According to a new report published by UnivDatos Markets Insights, the Peripheral Guidewires Market is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Type (J-Shape Guide Wire, Straight Guide Wire, and Angled Guide Wire); Application (Interventional Guidewire and Diagnostics Guidewire); Region/Country.
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The peripheral guidewires market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the peripheral guidewires market. The peripheral guidewires market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the peripheral guidewires market at the global and regional levels.
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Market Overview
Peripheral guidewires are devices that are majorly used during the performance of operational activities such as surgeries to access the peripheral vessel & provide interventional treatment. In recent times, peripheral guidewire witnessed a significant demand owing to its use for a range of applications including renal, lower limb intervention, and carotid among others. Additionally, peripheral guidewires are also used for the measurement of heart rate, temperature, blood sugar, and stress along with the drug intake by the patient. The peripheral guidewire is made from different materials such as polyimides, stainless steel, and nitinol and is available in a variety of shapes and sizes and is expected to witness an increase in demand.
Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Terumo Corp, Abbott Laboratories, Boston Scientific Corp, Asahi Intecc Co Ltd, Cardinal Health, Cook Group Inc, Merit Medical Systems Inc, Medtronic plc, CONMED Corporation, and Teleflex, Inc.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the manufacturing industry along with supply chain disruption, regulatory and policy changes, labor reliance, working capital management, and liquidity & solvency management. The peripheral guidewires market has been significantly affected during these times owing to the gap between supply and demand.
The global peripheral guidewires market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the application, the market is bifurcated into interventional guidewire and diagnostics guidewire. The interventional guidewire segment is expected to witness significant market growth during the forecast owing to the shift in the treatment and operational technology such as Percutaneous Coronary Intervention (PCI). Also, the interventional guidewire opens the opportunity for medical device companies to access off-the-shelf and regulatory approval and is expected to propel market growth in the coming time.
· Based on the type, the market is segmented into J-shape guide wire, straight guide wire, and angled guide wire. The J-shape wire segment is expected to witness significant CAGR during the forecast period owing to its use to guide catheter at the place during the CVC insertions to gain access to the blood vessel. Additionally, the J-shaped guide wire eliminates the need for inserting needles into the deeper structure. The J-shaped guidewire also helps to identify the level of protein expression and is expected to support market growth.
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Peripheral Guidewires Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing healthcare expenditure and technological advancements such as the implementation of IoT technology, AI, and ML. Also, the increasing number of surgeries in the region and the presence of a large number of biotechnology and pharmaceutical companies are expected to support the market growth. Additionally, the increase in gigantic population and higher risk association with cardiovascular diseases will propel the market growth. For instance, according to the World Bank, 16% of the North American population is aged more than 60 years in 2021 and is expected to reach 30% by the year 2030. Furthermore, the increasing investment, new product launches, and increasing research & development expenditure in the region are expected to support the market growth. For instance, in August 2021, Abbott launched Ultreon imaging software & workflow which guides and optimizes the stenting decision and combines OCT (Optical Coherence Tomography) with AI.
The major players targeting the market include
· Terumo Corp
· Abbott Laboratories
· Boston Scientific Corp
· Asahi Intecc Co Ltd
· Cardinal Health
· Cook Group Inc
· Merit Medical Systems Inc
· Medtronic plc
· CONMED Corporation
· Teleflex, Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the peripheral guidewires market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the peripheral guidewires market?
• Which factors are influencing the peripheral guidewires market over the forecast period?
• What are the global challenges, threats, and risks in the peripheral guidewires market?
• Which factors are propelling and restraining the peripheral guidewires market?
• What are the demanding global regions of the peripheral guidewires market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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