Guidewires Market Size, Share & Trends Report

Guidewires Market Size, Share & Trends Analysis Report By Product (Coronary Guidewires, Peripheral Guidewires, Urology Guidewires, Neurovascular Guidewires), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-243-3
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the guidewires market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for guidewires market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of guidewires market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Guidewires Market Categorization:

The guidewires market was categorized into two segments, namely product (Coronary Guidewires, Peripheral Guidewires, Urology Guidewires, Neurovascular Guidewires), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The guidewires market was segmented into product and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The guidewires market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Guidewires market companies & financials:

The guidewires market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • BOSTON SCIENTIFIC CORPORATION - Boston Scientific Corporation designs manufactures and markets a broad variety of medical devices used in various medical interventional procedures. Medical interventional therapies offered by the organization encompass peripheral interventions, neurovascular intervention, neuromodulation, cardiac surgery, electrophysiology, endoscopy, vascular surgery, urology, gynaecology, and oncology. Six overseas production plants were owned by the corporation as of December 2017- two in Costa Rica, one in Puerto Rico, and three in Ireland. It also maintains research and development facilities in Puerto Rico, Germany, India, China, Ireland, and Costa Rica.

  • MEDTRONIC - Medical device manufacturer Medtronic is a multifaceted organization that creates and distributes products and treatments for conditions of the heart, heart rhythm, urology, digestive system, spine, musculoskeletal trauma, neurological disorders, diabetes, and conditions of the ears, nose, and throat. The business has global ownership of facilities for sales, production, research, and education. Heart and Vascular Group and Restorative Therapies Group are the two main business segments through which the organization operates. Three divisions make up the company's cardiovascular business: the endovascular division, the structural heart division, and the coronary and peripheral division. Segments for spinal, neuromodulation, diabetic, and surgical technologies make up Medtronic's restorative therapies group section. The acquisition of Covidien PLC by Medtronic in 2015 enabled the company to establish itself as a leader in several healthcare-related areas.

  • COOK - Cook Medical is a branch of Cook Group. It is mostly involved in medical equipment production. The company designs, distributes, and manufactures medical devices for minimally invasive surgery. The company's verticals include Allied Manufacturing, Cook Medical, and Affiliates. The company's first few items included catheters, wire guides, and needles. Cook Medical focuses on 41 medical disciplines, including cardiothoracic surgery, burn surgery, general surgery, neurosurgery, peripheral cardiology, paediatric cardiology, and many more. The company is present in several regions, including Europe, the Middle East, and Africa.

  • B. BRAUN MELSUNGEN AG - B. Braun Melsungen AG is a German firm based in Melsungen that manufactures medical products in the fields of anesthesia, cardiology, extracorporeal blood therapy and surgery, IV medications, neurosurgery, continence care, and orthopedics. The company's operations are divided into four main segments: OPM (Outpatient Market), hospital Care, Avitum, and Aesculap Division. B. Braun creates cutting-edge products and services to optimize working operations in medical practices and hospitals, thereby improving the safety of doctors, patients, and nursing staff. The corporation operates in 64 countries through its subsidiaries and interests.

  • TERUMO MEDICAL CORPORATION - Terumo Medical Corporation produces, sells, and markets a diverse range of medical devices and accessories globally. The company has established itself in the fields of hollow fiber technology, endovascular therapy, and blood management systems. It has two business divisions: Terumo Interventional Systems and Terumo Medical Products. The company's products are used in over 160 countries. The corporation established its first international office in the United States and has subsidiaries in South America, Europe, India, China, Vietnam, the Philippines, Australia, and Thailand.

  • ABBOTT - Abbott is a healthcare and pharmaceutical corporation established in the United States. It operates in four business segments: pharmaceuticals, nutraceuticals, diagnostics, and cardiovascular and neuromodulation. The company is responsible for the global development of in-vitro diagnostics instrument systems and tests for hospitals, physician offices, reference labs, clinics, blood banks, and instrument systems. It provides haematology, automation, transfusion instruments, and immunochemistry, as well as reagents and assays for applications in cancer and heart illnesses, drugs of abuse, fertility, infectious diseases, therapeutic medication monitoring, and transplantation. The corporation operates in several regions, including the Americas, Europe, Asia Pacific, the Middle East, and Africa.

  • STRYKER - Stryker is a publicly traded medical technology company that manufactures implants for trauma surgery, joint replacement, surgical navigation, surgical equipment systems, endoscopic systems, emergency medical equipment, patient handling, neurovascular, neurosurgical, and spinal devices, as well as other medical devices for various medical specialties. The corporation operates in over 100 countries through sales subsidiaries, dealers, and third-party distributors. The corporation is divided into three business segments: orthopaedics, medical surgery, and neurotechnology and spine. It operates in several regions, including the United States, Europe, Asia Pacific, Japan, and the Middle East.

  • ASAHI INTECC CO., LTD. - Asahi Intecc's primary business is the development, manufacture, and sale of medical devices such as catheters and guidewires. The company has sales offices in over nine countries, including Hong Kong, Singapore, India, Korea, and China, as well as common offices for sales in Europe and the Middle East. It now has five R&D sites in Japan and one in the United States. The corporation owns ten consolidated subsidiaries and two non-consolidated ones. The company's principal product is guidewires, which it sells in 106 countries.

  • CORDIS (CARDINAL HEALTH) - Cordis has been part of Cardinal Health since October 2015. Cordis is a global company that develops and manufactures interventional vascular technologies. The company has about 50 years of experience in making unique goods that benefit millions of people throughout the world. Its portfolio focuses on cardiology goods such as percutaneous transluminal coronary angioplasty (PTCA), catheters, guidewires, biopsy forceps, diagnostic guidewires, emboli protection devices, and catheter sheath introducers.

  • ANGIODYNAMICS - AngioDynamics is a medical device and catheter manufacturing firm. The company is organised into three business units: vascular access, peripheral vascular, and oncology and surgery. The corporation has manufacturing plants in Asia, Europe, and North America. It conducts sales and marketing activities via a broad distribution and direct sales network. In May 2004, the firm became public, and its stock was listed on NASDAQ under the name ANGO. In 2007, the company purchased RITA Medical System, then Diomed in 2008, Oncobionic in 2008, and FlowMedica in 2009. It purchased Navilyst Medical in May of 2012. As a result of these acquisitions, the company has emerged as a prominent leader in RF ablation technology.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Guidewires Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Guidewires Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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