Therapeutic Medical Guidewire Market Overview:
The global market for Therapeutic Medical Guidewire is showing prospects of achieving a CAGR of 5.9% that would assist its growth to touch a valuation of USD 3229.2 Million by 2023. Market Research Future (MRFR), in their report, has taken 2018 to 2023 as a time frame that they would consider as forecast period. Guidewire can be defined as a type of medical device that can assist in surgeries like vascular surgery, interventional radiology, gastroenterology, interventional cardiology, and others. The stainless-steel metallic structure finds ample usage in guiding the catheter that is needed for placement.
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Increasing cases of chronic disorder, hike in investment for research & development, a better understanding of technological procedures, rising awareness regarding minimally-invasive surgeries, better inclusion of top-grade technologies are some factors that can impress the growth of the market. However, the market lacks properly skilled technicians to provide better operative support, which can distract the growth.
Therapeutic Medical Guidewire Market Segmentation
The global market for therapeutic medical guidewire can be studied by having it segmented into age type, shape, application, and end user. MRFR’s take is all-inclusive with a special focus on figures and data to make the approach more scientific.
By type, the market for therapeutic medical guidewire can be segmented into solid guidewire and wrapped guidewire.
By shape, the global therapeutic medical guidewire market can be segmented into angled, J-shape, and straight.
By application, the global therapeutic medical guidewire market can be segmented into neurovascular diseases, cardiovascular diseases, peripheral artery disease, and urological diseases.
By the end-user, the market report concerning therapeutic medical guidewire comprises clinics, hospitals, and academic institutes. The hospitals segment had a valuation of USD 949.1 million in 2016.
Therapeutic Medical Guidewire Market Competitive Landscape:
MRFR has listed prominent players impacting the global therapeutic medical guidewire market and the process includes various recent steps taken by these companies. Their moves can be studied as a measure that decides recent trends that can assist in gauging the market move. These companies are Biotronik (Germany), Cardinal Health (US), Infiniti Medical (US), SP Medical AS (Denmark), Boston Scientific Corporation (US), Acme Monaco (US), Cook Medical (US), Abbott (US), Terumo Medical Corporation (Japan), Medtronic (Ireland), and Impax Laboratories (US).
In November 2019, Quebec City’s Opsens Inc. announced that it would accelerate the development of products that would go beyond its current line of technologies and it would assist the therapeutic medical guidewire segment quite assertively.
Therapeutic Medical Guidewire Market Regional Analysis
The Americas, with the robust setup for the healthcare sector, substantial growth potential, hike in the influx of revenues, is expected to push the market forward. This regional market can be segmented into North America and South America. The Northern part has high growth potential as countries like the US and Canada can impact the market with their robust economies. Funding for research and development is a constant source of progress. Both private players and governments are taking necessary measures to trigger growth. The regional market of Europe is also anticipating similar growth trajectories owing to the similarities these two regions share in terms of features. Governments in the region have created a vast network using which various associated industries are now providing ample support. This has made the process seamless as well.
The Asia-Pacific market can be termed as the fastest-developing market. The regional setup has turned favorable for the market as several market players are taking an active interest in transforming the mode. Countries have also realized the potential of the market owing to which growth opportunities are in abundance now. Hike in the influx of investment in countries like South Korea, China, Japan, India, and others can inspire growth at a faster pace. South Korea had almost 13.3% of the regional market share in 2016.
The Middle East & Africa can contribute to the least amount of market share. Countries in the region are often poor in terms of economy, which has popped up as a major distraction.
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