Guidewires Market To Reach $3.7 Billion By 2030 | CAGR 5.54%

Guidewires Market Growth & Trends

The global guidewires market size is expected to reach USD 3.7 billion by 2030, growing at a CAGR of 5.54% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to grow during the forecast period due to various factors such as the increasing number of minimally invasive surgeries, increasing prevalence of chronic diseases, and the rising geriatric population. For instance, in November 2022, the ‘Administration on Aging’ report projected that the number of people aged 65 and older will rise to 95 million by 2060 in the U.S.

Cardiovascular diseases such as coronary artery disease and peripheral arterial disease, pose significant challenges to global health. Guidewires are indispensable tools used in the diagnosis and treatment of these conditions, allowing physicians to navigate through complex networks of blood vessels and precisely deliver therapies. With the increasing incidence and prevalence of cardiovascular diseases, there is a growing need for guidewires, contributing to market expansion. For instance, in January 2022, The American Heart Association (AHA) projected that there will be more than 23.6 million cases of cardiovascular disease worldwide in 2030.

Additionally, product developments, adaptations, and marketing initiatives stimulate future increases in product demand. The major players have also adopted fresh tactics for their improvement. For instance, in June 2022, Cardio Flow, Inc., received FDA clearance for FreedomFlow Peripheral Guidewire, which was created to offer exceptional support. This device offers support for diagnostic and therapeutic devices used in treating Atherosclerosis, both above and below the knee. Thus, the growing adoption of technological advancement by various organizations is anticipated to upsurge the guidewire industry from 2023 to 2030.

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Guidewires Market Report Highlights

• By product, coronary guidewires accounted for the largest market share of 43.40% in 2022, owing to the high demand for minimally invasive coronary surgery. An increasing number of hospitalizations of atherosclerosis patients and the rising prevalence of cardiovascular disease also contribute to the segment growth

• The North American region held the largest revenue share of 35.32% in 2022 owing to various factors, such as the growing number of heart diseases and the presence of major players in the market

• Asia Pacificguidewires industry is expected to witness the fastest CAGR of 6.45% over the forecast period. Factors that can be attributed to growth include the rising geriatric population, increasing number of surgeries, and rising expenditure on healthcare

• The market is highly competitive with the presence of players including MEDTRONIC, BD, B. Braun Melsungen AG, Terumo Medical Corporation, Cook, Teleflex Incorporated, Stryker, Abbott, and Boston Scientific Corporation

Guidewires Market Segmentation

Grand View Research has segmented the global guidewires market based on product, and region:

Guidewires Product Outlook (Revenue, USD Million, 2018 - 2030)

• Coronary Guidewires

• Peripheral Guidewires

• Urology Guidewires

• Neurovascular Guidewires

Guidewires Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Guidewires Market

• Boston Scientific Corporation 

• Medtronic

• Cook

• B. Braun

• Terumo Medical Corporation

• Abbott

• Stryker

• Teleflex Incorporated

• BD