Global Vascular Guidewires Market - 2024-2031

Market Overview

The Global Vascular Guidewires Market reached US$ 1.04 billion in 2023 and is expected to reach US$ 1.68 billion by 2031, growing at a CAGR of 6.35% during the forecast period 2024-2031.

Vascular guidewires are essential devices utilized for interventional therapies that direct blood vessels undergoing operations such as diagnostic and surgical procedures.

A range of methods are referred to as endovascular interventions, and they include making tiny incisions to get access to the circulatory system. Catheters and guidewires are the primary methods of access. Guidewires and catheters are used in minimally invasive interventional procedures to guide the circulatory system and reach the location that is needed. The behavior of these instruments is increasingly being predicted by computer models.

The market is driven by the factors such as the increasing prevalence of cardiovascular diseases the growing geriatric population, advancements in healthcare infrastructure, and a growing preference for minimally invasive surgeries.

Market Dynamics: Drivers

Increasing Prevalence of Cardiovascular & Neurovascular Diseases

Multiple factors drive the demand for the global vascular guidewires market. One of the primary key factors is the increasing prevalence of cardiovascular & neurovascular diseases. Cardiovascular disease (CVD) affects the heart or blood vessels causing damage to the arteries in organs such as the brain, heart, kidneys, and eyes.

Even if the disease can be prevented, it is one of the main causes of disability and hospitalization across countries globally. For instance, as per data updated by NHS in April 2022, coronary heart disease, stroke and transient ischaemic attack, peripheral arterial disease, and aortic disease are common among the target population in the United Kingdom.

For instance, as per the 2023 data update by Cedars-Sinai, neurovascular disorders, including aneurysms and carotid artery disease create a huge healthcare burden on Americans every year. In addition, as per the same source, every year brain aneurysms affect nearly 6 million Americans, especially people under the age of 50 years. Guidewires allow vascular diagnosis by catheterization and injection of drug fluids into the patient.

Restraints

Factors such as an increasing number of product recalls, stringent regulatory approvals, high costs of minimally invasive surgeries, lack of expensive specialized equipment & devices, risk of device failure, and high cost of product development, are expected to hamper the market.

Segment Analysis

The global vascular guidewires market is segmented based on product type, coating type, raw material, end-user, and region.

The coronary guidewires segment accounted for approximately 56.4% of the global vascular guidewires market share

The coronary guidewires segment is expected to hold the largest market share over the forecast period. Cardiovascular intervention requires the use of guidewires. They are employed to gain entry into the intended vessels, traverse lesions, and administer conclusive interventional therapy to the vascular routes that supply oxygen-rich blood to the heart muscle.

During central venous catheter (CVC) insertions, guidewires are typically utilized to help guide the catheter into position. The correct guidewire can shorten operation times while increasing procedural throughput and producing better results. Therefore, the need for guidewires is growing due to the burden of minimally invasive and cardiovascular procedures, and this is expected to fuel the segment's expansion.

Moreover, key players in the industry introduced innovative technological procedures and approvals that would propel this market growth. For instance, in February 2022, Teleflex Incorporated published that the USFDA has approved an additional indication for the use of their coronary guidewires and specialized catheters in crossing chronic total occlusion percutaneous coronary procedures (CTO PCI).

Additionally, the FDA granted Transit Scientific 510(k) authorization in April 2022 to expand the use of the company's XO Cross-Support catheter technology to encompass coronary application. The platform is designed to support and guide a guidewire when it is being inserted into the coronary or peripheral vasculature.

Similar to this, Boston Scientific Corporation introduced the Kinetix Guidewire, a new device designed for use in percutaneous coronary intervention (PCI) operations, in April 2022. The Kinetix Guidewire was promptly put into phased release by the company for the following quarter.

Geographical Analysis

North America accounted for approximately 43.3% of the global vascular guidewires market share

North America region is expected to hold the largest market share over the forecast period owing to the rising prevalence of cardiovascular disorders, increasing the number of vascular diagnostics procedures, and the growing demand for minimally invasive surgeries in this region.

Heart failure is a serious and growing problem in Canada, putting a significant strain on people living with the condition, their families, and healthcare systems. As per Heart and Stroke Foundation Canada statistics in February 2022, more than 7,70,000 individuals are living with heart failure and approximately 1,00,000 people are diagnosed with this incurable condition this year.

Moreover, industry key players' strategies such as partnerships & collaborations and well-organized healthcare infrastructure, and industry key players' presence will drive this market growth. For instance, in April 2023, Boston Scientific Corporation acquired Vascular Solutions, Inc., a major participant in the market for vascular guidewires. Boston Scientific's leadership position in the industry will be strengthened by this strategic acquisition.

In June 2022, Cardio Flow, Inc. received FDA approval for its innovative Freedom Flow Peripheral Guidewire. This unique device provides more effective and minimally invasive artery obstruction therapies by offering superior support for procedures targeting plaque blockages in arteries above and below the knee.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the global vascular guidewires market. During the pandemic period, the high incidence of cardiovascular and other vascular disorders among the intended population prompted a rise in surgical treatments.

As per a research study in the National Library of Medicine, in December 2021, thrombotic events such as pulmonary embolism, arterial thrombus, and venous thromboembolism have complicated the severe coronavirus disease 2019 at a higher than that of sepsis-induced coagulopathy or intravascular coagulation.

Market Segmentation

By Product Type

Peripheral Guidewires

Coronary Guidewires

Urology Guidewires

Neurovascular Guidewires

Others

By Coating Type

Coated

Non-coated

By Raw Material

Nitinol

Stainless Steel

Hybrid

By End User

Hospitals

Ambulatory Surgical Centers

Others

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Spain

Italy

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

South Korea

Rest of Asia-Pacific

Middle East and Africa

Competitive Landscape

The major global players in the vascular guidewires market include Boston Scientific Corporation, Stryker, B. Braun SE, Abbott, Terumo Medical Corporation, ASAHI INTECC CO., LTD, Cardinal Health, Medtronic, Integer Holdings Corporation, AngioDynamics among others.

Key Developments

In March 2024, Baylis Medical Technologies announced the 510(k) clearance and launch of the PowerWire Pro radiofrequency (RF) guidewire in the USA, facilitating venous stent recanalization for total occlusions.

In April 2023, Guangdong Hicicare Science (Hicicare) and Zylox-Tonbridge Medical Technology (Zylox-Tonbridge) formed a strategic partnership aimed at facilitating the commercialization of vascular guidewire products under a co-branded label in China. By introducing products for the neuro and peripheral vascular interventional technology areas, the partnership intends to deliver innovative vascular access therapies for Chinese healthcare providers and patients.

In March 2023, Abbott Vascular launched its new nitinol vascular guidewire, the Abbott Vascular Guidewire Maestro. Due to its improved adaptability and steerability than traditional nickel guidewires, the guidewire is simpler to use in complex procedures.

In February 2023, Terumo Corporation introduced the launch of its new hydrophilic polymer-covered vascular guidewire, the Terumo Guidewire Apex. It is easier to travel around convoluted vessels with the guidewire's increased trackability and flexibility.

In September 2022, Basecamp Vascular (BCV) announced a "major step" in the development and evaluation of steerable mechatronic guidewires for stroke treatment via its GECKO system.

Why Purchase the Report?

To visualize the global vascular guidewires market segmentation based on product type, coating type, raw material, end-user and region as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development

Excel data sheet with numerous data points of global vascular guidewires market level with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping is available in excel consisting of key products of all the major players.

The global vascular guidewires market report would provide approximately 70 tables, 63 figures, and 185 Pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies