Endoscopy Guidewire Market Size, and Share by 2031
The endoscopy guidewire market size is projected to reach US$ 2.13 billion by 2031 from US$ 1.32 billion in 2023. The market is expected to register a CAGR of 7.1% during 2023–2031. The development of endoscopic robotic systems will likely remain a key trend in the market.
Endoscopy Guidewire Market Analysis
Key factors that are driving the growth of this market are the rise in the number of diseases requiring endoscopy, favorable government initiatives, and technological advancements that are expected to fuel market growth during the forecast period. Furthermore, benefits and the accuracy offered by minimally invasive procedures are a key opportunities for the endoscopy guidewire market players.
Endoscopy Guidewire Market Overview
Endoscopy is a procedure that helps doctors or physicians to view and operate internal organs and vessels of the body. As this is a minimally invasive procedure, it is preferred on a large scale for the diagnosis and treatment of various diseases and medical conditions. Endoscopy can be performed on different internal body organs with the help of specialized instruments. Endoscopy is preferred in diseases or medical conditions such as cancer and gastrointestinal disorders. In recent years, there has been a substantial rise in cancer cases and other diseases needing endoscopy. With an increase in these medical conditions, the demand for endoscopy procedures is expected to increase the adoption of endoscopy guidewire devices in the coming years.
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Endoscopy Guidewire Market: Strategic Insights
Market Size Value in US$ 1,192.04 Million in 2021 Market Size Value by US$ 1,749.60 Million by 2028 Growth rate CAGR of 5.6% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Endoscopy Guidewire Market: Strategic Insights
| Market Size Value in | US$ 1,192.04 Million in 2021 |
| Market Size Value by | US$ 1,749.60 Million by 2028 |
| Growth rate | CAGR of 5.6% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Endoscopy Guidewire Market Drivers and Opportunities
Favourable Government Initiatives
Government initiatives have been proven to be an essential aspect of the growth of technology and the demand for any product in the market. To make endoscopic procedures accessible and beneficial to patients, various government bodies have implemented various initiatives to support endoscopy devices. For instance, in July 2019, the Endoscopy Action Plan, implemented by the Queensland Government, was aimed at improving the health of Queenslanders by means of delivering sustainable access to better quality gastrointestinal endoscopy services. The need for gastrointestinal endoscopy has been increasing rapidly owing to the national bowel screening program and a growing geriatric population. As per the plan, US$ 160 million would be invested over four years to deliver better services and improve access across the Queensland health system. Under the project, the services will be expanded to provide 50,000 more endoscopy procedures. Due to the implementation of this plan, the waiting time for endoscopy procedures has significantly reduced, and better services have been made available across the state.
Rising Patient Preference for Minimally Invasive Procedures
Minimally invasive procedures have been performed widely in recent years. As a result, there has been a rise in number of people opting for minimally invasive surgeries. Unlike traditional clinical procedures such as open surgeries, minimally invasive procedures require only a small incision to be made at the site of the procedure. The small incision size facilitates speedy recovery compared to open procedures and reduces discomfort and the risk of infection among patients. Moreover, the minimally invasive procedures include a few minor cuts, less trauma to the muscles, nerves, and tissues, less bleeding & scarring, minor trauma to organs, less pain, reduced use of narcotics, less hospital time; and negligible effect on the immune system.
In laparoscopy, the surgical scars are minor, hospital stays are shorter, and the incisions created are much smaller, enabling faster healing and recovery. Moreover, in recent days, laparoscopy has been used widely for bariatric surgery and is economical compared to the traditional surgery method. Thus, the benefits and the accuracy offered by minimally invasive procedures are expected to provide broad growth opportunities to the players operating in the market.
Endoscopy Guidewire Market Report Segmentation Analysis
Key segments that contributed to the derivation of the endoscopy guidewire market analysis are offerings, usage, and end user.
- Based on type, the endoscopy guidewire market is segmented into monofilament, coiled, coated. The coated segment held a most significant market share in 2023.
- Based on core material, the endoscopy guidewire market is bifurcated into stainless steel, nitinol. The stainless steel segment held a most significant market share in 2023.
- Based on application, the endoscopy guidewire market is segmented by diagnostics, therapeutic. The therapeutic segment held a largest market share in 2023.
Endoscopy Guidewire Market Share Analysis by Geography
The geographic scope of the endoscopy guidewire market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In North America, the US is the largest market; the US endoscopy guidewire market holds the largest share in the North American region. As per the data provided by, the American Society of Clinical Oncology (ASCO) in 2021, an estimated 60,430 adults in the US will be diagnosed with pancreatic cancer. The disease accounts for approximately 3% of all cancers. Pancreatic cancer is the 8th most common cancer in women and the 10th most common cancer in men. Incidence rates of pancreatic cancer have gone up by around 1% each year since 2000. It is estimated that 48,220 deaths (25,270 men and 22,950 women) from this disease will occur this year. It is the fourth leading cause of cancer death in both men and women. It accounts for 7% of all cancer deaths. The death rate has very slowly increased each year since 2000.
Endoscopy Guidewire Market Report Scope
Endoscopy Guidewire Market News and Recent Developments
The Endoscopy Guidewire Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the endoscopy guidewire market are listed below:
- Olympus Corporation, launched of its next-generation EVIS X1 endoscopy system, which will be on display and demonstrated Oct. 22-24 during the American College of Gastroenterology (ACG) annual meeting in Vancouver, Canada. (Source: Olympus Corporation, Company Website, October 2023)
Endoscopy Guidewire Market Report Coverage and Deliverables
The “Endoscopy Guidewire Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Gastric buttons market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Gastric buttons market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Gastric buttons market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the endoscopy guidewire market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Core Material ; Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the endoscopy guidewire market in 2023
Key factors that are driving the growth of this market are rise in the number of diseases requiring endoscopy, favorable government initiatives as well as technological advancements are expected to fuel the market growth during the forecast period.
Development of endoscopic robotic systems will likely remain a key trend in the market.
Olympus Corporation, STERIS plc., Boston Scientific Corporation, CONMED Corporation, Merit Medical Systems Inc., Medorah Meditek Pvt. Ltd., Medtronic, Cook Medical LLC, HOBBS MEDICAL INC.
The market is expected to register a CAGR of 7.1% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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