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Guidewires are thin, flexible metal wires used during minimally invasive procedures to guide medical instruments such as angiographic catheters, endoscopes, and biopsy needles to target locations within the body. Guidewires are commonly made of stainless steel or nitinol and help physicians navigate the vascular system or gastrointestinal tract with precision. They provide tactile feedback and steerability to allow physicians to access narrow, tortuous, or hard to reach anatomy. With technological advancements, newer guidewires are available in a variety of tapered core designs, surface modifications, and tip shapes to enhance pushability, torque response, and trackability. The global adoption of minimally invasive procedures and the availability of guidewires in diverse designs to suit complex clinical needs are fueling the growth of the guidewires market.
The global Guidewires Market is estimated to be valued at US$ 8.1 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Nitinol guidewires are gaining popularity owing to their superior flexibility and shape memory compared to stainless steel varieties. The majority of advanced guidewires now incorporate the nickel-titanium alloy in their design. Increased research activities are focused on refining nitinol compositions and surface modifications for added benefit. CMI expects the trend for nitinol-based guidewires to continue over the forecast period, which will support the overall market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the guidewires market is moderate due to requirements for technical expertise and high capital investments required to manufacture guidewires.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of numerous product options in the market. However, buyer loyalty keeps brands in a strong position.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of suppliers for raw materials. However, intellectual property and manufacturing expertise reduce supplier power for major OEMs.
Threat of new substitutes: The threat of new substitutes for guidewires is low. New technologies cannot easily replace existing products due to technical compatibility issues.
Competitive rivalry: The competitive rivalry in the guidewires market is high among key players due to their global presence and emphasis on product differentiation through innovation.
Key Takeaways
The global guidewires market is expected to witness high growth over the forecast period of 2023 to 2030. The growth can be attributed to factors such as rising geriatric population and increasing prevalence of target diseases such as cardiovascular and neurovascular disorders.
Regionally, North America is expected to dominate the global guidewires market during the forecast period. This is owing to factors such as the rising incidences of target diseases and technological advancements in the region. Moreover, Asia Pacific is anticipated to exhibit the highest growth rate over the forecast period due to growing healthcare expenditure and infrastructure development in emerging economies such as China and India.
Key players operating in the guidewires market are Boston Scientific Corporation, ASAHI INTECC Inc., Cordis Corporation and C.R. Bard. Boston Scientific Corporation holds the leading position due to its robust product portfolio of coronary, peripheral, urology, and neurovascular guidewires. Further, it focused on organic and inorganic strategies such as new product launches, acquisitions, and collaborations to strengthen its market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
