Guidewires Market Segments, Size, Share & Growth by 2030

[Research Report] The guidewires market size is projected to grow from US$ 2.14 Billion in 2022 to US$ 3.23 Billion by 2031; the market is estimated to record a CAGR of 5.3% during 2022–2031.

Market Insights and Analyst View:

Guidewires are a crucial part of cardiovascular intervention. They are utilized to access target vessels and cross lesions and deliver definitive interventional therapy to the vascular pathways responsible for providing the heart muscle with oxygenated blood. Generally, guidewires are used to guide the catheter into place during central venous catheter (CVC) insertions. The right guidewire can provide improved outcomes and increased procedural throughput with a reduced procedure time. Thus, with the burden of cardiovascular and minimally invasive surgeries, the demand for guidewires is increasing and is anticipated to fuel the segment's growth. Technological developments are one of the significant factors boosting the application of guidewire. The advanced guidewires can be customized for specific requirements and operated remotely. This leads to an increased success rate of the procedures and, thus, the overall adoption rate for minimally invasive surgeries. Integrating these guidewires with imaging modalities and surgical robots has endless applications in modern surgical practices.

Growth Drivers:

Guidewire technology is considerably utilized to access vascular targets with improved accuracy and precision. These devices significantly improve the quality of surgical and diagnostic procedures and find applications in cardiovascular, gastrointestinal, and interventional radiology fields.

Cardiovascular Disease (CVD) is one of the prominent causes of mortality globally, with its prevalence steadily increasing. There is a rising demand for guidewires as they are required for performing interventional procedures like angioplasty and stenting. Guidewires help navigate intricate blood vessels and aid in identifying blockages, thereby expediting the healing process. As per the World Health Organization (WHO), cardiovascular illnesses account for 17.9 million mortalities worldwide annually, and this number is expected to reach 23.6 million by 2032. The rising prevalence of CVDs and the rise in several interventional radiology procedures are the major drivers for the market; for instance, as per the British Heart Foundation data published in August 2022, over 7.6 million people lived with heart or circulatory disease in the United Kingdom in 2021. Also, as per an NCBI research study published in August 2022, CVDs were extremely prevalent in the rural areas of South Asia, with an incidence of 5.41 per 1,000 person-years as compared to 4.73 per 1,000 person-years in urban areas, and the incidence was maximum among the males as compared to females. Thus, the growing prevalence of cardiovascular diseases may propel the demand for coronary guidewires, owing to which the coronary guidewires is anticipated to witness considerable growth over the forecast period.

Furthermore, their numerous advantages over conventional surgical methods drive the growing demand for minimally invasive procedures. These procedures involve smaller incisions, reducing pain and quicker recovery times. Guidewires are essential to ensure precise and accurate treatment through blood arteries. The usage of guidewires during minimally invasive surgeries not only improves safety but also reduces the risk of complications. A few advantages of a minimally invasive procedure are small incisions, less trauma to the muscles, nerves, and tissues, less bleeding and scarring, shorter hospital stay, and faster oral intake. Additionally, increasing awareness about these procedures and the availability of reimbursement fosters the demand for minimally invasive procedures. For instance, as per a recent study published by the Society of Thoracic Surgeons Adult Cardiac Surgery Database in 2021, mitral valve replacement procedures are rapidly growing cardiac procedures in the North American region.

Additionally, the rise in the geriatric population fuels the minimally invasive surgery market growth because aged individuals are more susceptible to chronic diseases. The geriatric population is particularly susceptible to cardiovascular disease. The prevalence of CVD also increases with age in both men and women, including the prevalence of stroke, atherosclerosis, and myocardial infarction. The American Heart Association (AHA) reports that the incidence of CVD is ~40% in people aged 40–59 years, ~75% from 60–79 years, and ~86% in people aged above 80 in the US. Thus, the elderly population presents a major burden for current US healthcare infrastructure due to the growing prevalence of CVD. The burden of CVD is directly related to increased mortality, morbidity, and frailty in individuals living with this condition, which also translates to significant overall healthcare costs. Moreover, the rise in surgeries boosts the market's growth. As per the WHO, in 2021, around 235 million major surgeries were conducted globally.

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Guidewires Market: Strategic Insights

Guidewires Market

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  CAGR (2023 - 2031)

  5.30%
• Market Size 2023
  US$ 2.25 Billion
• Market Size 2031
  US$ 3.41 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Abbott
• B Braun Melsungen AG
• Boston Scientific Corporation
• C R Bard Inc
• Cardinal Health
• Cook
• Johnson Johnson Services Inc
• Medtronic
• Olympus Corporation

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product

• Surgical Guidewires and Diagnostic Guidewires

Material

• Stainless Steel
• Nitinol
• Platinum
• Titanium
• Tungsten

Application

• Cardiology
• Urology
• Vascular
• Oncology
• Neurology
• Gastroenterology

End User

• Hospitals
• Diagnostic Centers
• Ambulatory Surgical Centers

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Report Segmentation and Scope:

The “guidewires market” is categorized based on product, material, application, and end user. Based on product, the market is segmented into surgical and diagnostic guidewires. In terms of material, the Guidewires market is divided into stainless steel, nitinol, platinum, titanium, tungsten, and others. The market is segmented by application into cardiology, urology, vascular, oncology, neurology, gastroenterology, and others. Based on end users, the market is segmented into hospitals, diagnostic centers, and ambulatory surgical centers

Segmental Analysis:

By product, the guidewires market is segmented into surgical guidewires and diagnostic guidewires. The surgical guidewires segment held a larger market share in 2022 and is predicted to register a higher CAGR during 2022–2031. Growing adoption of minimally invasive surgical procedures for treating vascular diseases among medical specialists and patients contributes to the segment growth.

