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Global Guidewires Market to Grow at a CAGR of 5.8% During 2021-2026, Aided by the Increasing Consumer Preference for Point of Care Testing

According to a new report by EMR titled, ‘Global Guidewires Market Report and Forecast 2021-2026’, the market is expected to witness a healthy growth in the forecast period, growing at a CAGR of 5.8%  between 2021 and 2026. The market is projected to reach a value of USD 1.7 billion by 2026.

The global guidewires industry is being driven by the increasing demand from the healthcare industry and the favourable government policies across the globe. The increasing awareness regarding the reimbursement policies has significantly boosted the growth of the industry. The market is also being supported by the rising focus on safety in surgical procedures. In developed countries like the United States, the reliance of consumers on expedited and seamless surgeries has significantly contributed to the market expansion. Further, the increased penetration of the leading companies in the region is also aiding the industry growth. Meanwhile, the Middle East and Africa is expected to account for a relatively small market share in the forecast period due to the lack of advanced healthcare facilities in the region.

The growing focus of the leading players on launching new products and expanding their presence across the key developing markets is expected to significantly boost the industry growth. In September 2016, Boston Scientific Corporation (NYSE: BSX), one of the leading players in the industry, launched a new line of coronary guidewires (SENTAI) in collaboration with Japan based FMD Co., Ltd. Such developments have positively influence the market growth.

Market Breakup by Product, Material, Coating, Application, End Use, and Region:

  • The market is segmented based on product into coronary, peripheral, urology and neurovascular, among others. 
  • On the basis of material, the market can be divided into nitinol, stainless steel, and hybrid. 
  • By coating, it can be bifurcated into coated and non-coated.
  • Based on application, the market is segmented into cardiology, vascular, neurology, urology, gastroenterology, oncology, and otolaryngology, among others. 
  • On the basis of end use, the market is divided into hospitals and clinics, diagnostic centres, and research laboratories, among others.
  • Region-wise, the global market for guidewires can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for guidewires is being driven by the growing consumer demand for cheaper and safer surgeries. 
  • The growing awareness about government policies and reimbursements has significantly contributed to the market expansion.  
  • The rapid technological advancements and the increasing demand for faster operations, particularly in developing nations, are also aiding the industry growth.  
  • With the outbreak of the COVID-19 pandemic, the market is expected to witness a robust growth owing to the massive increase in surgeries and operations and a surge in demand for healthcare products.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for guidewires for the periods (2016-2020) and (2021-2026).  
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the products, materials, coatings, applications, end uses, and major regions of guidewires. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global guidewires market are Boston Scientific Corporation, Medtronic Plc, Teleflex Incorporated, Cardinal Health Inc., Terumo Medical Corporation, and Abbott Laboratories, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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