Surgical Centers, Independent Catheterization Labs and Others), Regional Insights, and Forecast From 2024 To 2032

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Pressure Guidewire Market Overview

The global pressure guidewire market size was valued at USD 0.49 billion in 2023 and is projected to reach USD 0.95 billion by 2032, exhibiting a CAGR of 7.7% during the forecast period. Asia-Pacific holds leading position in pressure guidewire market share in 2023.

A pressure guidewire is a long, thin wire that aids in the navigation of medical devices such as catheters and stents through the vasculature of the body. The wire is put into an artery and then utilised to help correctly locate the medical instrument. It refers to diagnostic medical equipment used in percutaneous coronary intervention (PCI) treatments to diagnose arteries and vessels in patients and to determine whether surgical operations are required. For detecting obstructions in vessels, the product use FFR (fractional flow reserve technology). Because of their flexible construction and support, they are specifically developed to aid in the delivery of gadgets.

The Pressure Guidewire market is expected to expand at a rapid pace during the forecast period, owing to an increase in the prevalence of venous illnesses and an increase in new product approvals to meet this need. Increased disease awareness, the necessity of early diagnosis, and increased spending on chronic diseases are all expected to drive market expansion. Furthermore, the market's top players are spending in research and development of technologically improved goods, resulting in greater utilisation of the Guidewire products in both developed and developing countries around the world.

COVID-19 Impact: The Surgical and Pharmaceuticals Benefits Among Consumers to Increase Market Demand

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

The COVID-19 outbreak caused slow growth in several industries and companies. As the number of COVID-19 cases dramatically increased, numerous countries adopted restrictions to contain the new virus. The demand for the guidewires was also damaged by the pandemic. Consumers are becoming more aware of the detrimental effects of artificial additives, which has led them to choose natural products. The therapy is increasingly in demand. Previously, it was thought of as a complimentary therapy, but it is now seen as a mainstream treatment. The pressure guidewire market growth is probably being driven by the rising demand for organic products.

LATEST TRENDS

Product Innovation and the Investments in Healthcare to Advance the Market Share

Pressure guidewires are rapidly evolving technologically, with manufacturers focusing on developing products with improved performance and safety features. This will very certainly increase the popularity of these devices in the future years. Growth in healthcare capital equipment investment, installed base of various types of goods for the guidewires market, influence of technology using life line curves, and changes in healthcare regulatory situations and their impact on the pressure guidewires market are all factors to consider.

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Pressure Guidewire Market Segmentation

• By Type

Based on type; the pressure guidewire market is divided into flat tipped, flexible tipped and others.

• By Application

Based on the application; the pressure guidewire market is divided into hospitals, ambulatory surgical centres, independent catheterization labs and others.

DRIVING FACTORS

Wide Utilization of the Leading Segment Flat-Tipped Guidewires to Uplift the Market Demand

Flat-tipped pressure guidewires are thin, hollow stainless steel or other metal tubes. They have a tiny aperture at one end for inserting the fluid sample. The guidewire's tip is connected to an injectable device, such as a syringe or vial containing test samples or medication. Because of their excellent accuracy and capacity to traverse through confined places, flat-tipped guidewires are predicted to account for a higher percentage of the global market in 2018. The global market is divided into three applications: hospitals, ambulatory surgical centres (ASCs), and independent catheterization labs (ICLs).

Applications in the Hospital and Ambulatory Surgical Centres to Drive the Market Growth

The hospital application segment contributed the most income. The category is likely to maintain its dominance over the forecast period as a result of factors such as increased hospital building, government measures to improve healthcare infrastructure, and an increase in the geriatric population in need of medical treatment.

Ambulatory surgical centres are expected to be one of the fastest-growing segments, owing to a growth in chronic conditions that necessitate frequent medical visits and an increase in domestic procedures. The guidewires with pressure aid in the reduction of difficulties during procedures such as cardiovascular interventions, endoscopic procedures, and urological surgery. These wires help surgeons see tissue planes better during minimally invasive surgeries, lowering postoperative pain and suffering as well as the accompanying costs. The global frequency of cardiovascular illnesses is expanding at an alarming rate, pushing up demand for the guidewires. These devices are used in a variety of cardiac treatments, including angioplasty and stenting, to help restore blood flow through blocked arteries and improve patient outcomes.

RESTRAINING FACTORS

Limited Awareness and the High Cost to Restrain the Market Growth

Limited disease awareness, high product costs, poor economic conditions, and a lack of favourable insurance systems all limit the adoption of Pressure Guidewire products in developing nations around the world. The high cost of the goods in comparison to transducers is projected to stymie the expansion of the pressure guidewires market. The constraints associated with FFR technology, which uses the guidewires, such as unstable signals from vessels, are expected to challenge the pressure guidewire market share throughout the forecast period.

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Pressure Guidewire Market Regional Insights

North American Region to Lead the Market with Rising Prevalence of Target Diseases

Because of favourable reimbursement regulations, rising prevalence of target diseases, and increased awareness of pressure ulcers, North America dominated the global market. Due to factors such as technology improvements and the expanding senior population, the area is likely to maintain its dominance over the projection period. Because to increased R&D investments by numerous companies and the presence of well-established healthcare institutions, the region accounted for a large portion of the global market.

KEY INDUSTRY PLAYERS

Key Industry Players to Promote the Market Expansion

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other considerations taken into account for this market are the businesses that develop and provide new products, the geographic areas in which they function, mechanization, innovation strategies, generating the maximum revenue, and using their products to make a significant difference.

LIST OF TOP PRESSURE GUIDEWIRE COMPANIES

• Boston Scientific (U.S.A)
• Opsens (Canada)
• Koninklijke Philips (The Netherlands)
• Abbott (U.S.A).

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.