Market Trends of Coronary Guidewires Industry
Stainless Steel Segment is Expected to Witness Considerable Growth Over the Forecast Period
- Stainless steel coronary guidewires are specialized wires used in angioplasty procedures to introduce and position balloon catheters and other devices within the coronary system. They are non-magnetic, non-staining, and corrosion-resistant, with antibacterial properties. Thus, the beneficial factors of stainless steel coronary guidewires are expected to promote usage, increase the demand for various surgical procedures, and boost the growth of the segment studied. For instance, according to the research article published by Hexa Health in October 2022, around 4,00,000 heart bypass surgeries are performed every year globally. Such an increasing number of cardiovascular surgeries is expected to increase the demand for stainless steel coronary guidewires as it is one of the essential requirements, thereby propelling the segment's growth.
- The product approvals and technological advancements related to products are also propelling segment growth. For instance, as per an NCBI article published in 2022, many researchers and new startups have come up with innovations of coronary guidewires with antibacterial properties to avoid post-operative infections and complications. Such innovations are expected to accelerate the demand for stainless steel coronary guidewires and boost the segment's growth. The increasing product approvals are expected to contribute to the growth of the segment studied over the forecast period. For instance, in June 2022, Cardio Flow Inc. received United States Food and Drug Administration (FDA) clearance for its FreedomFlow Peripheral Guidewire. The FreedomFlow guidewire is a stainless steel core-to-tip design with a fixed distal-spring roll. Therefore, owing to increasing product approvals and innovations and cardiovascular procedures are expected to drive the segment's growth in the market over the forecast period.
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North America is Expected to Witness Significant Growth Over the Forecast Period
- North America is expected to hold a major market share in the global coronary guidewires market due to the increasing prevalence of cardiovascular diseases, the rise in the number of interventional diagnostic procedures, and the growing demand for minimally invasive surgeries in this region. Furthermore, according to the data published in February 2022 by the Heart and Stroke Foundation Canada, in Canada, more than 750,000 people are living with heart failure, and more than 100,000 people are diagnosed with this incurable condition each year. Furthermore, many approvals for coronary guidewires in the region are expected to drive market growth.
- For instance, in April 2022, OpSens Inc. received Health Canada approval for the SavvyWire, its new guidewire for transcatheter aortic valve replacement procedures, or TAVR. In May 2022, Medtronic received FDA approval for its IN.PACT 018 Paclitaxel-Coated Percutaneous Transluminal Angioplasty (PTA) Balloon Catheter to treat patients with peripheral arterial disease (PAD) in the superficial femoral and popliteal arteries. Thus, owing to the above-mentioned factors, considerable market growth is expected in the North American region over the forecast period.
- Key product launches, high concentration of market players or manufacturers' presence, acquisition and & partnerships among major players, and increasing prevalence of cardiovascular diseases in the United States are some of the factors driving the growth of the coronary guidewires market in the country. For instance, according to the October 2022 update of the CDC, more than 805 thousand people in the United States have a heart attack every year, and an estimated 20.1 million adults in the country had coronary artery disease in 2021. In addition, in February 2022, Teleflex Incorporated announced that the USFDA cleared an expanded indication for its specialty catheters and coronary guidewires for use in crossing chronic total occlusion percutaneous coronary interventions (CTO PCI). Therefore, factors such as the increasing prevalence of cardiovascular diseases and product launches are expected to drive the market's growth in the United States over the forecast period.
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