Peripheral Guidewires Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, France, Japan, China - Size and Forecast 2024-2028

Peripheral Guidewires Market Forecast 2024-2028

The global peripheral guidewires market size is estimated to grow by USD 357.93 million at a CAGR of 5.82% between 2023 and 2028. 

Minimally Invasive (MI) procedures have revolutionized surgical practices by offering an alternative to large incisions. Technological advancements have propelled the evolution of MI surgeries, replacing conventional methods and laparoscopy techniques. These procedures utilize endoscopes, catheters, and needles to access peripheral vessels with precision, reducing infection risks, complications, and hospital stays, and promoting early recovery. Peripheral guidewires play a crucial role in these interventions, ensuring accuracy in surgeries. The advantages of MI procedures, including reduced bleeding and enhanced patient outcomes, are driving their adoption across various specialities like cardiovascular and interventional vascular procedures. As MI techniques become the preferred choice for efficient and low-risk surgeries, the demand for MI healthcare supplies, particularly peripheral guidewires, is escalating. This trend is anticipated to fuel the growth of the market during the forecast period. 

What will be the Size of the Market During the Forecast Period?

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Segmentation by Application, End-user, and Geography Analysis

The market encompasses a diverse range of medical devices utilized in various vascular interventions and interventional therapies within the healthcare industry. These guidewires aid in crossing lesions and facilitating the precise delivery of devices like stents and balloon catheters to address blockages in the peripheral vasculature. They play a pivotal role in minimally invasive interventional procedures, mitigating the risk of vascular injury while ensuring crossing success. Clinicians rely on these guidewires for navigating through anatomical complexities with ultrasound navigation and hybrid imaging facilities. The global guidewires market caters to the demands of chronic disease patients requiring non-invasive treatments, emphasizing material selection for enhanced torque and stiffness characteristics. Hydrophilic guidewires, preferred for their ease of use, contribute to the market's treatment advancements and innovations in interventional therapy.

Application Analysis

The market share growth by the interventional segment will be significant during the forecast period. Peripheral guidewires are used to access the target vessels and cross lesions and to deliver definitive interventional therapy. Interventional peripheral guidewires are inserted during peripheral vascular interventional procedures.

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The interventional segment was the largest and was valued at USD 697.89 million in 2018. The selection and manipulation of peripheral guidewires are crucial for effectively navigating and treating occlusions in peripheral interventions, often eliminating the need for costlier crossing tools. Widely utilized sizes include 0.014, 0.018, and 0.035 inches, facilitating device placement and exchange during therapeutic procedures. Leading vendors like Medtronic Plc and Boston Scientific Corp. offer specialized guidewires, such as Wholey and Starter, featuring advanced coatings and designs for enhanced maneuverability and procedural success in treating peripheral vascular diseases. These innovations drive growth in the market, empowering clinicians with improved tools and techniques for interventional procedures, particularly in addressing peripheral vascular diseases.  Therefore, these factors under the interventional segment are expected to drive the growth of the market during the forecast period.

End-user Analysis 

Cardiac catheterization laboratories, often referred to as cath labs, are specialized facilities equipped with advanced imaging technologies and interventional tools to perform minimally invasive procedures on the heart and its surrounding vessels. Technological advancements in guidewire design have enhanced their flexibility, trackability, and steerability, making them indispensable tools for cardiologists and interventional radiologists performing intricate procedures in cath labs. The less invasive procedures in peripheral guidewires are preferred by patients because they require less time to recover and are less likely to cause complications than open surgeries. As a result, cath labs increasingly use guidewires for balloon delivery, stent delivery, and therapeutic device delivery to target sites inside the vesicle. These factors under the cardiac catheterization laboratories segment are expected to fuel the growth of the market during the forecast period.

Peripheral guidewires are used in a variety of departments in hospitals, such as cardiology, radiology, vascular surgery, and interventional radiology. With the increasing prevalence of cardiovascular diseases and peripheral vascular disorders around the world, the need for percutaneous guidewires is on the rise. Additionally, hospitals utilize peripheral guidewires in the treatment of peripheral artery disease (PAD), which affects millions of individuals worldwide. Guidewires enable physicians to traverse through diseased arterial segments, facilitating the delivery of therapies such as atherectomy, thrombectomy, or drug-eluting technologies. As hospitals strive to offer advanced treatment options and improve patient outcomes, the demand for innovative peripheral guidewires with enhanced steerability, trackability, and flexibility continues to rise. These factors under the hospital segment are expected to fuel the growth of the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers that will shape the market during the forecast period. The US is the major revenue contributor to the market in North America. Peripheral guidewires are used for PVD, including abdominal aortic aneurysm (AAA) and carotid artery stenosis (CAS). High blood pressure, high cholesterol, atherosclerosis (hardened arteries), and smoking are some of the causative factors for PVD. Heart disease is the second-leading cause of death in Canada. The presence of dedicated societies and associations for vascular surgery aids in spreading awareness about vascular diseases.

For instance, the Canadian Society for Vascular Surgery is committed to excellence in promoting vascular health for Canadians through research, education, advocacy, and collaboration. The University of Ottawa Heart Institute (UOHI) is the leading and the first dedicated walking rehabilitation program in Canada for people with PAD. The presence of established vendors in the region also contributes to the widespread availability and demand for vascular peripheral guidewires in the region. Therefore, the prevalence of high-risk factors for vascular diseases, such as high blood pressure and cholesterol, and the presence of peripheral vascular programs and associations contribute to the regional market growth during the forecast period. 

