- The increasing number of chronic and lifestyle-associated diseases is a major driving factor for the guidewires market.
- Hospitals and diagnostic clinics were the largest category in the guidewires market.
- The market for guidewires is projected to flourish during the forecast period.
The rising prevalence of chronic and lifestyle-associated disorders, encouraging reimbursement scenario, and the rising demand for minimally invasive surgeries (MISs) helped the guidewires market reach $816.3 million in 2017.
It is projected to exhibit a 5.5% CAGR during the forecast period (2018–2023). A guidewire is a thin, flexible, medical wire that is inserted in the body to guide a larger instrument, such as a feeding tube, catheter, or a central venous line for proper placement at the treatment site.
The increasing number of chronic and lifestyle-associated diseases is a major driving factor for the guidewires market. Chronic conditions such as hypertension, diabetes, and hypercholesterolemia tend to occur due to poor lifestyle choices and increasing age. These can lead to chronic obstructive pulmonary disease, heart diseases, some types of cancer, metabolic syndrome, and obesity. In 2015, the Organization of Economic Cooperation and Development published a report that stated that 19.5% of the adult population in the OECD countries was obese.
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On the basis of end user, the categories are ambulatory surgical centers, hospitals and diagnostic clinics, and others. In 2017, hospitals and diagnostic clinics were the largest category in the guidewires market, holding a revenue share of 86.9%. This category is also expected to exhibit the fastest growth during the forecast period due to the increasing number of such healthcare centers across the world and the high volume of MISs performed here.
Therefore, the market for guidewires is projected to flourish during the forecast period owing to the growing chronic disease burden.