Guidewires Market to Grow at a Steady Pace Between 2017-2023

Global guidewires market is forecasted to attain revenue of $1,126.5 million by 2023, according to P&S Market Research.

The global guidewires market size is projected to reach $1.1 billion by 2023, growing at a CAGR of 5.5% during 2017-2023. Favourable reimbursement scenario, increasing prevalence of chronic and lifestyle associated disorders, and growing demand for minimally invasive surgeries (MISs) are the factors driving the growth of the global market.

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Growing demand for minimally invasive surgical procedures is associated with various benefits such as decreased traumatic surgical experience, faster recovery, fewer post-surgery complications, reduced incision wounds and higher patient satisfaction, and reduced hospital stay, associated with these procedures. Increasing prevalence of CVDs in developed countries promote the coronary guidewire treatment particularly in the interventional procedures such as PTCA and PTA. According to a report published by European Association of Cardio-Thoracic Surgery (EACTS), in 2015, minimally invasive cardiac surgery has developed rapidly in the past 10-15 years. According to Eurostat, there was increase in the number of laparoscopic colectomy procedures per 100,000 inhabitants, ranging from 26.4 in 2010 to 29.8 in 2015. Thus, the increasing demand for minimally invasive surgeries is expected to drive the growth of the global guidewires market.

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North America is expected to hold the largest share in the global guidewires market, with an estimated contribution of 42.5% in 2017. The growth in the North American guidewires market is mainly led by the growing aging population, increasing number of minimally invasive procedures, rising prevalence of chronic and lifestyle associated diseases, developed reimbursement structure, and increasing healthcare expenditure in the region. According to the UN publication “An Aging World 2017”, in North America, around 22.0% population was above 60 years and over in 2017 and this is expected to increase to 28.0% by 2050.

Some of the key players operating in the guidewires market are Stryker Corporation, Cardinal Health Inc., CONMED Corporation, B. Braun Melsungen AG, Asahi Intecc Co. Ltd., Medtronic PLC, Terumo Corporation and Abbott Laboratories.

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