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Abbott Laboratories - The company offers peripheral guidewires such as Hi Torque Command 14 Family of Guide Wires, Hi Torque Command 18 Family of Guide Wires, Hi Torque Connect and Hi Torque Connect Flex Guide Wires, GuideRight Guide Wire, Hydrosteer Guide Wire, Hi Torque Versacore Family of Guide Wires, TAD Family of Guide Wires, TigerWire Guide Wire, Hi Torque Connect 250T Guide Wire, Hi Torque Proceed Family of Guide Wires, Hi Torque Winn Family of Guide Wires, Hi Torque Flex-T Guide Wire, Hi Torque Spartacore Guide Wire, Hi Torque Steelcore Family of Guide Wires, and Hi Torque Supra Core Guide Wire

Abbott Laboratories, Asahi Intecc Co. Ltd., B.Braun SE, Becton Dickinson and Company, BIOTRONIK SE and Co. KG, Boston Scientific Corp., Conmed Corp., Cook Group Inc., Cordis Corp., EPflex Feinwerktechnik GmbH, Heraeus Holding GmbH, Medtronic, Merit Medical Systems Inc., MicroPort Scientific Corp., Opsens Inc., optimized Medical Instruments GmbH, SP Group AS, TE Connectivity Ltd., Terumo Corp., and Teleflex Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The market is driven by advancements in medical devices and the growing demand within the healthcare industry for effective vascular intervention. Treatments such as percutaneous transluminal angioplasty (PTA) and the use of stents and balloon catheters are becoming increasingly common for addressing lesions and blockages in peripheral vasculature. Minimally invasive interventional procedures, facilitated by innovative guidewires, offer lower risks of vascular injury and quicker recovery for chronic disease patients. However, challenges such as material selection for guidewires and the need for skilled clinicians pose obstacles to market growth, alongside the complexity of hybrid imaging facilities and navigating ultrasound guidance. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Drivers

The growing incidence of PVD is notably driving market growth. Peripheral guidewires play a vital role in minimally invasive procedures to treat peripheral vascular diseases (PVD), including peripheral artery disease (PAD), carotid artery stenosis (CAS), and abdominal aortic aneurysm (AAA). These diseases result from narrowed or blocked arteries, leading to restricted blood flow and potentially life-threatening complications like stroke and aneurysm rupture.

Moreover, advancements in medical technologies have expanded the use of peripheral guidewires in procedures like angioplasty and atherectomy, driving their adoption in interventional cardiology and vascular surgery. With the growing prevalence of PVDs, the demand for peripheral guidewires is expected to rise, fueling market growth during the forecast period. 

Significant  Trends

An increase in mergers and acquisitions in the guidewire industry is an emerging trend shaping market growth. The major vendors in the market are increasingly adopting marketing strategies, such as mergers and acquisitions (M&A), to increase their market penetration. Vendors are expanding their product portfolios to increase their market penetration and the scope of cross-selling their products. The M and A activities undertaken by vendors of peripheral guidewires will augment the growth of the market.

For instance, in March 2021, Cardiovascular Systems, operated by Abbott Laboratories, announced that it would acquire a series of peripheral support catheters from WavePoint Medical LLC, which focuses on high-performing microcatheters. Therefore, these ongoing mergers and acquisitions, which will aid in widening the product portfolios of the existing vendors, are expected to boost the growth of the market during the forecast period.

Major  Challenges

Lack of access to quality healthcare in economically underdeveloped regions is a significant challenge hindering market growth. Low and middle-income countries bear most of the world's disease burden but contribute a meager share to global health expenditure. The high population growth rate in many developing countries makes it necessary to improve the quality of both healthcare and related infrastructure. However, several factors are responsible for the diminished access to healthcare in underdeveloped countries, including the lack of knowledge, lack of resources, and lack of trained medical practitioners.

Additionally, despite foreign investments from global institutions, such as The World Bank Group, World Health Organization (WHO), and the Bill and Melinda Gates Foundation, along with several other non-profit organizations and local governments, disparities in healthcare systems continue to exist in the poorer developing countries. Therefore, lack of awareness and limited access to healthcare hampers the growth of the global market during the forecast period.

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Key Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

 Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

•  Application Outlook
  • Interventional
  • Diagnostic

• End-user Outlook
  • Cardiac catheterization laboratories
  • Hospitals
  • Others

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of World (ROW)
    • Brazil
    • Argentina 
    • Australia

Market Analyst Overview 

The market is witnessing growth attributed to advancements in minimally invasive medical procedures and technologies. Nitinol-based guidewires offer maximum deflection, super elasticity, and desirable shapes, facilitating accurate delivery in cardiovascular procedures. The preference for least invasive methods, alongside the prevalence of peripheral artery diseases, drives demand. However, concerns such as postoperative infections, patient distress, and high costs pose challenges.

In addition, biotechnology and pharmaceutical companies are investing in innovative guidewire products, targeting the cardiovascular disease patient pool. With a focus on patient safety and efficacy, the market sees increased adoption of hydrophilic and non-hydrophilic guidewires, catering to various medical specialties. Despite challenges like surgical trauma and vascular complications, the market anticipates growth with the rising demand for minimally invasive procedures and advanced guidewire technologies.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2028
• Precise estimation of the size and its contribution of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies

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