Peripheral Guidewires Devices Market Size was valued at USD 1.3 Billion in 2022. The Peripheral Guidewires Devices market industry is projected to grow from USD 1.4 Billion in 2023 to USD 2.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2024 - 2032). The growing number of people with chronic illnesses and their inclination toward non-invasive methods are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for peripheral guidewires devices is being driven by the rising Technological Progress. Surgeons locate obstructions in the peripheral vasculature by using peripheral guidewires to guide catheters and stents. With the aging of the population comes an increasing prevalence of minimally invasive vascular operations.
Additionally, guidewires are becoming more and more popular due to continuous improvements in their performance and efficacy, which include enhanced flexibility, trackability, steerability, and hydrophilic coatings. The need for peripheral guidewires, which are utilized in interventional procedures for diagnosis and treatment, is driven by the rise in the prevalence of heart conditions such peripheral arterial disease (PAD) and coronary artery disease (CAD). The need for superior peripheral guidewires that enable accurate navigation across intricate arterial systems is driven by the trend towards minimally invasive operations in vascular interventions, including angioplasty, stenting, and atherectomy. Peripheral guidewires are in high demand for both therapeutic and diagnostic treatments due to the growing applications of endovascular surgeries, such as thrombectomy, embolization, and peripheral artery interventions.
Furthermore, because vascular disorders are more common in the elderly population, there is a growing need for operations involving peripheral guidewires. Vascular therapies are required because chronic diseases are more common in the senior population. Guidewire-assisted diagnostic process adoption rates are rising as a result of increased knowledge among medical professionals regarding the advantages of early vascular disease identification and treatment. Peripheral guidewires are used in interventional procedures for vascular illnesses since lifestyle-related risk factors like obesity, diabetes, and sedentary lifestyles enhance the likelihood of these conditions. For instance, Peripheral artery disease (PAD) affects over 6.5 million adults in North America who are 40 years of age and older. The (CDC) provided this information. Some of the main high-risk factors that lead to an increase in new PAD cases are smoking, atherosclerosis, diabetes, high blood pressure, and cholesterol. Thus, this results in driving the Peripheral Guidewires Devices market revenue.
The Peripheral Guidewires Devices market segmentation, based on material includes Stainless Steel, Nitinol, and Hybrid. The stainless-steel segment dominated the market. During angioplasty treatments, specialized wires called stainless steel coronary guidewires are utilized to introduce and insert balloon catheters and other medical equipment into the heart. They have antibacterial qualities and are non-magnetic, non-staining, and corrosion resistant.
Figure1: Peripheral Guidewires Devices Market, by Material, 2023 & 2032(USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Peripheral Guidewires Devices market segmentation, based on application, includes diagnostic guidewires, and interventional guidewires. The diagnostic guidewires category generated the most income. A guide to diagnosis to generate precise and clear images for diagnosis, wires are used to guide medical devices during diagnostic procedures like angiography or vascular imaging.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Peripheral Guidewires Devices market segment that will rule this market, because of the region's growing need for minimally invasive surgeries, the rise in the frequency of interventional diagnostic treatments, and the increasing prevalence of cardiovascular disorders.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: PERIPHERAL GUIDEWIRES DEVICES MARKET SHARE BY REGION 2023 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Peripheral Guidewires Devices market has the second-largest portion of the market. Peripheral artery disorders have been a major issue in the region due to their alarming growth. The main risk factors for these disorders include obesity, drinking, smoking, and atherosclerosis. Further, the German Peripheral Guidewires Devices market had the biggest market share, and the UK Peripheral Guidewires Devices market was the European market with the quickest rate of growth.
The Asia-Pacific Peripheral Guidewires Devices Market is anticipated to expand between 2024 - 2032 at the quickest CAGR. Significant growth is being experienced by the peripheral vascular devices market due to the rising incidence of atherosclerosis. Moreover, China’s Peripheral Guidewires Devices market had the biggest market share, and the Indian Peripheral Guidewires Devices market was the Asia-Pacific region's fastest-growing market.
Peripheral Guidewires Devices Key Market Players& Competitive Insights
Leading market players are putting a lot of money on R&D to broaden the range of their goods, which will allow the market for peripheral guidewire devices to grow even more. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. to grow and endure in an increasingly cutthroat and dynamic market, Peripheral Guidewires Devices industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the Peripheral Guidewires Devices industry to help customers and expand the market segment. In recent years, the Peripheral Guidewires Devices industry has provided some of the biggest benefits to medicine. Major players in the Peripheral Guidewires Devices market, including Abbott Vascular, Boston Scientific Corporation, CONMED Corporation, Cardinal Health Inc., Stryker Corporation, Medtronic PLC, B. Braun Melsungen AG, and others, are engaging in research and development activities in an effort to boost market demand.
Abbott Vascular is focused on creating medical devices that are used to treat vascular disorders. Devices for structural heart disease, peripheral artery disease, coronary artery disease, and electrophysiology are among the company's product offerings. Abbott saw a 9.1% increase in medical device sales in 2018 over the prior year, which enabled the business to maintain its steady growth and finance additional research to expand its line of devices1. Abbott Vascular has been developing 15 products that are related to the markets for cardiovascular devices recently.
Boston Scientific creates minimally invasive solutions to treat a range of illnesses. Caring, meaningful innovation, excellent performance, international collaboration, diversity, and winning spirit are among the company's key principles. Boston Scientific made $12.682 billion in sales in 2022, and the business spent $1.323 billion on research and development. Boston Scientific is dedicated to generating value for its investors through steady revenue growth, international expansion, pursuit of operational excellence, and investment in a portfolio of products that sets it apart from competitors.
Key Companies in the Peripheral Guidewires Devices market include
Peripheral Guidewires Devices Industry Developments
In June 2021, Buffalo Filter LLC, a privately held surgical equipment company, has been acquired by CONMED for a sum of $365 million.
In June 2021, Stryker revealed that it has acquired Gauss Surgical, a business that creates a platform using artificial intelligence for tracking blood loss in real time during surgery.
In September 2021, Stryker declared to acquire OrthoSensor, a business that creates sensor-assisted technology for complete joint replacement procedures.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 1.3 Billion |
| Market Size 2023 | USD 1.4 Billion |
| Market Size2032 | USD 2.2 Billion |
| Compound Annual Growth Rate (CAGR) | 5.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Abbott Vascular, Boston Scientific Corporation, CONMED Corporation, Cardinal Health Inc., Stryker Corporation, Medtronic PLC, and B. Braun Melsungen AG |
| Key Market Opportunities | · Access to cutting-edge medical technologies is made easier by rising economies' improved healthcare infrastructure. |
| Key Market Dynamics | · Peripheral guidewire demand is fueled by an increase in the prevalence of cardiovascular illnesses. |
Frequently Asked Questions (FAQ) :
In 2022, the size of the worldwide market for peripheral guidewire devices was estimated to be 1.3 USD billion.
Between 2024 and 2032, The market is anticipated to grow at a 5.80% compound annual growth rate (CAGR).
North America held the most market share worldwide.
Abbott Vascular, Boston Scientific Corporation, CONMED Corporation, Stryker Corporation, Cardinal Health Inc., Medtronic PLC, and B. Braun Melsungen AG are the major companies in the market.
In 2022, stainless steel held a dominant market share.
In the market, the diagnostic guidewires held the biggest share.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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