Market Size of Vascular Guidewires Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vascular Guidewires Market Analysis
The vascular guidewires market is expected to register a CAGR of 5.2% over the forecast period.
Due to the sudden onset of the pandemic, a short-term negative impact was initially seen on the market, owing to the decreased patient visits to hospitals and clinics. However, surgical procedures increased due to the high burden of cardiovascular and other vascular diseases among the target population during the later phases of the pandemic. Also, as per a research study published in the National Library of Medicine in December 2021, severe coronavirus disease 2019 has been complicated by coagulopathy and thrombotic events like venous thromboembolism, pulmonary embolism, and arterial thrombus at a rate higher than has typically been seen with sepsis-induced coagulopathy or disseminated intravascular coagulation leading most centers to treat hospitalized patients with prophylactic anticoagulation. Hence, even though the market experienced a setback initially, there was an increase in the need for vascular surgeries and procedures.
Factors such as a rising cardiovascular disease burden, growing preference for minimally invasive surgeries, and technological advancements in guidewires are anticipated to fuel the market growth during the forecast period.
The rise in vascular disease and the availability of technologically advanced products with better performance and clinical significance coupled with the prevalence of neurovascular diseases are among the factors accelerating the market expansion. 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. Hence, the increase in target disease globally is anticipated to create demand for advanced treatment further garnering the overall market growth.
Furthermore, the ongoing research studies is also contributing to the market growth. For instance, in April 2022, MicroVention, Inc., a wholly owned subsidiary of Terumo Corporation successfully completed its first enrollment in a multi-center, prospective EU observational study called STRAIT and reported an excellent performance of the Traxcess EX Guidewire along with a few other vascular devices. Insights on such developments are expected to generate competitiveness in the market and drive future growth.
However, an increasing number of product recalls are predicted to hinder the market's growth over the analysis period.
