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%.
As the number of surgical procedures increases in the future, the demand for guidewires will also witness a surge. During catheterization, either as part of a diagnostic or surgical procedure, a guidewire is pushed through a vein or artery to the desired organ or tissue inside the body. The guidewire is then used to ascertain the path the catheter is to take through the body. After the catheter is inserted, the guidewire is pulled out. Unlike the past, people are now opting for surgeries to prevent disability and save their lives, as such procedures have become advanced and more accessible.
Access Detailed Report - Guidewires Market Revenue Estimation
Keeping in tune with the increasing number of surgical procedures, the guidewires market growth during the forecast period of 2018–2023 will be driven by an increase in the demand for minimally invasive surgeries (MISs), growing prevalence of chronic and lifestyle-related disorders, and favorable reimbursement scenario.
Governments worldwide are working toward decreasing the mortality rate in their nations. To achieve this goal, developing countries are spending more on healthcare, while developed nations are taking multiple initiatives to reduce the burden of hospital-acquired infections (HAIs). The increasing expenditure on healthcare in emerging economies can be witnessed in the rising number of percutaneous coronary interventions (PCI) in India. As per an article published on the National Center for Biotechnology Information (NCBI), in 2017, “A total of 3,87,416 percutaneous coronary intervention (PCI) procedures were performed in 705 centers.” in India.
Considering with these facts, P&S Intelligence states that the Asia-Pacific (APAC) guidewires market will register the fastest growth in the forecast period. This advance will be driven by the rising prevalence of lifestyle-associated diseases, improving healthcare infrastructure, growing geriatric population, surging medical tourism activities, and rising cases of chronic diseases. As per the International Diabetes Federation Atlas, the number of diabetic people in India and China stood at 72.9 million and 114.4 million, respectively, in 2017, and it is predicted to reach 134.3 million in India and 119.8 million in China by 2045.
Thus, the rising incidence of lifestyle diseases and cardiac diseases will generate an ample demand for guidewires in the future.
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