The increasing incidence of lifestyle-associated, chronic, and acute diseases, favorable reimbursement policies for medical procedures, and rising preference for minimally invasive surgeries (MIS) are driving the demand for guidewires.
The product segment of the guidewires market is bifurcated into surgical and diagnostic, of which the surgical bifurcation dominated the market. This was because of the rising volume of surgeries on account of the increasing prevalence of chronic and acute diseases and rising appearance consciousness. As per the Global surgery 2030 report published by Lancet, 313 million surgeries are carried out around the world every year. Additionally, low- and middle-income countries (LMICs) will need 143 million more surgeries each year to cater to their rising population.
Peripheral, coronary, gastroenterology, neurovascular, urology, and others are the divisions of the guidewires market on the basis of application. The industry was dominated by the coronary division due to the rising prevalence of cardiovascular diseases (CVDs). According to the World Health Organization (WHO), 17.9 million people die from heart diseases every year, which reflects a vast unmet need for coronary catheterization and other diagnostic and surgical procedures, especially in developing countries.
Technologically advanced variants are trending in the guidewires market, with numerous medical device companies making efforts to offer better products. Some of the advantages they offer are advanced torque response, portability, and higher tip flexibility. In addition, guidewires with medical infusion features, magnetic navigation technology, and super-elastic hydrophilic coatings are now being used in medical procedures. Cook Medical LLC brought the Motion 2-in-1 hybrid wire guide to the market in 2017 for urology departments. This product offers the features of both a Teflon-coated core guidewire and a nitinol access wire.
The increasing popularity of MISs is a major factor propelling the advance of the industry. Such procedures involve much-smaller incisions compared to open surgeries, therefore lead to reduced physical trauma. Additionally, MISs last shorter and also require a shorter recovery period. Moreover, the chance of post-surgical infections is lower with MISs, as the incisions are smaller. All this leads to a shorter hospital stay and lower healthcare expenditure for patients. This also results in less scarring, which is another desirable aspect, especially since people are becoming more conscious about their appearance.
A significant opportunity for guidewires market players is the increasing focus on controlling the spread of hospital-acquired infections (HAI). Due to the high prevalence of HAIs, which take numerous lives each year, the WHO has initiated the Patient Safety Solutions programmed to raise awareness about hygiene in healthcare facilities. As guidewires are used on multiple patients, they can become the vehicle for pathogens to transmit from one person to another. Therefore, one of the steps that can help control the spread of HAIs is using disposable and single-use guidewires.
North America contributed the highest revenue to the guidewires market in 2017, and it will continue to do so throughout the forecast period. This would be a result of the introduction of advanced guidewires, rising healthcare spending, and high volume of medical procedures. The Asia-Pacific (APAC) region is projected to witness the fastest growth in the market till 2023, owing to the rising spending on expanding the healthcare infrastructure in numerous regional countries and increasing disposable income, as a result of which, healthcare is becoming accessible to more people.
Therefore, with the rising surgery volume, especially of MISs, the market will continue to witness prosperity around the world.
SOURCE: P&S Intelligence