The global guidewires market is expected to advance at a CAGR of 5.5% during the forecast period (2018–2023).
Owing to the rising prevalence of chronic and lifestyle-associated diseases across the world, the demand for guidewires will boom in the coming years. A majority of the lifestyle-related diseases occur due to these behaviours- obesity, unhealthy diet, physical inactivity, and smoking. As per the obesity report published by the Organization of Economic Cooperation and Development (OECD) in 2015, 19.5% of the adult population was found to be obese across member countries. The obesity rate was less than 6% in the Japan and South Korea and as high as 30% in the U.S, Mexico, Hungary, and New Zealand.
The other major factor pushing the demand for guidewires, which are used while inserting a catheter into the body, is the increasing need for minimally invasive surgeries such as coronary guidewire treatment owing to the rising incidence of cardiovascular diseases in the developed nations. As per a report published by the European Association of Cardio-Thoracic Surgery (EACTS) in 2015, the demand for minimally invasive cardiac surgeries has increased rapidly over the last 10–15 years. As per Eurostat, the number of laparoscopic colectomy procedures per 100,000 people increased from 26.4 to 29.8 from 2010 to 2015.
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Due to the above-mentioned factors, the revenue generated from the sales of guidewires is predicted to increase from $816.3 million to $1,126.5 million from 2017 to 2023.Guidewires are widely used in ambulatory surgical centers (ASCs), hospitals and diagnostic clinics, and other places, such as research and academic institutes and research laboratories. Amongst these, the hospitals and diagnostic clinics recorded the highest use of guidewires in 2017 and are predicted to register the fastest growth in the demand for these instruments during the forecast period.
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The major trends currently being observed in the guidewires market are the rising need for interventional procedures in the emerging economies and rapid advancements and innovations in guidewires throughout the world. Since the last few years, there has been a massive surge in the demand for coronary procedures in India. As per the data published in coronary interventional registry set up by the National Interventional Council (NIC), Cardiological Society of India, 177,240 Percutaneous Coronary Intervention (PCI) procedures were performed in the country in 2012. Moreover, there was a 16.4% growth in PCI procedures conducted in India from 2011 to 2012.
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The guidewires market was able to generate $816.3 million in 2017, and it is set to reach $1,126.5 million by 2023, at a CAGR of 5.5%.
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