Based on material, the Guidewires market is categorized into stainless steel, nitinol, platinum, titanium, tungsten, and others. The nitinol segment held the largest market share in 2022, and the same segment is anticipated to register the highest CAGR during 2022–2031. This can be attributed to the growing prevalence of chronic diseases and conditions that necessitate surgical treatments, such as CVDs and neurovascular diseases.

The guidewires market is segmented based on application into cardiology, urology, vascular, oncology, neurology, gastroenterology, and others. The cardiology segment held the largest market share in 2022 and is projected to record the highest CAGR from 2022 to 2031.

The Guidewires market is classified into hospitals, diagnostic centers, and ambulatory surgical centers based on end users. The hospitals segment held the largest share of the guidewires market in 2022 and is expected to record the highest CAGR in the market during 2022–2031. The domination of the segment can be attributed to its clinical expertise, advanced infrastructure, and emergency response capabilities.

Country Analysis:

Based on geography, the global guidewires market is segmented into Asia Pacific, Europe, Middle East & Africa, North America, and South & Central America. In 2022, North America held the largest share of the global guidewires market. Asia Pacific is expected to register the highest CAGR during 2022–2031.

North America's guidewires market is split into the US, Canada, and Mexico. The US is the largest market for guidewires market in North America. The major factors boosting the market growth in the North American region are the rising prevalence of chronic diseases and the increasing number of product approvals.

Chronic diseases such as urological disease, neurology disease, and cardiovascular disease are some of the major causes of vascular surgeries in the region. As per the January 2023 update by the University of California, cardiovascular disorders or disease of blood vessels is the leading cause of death and disability among men and women in the US.

In addition, as per a press release by the Heart and Stroke Foundation in October 2022, high blood pressure has become a major risk factor for heart disease in Canada in recent years, and nearly 8 million adults in Canada are affected by high blood pressure which is a major risk factor for vascular diseases. Thus, the high prevalence of the disease is anticipated to increase vascular surgeries, which in turn is expected to generate demand for guidewires used during vascular procedures, thereby contributing to guidewires market growth.

Furthermore, several market players are implementing various strategic initiatives, such as product innovations and launches, contributing to the region's market growth. For instance, in April 2022, OpSens Inc., a medical device cardiology-focused company delivering innovative solutions based on its proprietary optical technology, received approval from Health Canada for the SavvyWire, its new guidewire for transcatheter aortic valve replacement procedures (TAVR). These developments are expected to contribute significantly to the competitiveness in the market, supplementing the demand for guidewires within the region.

Industry Developments and Future Opportunities:

Several initiatives taken by key players operating in the guidewires market are listed below:

1. In November 2023, Xenter unveiled a new wireless guidewire for TAVR procedures. The guidewire helps gather many key real-time data points to serve as a clinical decision support tool.
2. On March 7, 2022, Guerbet announced it would more than double its line of microcatheters and launch a new line of guidewires, resulting in a broad range of interventional imaging and embolization solutions available. The company obtained its original offering of 18 references of SeQure and DraKon microcatheters as part of its acquisition of Accurate Medical Therapeutics in 2021. It received the CE mark in April 2021 and was FDA-cleared in 2021.
3. On January 22, 2021, Boston Scientific Corporation purchased Preventice Solutions, a leading remote monitoring and patient management technology provider. This transaction was valued at around US$1.2 billion, aiming to expand Boston Scientific's digital health capabilities and improve patient care.
4. Medtronic purchased Medicrea, a French firm specializing in developing Artificial Intelligence (AI)-based surgical planning and robotic-assisted surgery technologies, on July 15, 2021. This purchase aimed to expand Medtronic's range of spine surgical products and improve patient outcomes.
5. In June 2022, Cardio Flow, Inc., a medical device company and developer of minimally invasive peripheral vascular devices, received US FDA clearance for the company's FreedomFlow Peripheral Guidewire. The FreedomFlow guidewire was developed to support better diagnostic and therapeutic devices for treating plaque blockages in arteries above and below the knee.
6. In April 2022, Boston Scientific Corporation launched its new Kinetix Guidewire for percutaneous coronary intervention (PCI) procedures. The company immediately began a phased launch of the Kinetix Guidewire and expanded to full product availability over the next quarter.
7. In May 2023, Artiria received approval from the US FDA for its real-time, deflectable guidewire to treat strokes and related neurovascular and peripheral conditions more effectively and efficiently.
8. In August 2022, the first-ever human trial of a sirolimus-coated balloon was launched by BD to expand the range of available therapies for peripheral artery disease.
9. In October 2021, Cardiovascular Systems Inc. announced the approval of the U.S. FDA to pre-market their product Viper Wire - Advance Coronary Guide Wire. This new product launch helped the company to expand its product offerings.

Competitive Landscape and Key Companies:

Abbott Laboratories, Boston Scientific Corporation, C. R. Bard, Inc., Cook Medical, Johnson & Johnson Services, Medtronic, Stryker Corporation, Cardinal Health, Inc., Terumo Medical Corporation, and Olympus Corporation are the prominent guidewires market companies. These companies focus on new technologies, existing products’ advancements, and geographic expansions to meet the growing consumer demand worldwide.

Guidewires Market Report Scope

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