Guidewire Market to Hit Valuation of $978 Million By 2028 | Ireland, India and United States are the Largest Exporters of Guidewire
Global guidewire market was valued at USD 729 Million in 2021, and it is expected to reach a value of USD 978 Million by 2028, at a CAGR of 4.3% over the forecast period (2022–2028).
Westford, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) — Guidewire Market growth has increased in recent years, partly because of advances in technology but also due to an increasing number of medical procedures that require it. In particular, guidewire use has soared in cancer surgery, where precision is essential for ensuring recovery rates are high.
Another area where guidewire use is on the rise is cardiac surgery. Cardiac surgery involves operations on the heart and other organs, and using a guidewire can help surgeons carry out these procedures more accurately. This not only results in improved patient outcomes but also saves doctors time and resources.
While demand for guidewire market remains high, there are concerns that this may lead to shortages in the future. This is because companies that make guidewires are known to be sensitive to changes in industry trends and may be reluctant to increase production if demand increases significantly.
SkyQuest has published a report on global guidewire market. The report majorly covers market dynamics, trends, opportunities, challenges, value chain and supply chain analysis, porter five, PESTLE, pricing analysis, technology landscape, key players, market share analysis, competitive landscape, import export data, and major suppliers, among others.
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Demand for Coronary Guidewire to Dominate Guidewire Market
The prevalence of heart diseases is on the rise worldwide, and this trend is likely due to population growth and advancing age. Globally, over 8.3 million people died from heart diseases in 2021 and 85% of deaths were resulted due to heart attack and stroke. In fact, it is the largest cause of death globally, accounting for 32% of the total deaths. As per our findings, 16.3 million Americans above 20 years old are having chronic heart disease, which translates to around 7% of the US population. Moreover, approximately over 2.3 billion adults are overweight– up from 1.9 billion in 2016. This increase in obesity and weight-related health problems is causing a rise in the incidence of cardiovascular diseases, including CHD and stroke.
Globally, over 2 million people undergo open heart surgery each year. Global coronary guidewire market was valued at $432 million in 2021 and is projected to attain value of $666 million by 2028.
According to a report from the World Health Organization, the prevalence of heart disease has almost quadrupled since 1990, from 1.5% of the world’s population to 4.5%. The majority of this growth has been seen in developing countries. In countries like China and India, the rates of heart disease are now greater than those in Western countries.
Interestingly, the rates of heart disease in the global guidewire market are highest among people who are overweight or obese. This may be because obesity increases the risk of cardiovascular diseases, including heart disease. Obesity is also a risk factor for other types of cancer. Although heart disease is a leading cause of death worldwide, there are ways to prevent it. The most important step is to make healthy choices, such as diet and exercise. Additionally, early detection and treatment are critical for patients with heart disease.
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Ireland, India and United States are the Largest Exporters of Guidewire
As per SkyQuest analysis, around 31,100 import shipments were recorded in the global guidewire market in 2021 from 1081 buyers around the globe. Wherein, India, Ireland, and US were the major exporters. We also found that India is the largest imports among top 3 global importers such as India, China, and Vietnam. In 2021, India recorded the guidewire shipment of over 21,000, which was followed by Vietnam (1,988), and China (919).
The study on the global guidewire market found that US companies exported $61 million worth of guidewire in 2021, followed by the India ($53 million) and Ireland ($21 million). Since 2009, exports from these three countries have increased by more than 50%. The main reason for this growth is the increasing demand for guidewire worldwide. Many medical devices are becoming smaller and more sophisticated, requiring guidewire products in order to ensure proper function. This includes devices used in heart surgery, cancer treatment, and other surgeries. The three countries also have strong economic bases that allow them to invest in guidewire technology and manufacturing. This allows them to produce high-quality products at low costs which helps them maintain their dominance in the guidewire market.
SkyQuest has done deeper analysis of the global guidewire market and prepared a report. It offers a detailed study on import and export data on guidewire by country and region. The report also provides information for over 1000 buyers across the globe in addition to distributors and potential buyers. The report would help in gaining insights about current market scenario, top exporters, imports, demand and supply gap, government regulations, and major players importing guidewire, among others.
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Clinical Trials in Guidewire Market
As per SkyQuest’s study, currently, 13 clinicals trials are active in the global market. Most of the studies are focused on coronary heart diseases. These studies are designed to test new medications or treatments on a population of patients with CHD. This high number of clinical trials is important because new therapies are constantly being developed and tested in an effort to find remedies for this serious illness.
Following are the key areas of Clinical trial in the guidewire market
- Acute Myocardial Infarction
- Coronary Artery Lesions
- Atrial Fibrillation
- Coronary Disease
- Stroke
- Kidney Stone
SkyQuest has prepared a report on global guidewire market. It provides insights on on-going and recently completed clinical trial, their impact on the current product, upcoming product launch, technology landscape, key players and their growth strategies, and R&D investments, among others.
Key Players in Global Guidewire Market
- Merit Medical Inc. (US)
- Terumo Medical Corporation (Japan)
- Olympus Corporation (Japan)
- C. R. Bard, Inc. (US)
- Boston Scientific Corporation (US)
- Medtronic (Ireland)
- Abbott (US)
- Cook Medical (US)
- Teleflex Corporation (US)
- Cardinal Health Inc. (US)
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