Global Therapeutic Medical Guide Wire Market Research Report By Type (Solid, Wrapped Guide Wire), Shape (J-Shaped, Angled, Straight), By Application (Peripheral Artery, Cardiovascular, Neurovascular, Urological Diseases), End Users -Forecast till 2023
Therapeutic medical guide wire is a medical device used in multiple surgical procedures such as, interventional cardiology, interventional radiology, gastroenterology, vascular surgery, and many others. The main purpose of guide wire is to guide the catheter for placement. They are made up of stainless steel metallic structures and are also available in the form of metallic alloys. Guide wires are simple spring type wires that provide firmness and control to the target site where angiogram is taken. Guide wire core can be of two types i.e. fixed cores to use in normal vascular system or movable cores for torturous vascular structures. Majorly, there are two type of guide wires, i.e. solid guide wire, and wrapped guide wire. Both the types has one end rigid and other end flexible. The flexible tip enters the blood vessel first to prevent damage to the vessel. The most prominent advantage of using solid guide wire is that it reduces the chances of catheter tip flaring, and abrasion of the vessel. On the other hand, wrapped guide wires are associated with the risks of catheter tip flaring, and danger of unravelling. However, wrapped guide wire has one advantage over solid guide wires i.e., it has a movable core that makes it more versatile.
Notably, growing preference towards minimally invasive surgical procedures, rising prevalence of chronic disorders, and technological advancements in medical guide wire are promoting the growth of therapeutic medical guide wire market globally. Increasing geriatric population also has a huge impact on the growth of the market. According to the report published in Centers for Disease Control and Prevention (CDC) in 2017, nearly 92.1 million adults dealing with at least one type of cardiovascular disease. Whereas in European region, chronic kidney disease (CKD) is found to be more prevalent.
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It is estimated that global therapeutic medical guide wire market is expected to grow at a CAGR of 5.9% during the forecast period 2017-2023.
- Medical Devices Companies
- Hospitals & Clinics
- Research and Development (R&D) Companies
- Government Research Institute
- Academic Institutes and Universities
The global therapeutic medical guide wire market is segmented on the basis of type, shape, application, and end-users.
On the basis of type, the market is segmented into solid guide wire, and wrapped guide wire.
On the basis of shape, the market is classified into j-shaped, angled, and straight.
On the basis of application, the market is classified into peripheral artery disease, cardiovascular diseases, neurovascular diseases, and urological disease.
On the basis of end -users, the market is segmented into hospitals, clinics, and academic institutes.
The Americas dominate the therapeutic medical guide wire market owing to the high prevalence of chronic disorders, a well-developed technology, high healthcare expenditure, and the presence of the leading players. Due to high prevalence of the chronic conditions, companies, private organization, and government associations actively participate to control the increasing incidence of chronic conditions. CDC has stated that out of total annual healthcare expenditure i.e. USD 27 trillion, 86% is for people with chronic health conditions in the United States
Europe holds the second position in the therapeutic medical guide wire market. It is expected that the support provided by the government bodies for research & development, a well-developed technology, and demand for minimally invasive surgical procedures drives the market in European region. According to the 2014 European Union statistics, bronchoscopy and colonoscopy were the two most common surgical procedures opted for diagnosis and treatment purpose in European region
Asia Pacific region is projected to be the fastest growing region during the forecast period. Rising burden of chronic disorders, and rapidly improving technology drives the growth of this market in Asia Pacific region. As per the study published in BMC Public Health in 2017, prevalence of type-2 diabetes, obesity, and cardiovascular disease has increased rapidly in recent years.
The Middle East and Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially, in African region.
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Some of key the players in the market are Cordis (Cardinal Health), Biotronik, SP Medical A S, Infiniti Medical, Acme Monaco, Abbott Laboratories, Boston Scientific Corporation, Medtronic plc, Terumo Medical Corporation, Cook Medical, and others.
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