The global Neurovascular Guidewires Market is projected register CAGR of 4.0% during the forecast period 2022 to 2028. Increasing demand for straight tip guidewires for minimally invasive spine and cervical surgeries is accelerating the growth in the market.
| Attribute | Details |
|---|---|
| Neurovascular Guidewires Market Size Value in 2021 | USD 303.4 Million |
| Neurovascular Guidewires Market Size Value in 2022 | USD 316.2 Million |
| Neurovascular Guidewires Market Size Value in 2028 | USD 399.1 Million |
| Neurovascular Guidewires Market Historical CAGR (2013 to 2021) | 3.4% |
| Neurovascular Guidewires Market CAGR (2022 to 2028) | 4.0% |
Expansion of the healthcare industry and rapid development of healthcare infrastructure across emerging economies are propelling the demand for neurovascular guidewires. Growing prevalence of aneurysms and neurological disorders will aid the growth in the market.
On account of this, the global neurovascular guidewires market size is expected to reach USD 399.1 Million by the end of 2028. In terms of product, straight tip guidewires are expected to dominate the market, followed by shapeable tip guidewires.
Backed by these factors, the demand for neurovascular guidewires is expected to account for over 8.5% of total sales in the global guidewires market.
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| Particulars | Details |
|---|---|
| H1, 2021 | 3.95% |
| H1, 2022 Projected | 3.96% |
| H1, 2022 Outlook | 3.86% |
| BPS Change - H1, 2022 (O) - H1, 2022 (P) | (-) 10 ↓ |
| BPS Change - H1, 2022 (O) - H1, 2021 | (-) 9 ↓ |
Future Market Insights present a comparative analysis related to the market growth rates and development prospects in the global neurovascular guidewires market. The effect of macro and industry factors have a significant impact on the market.
The market is subject to developments like novel product development such as DRIVEWIRE™, which provides efficient access in difficult neuro and peripheral vascular procedures and Zoom WireTM 14 guidewire line, which is used to acquire access during difficult neurovascular and peripheral vascular procedures, including ischemic and hemorrhagic stroke.
Such recent developments are happening among the key market players mainly to expand the portfolio of the products for the neurovascular guidewires market.
According to FMI analysis, the variation between the BPS values observed in the neurovascular guidewires market in H1, 2022 - Outlook over H1, 2022 Projected reflects a decline of 10 BPS units. As compared to H1-2021, the market is expected to dip by 9 BPS in H1 -2022.
Key reasons for this change in growth rate in the market are owed to the versatility of the guidewire and the high cost of the minimally invasive surgeries, which influenced the growth in the market.
In contrast with the mentioned aspects above, some driving points will have a positive impact on the industry growth, include rise in demand for advanced guidewires which are focused on less patient discomfort and ease of insertion and a rising number of interventional diagnostic procedures.
As per Future Market Insights (FMI), the sales in the global neurovascular guidewires market surpassed USD 303.4 Million by the end of 2021. With increasing sales of straight tip guidewires, the market is expected to grow two-fold between 2022 and 2028.
Rising number of minimally invasive spine and cervical surgeries, along with neurovascular neuroradiology procedures will propel the growth in the market. Besides this, advancements in technology and adoption of new equipment are some of the factors increasing the sales in the market.
As per FMI, regionally, East Asia is expected to dominate the global neurovascular guidewires market during the forecast period. Growth in the region is attributable to the growing demand for new treatment options and rising incidence of neurovascular diseases.
Furthermore, with growing preference for micro-sensors and fiber optics and need for high accuracy in neurovascular intervention procedures is resulting in demand for advanced laser straight tip guidewires.
Rising Number of Minimally Invasive Spine and Cervical Surgery to Boost the Market
According to the Centers for Disease Control and Prevention (CDC), nearly 90% of people in the USA suffer from ischemic strokes and around 10% of these strokes result in death. To decrease the rising burden, healthcare professionals are increasingly investing in development of advanced guidewires.
Also, as minimally invasive surgeries have lower risk of trauma, increasing number of patient in need for spine or cervical surgery are preferring these procedures. On the back of this, demand for these guidewires are expected to increase over the forecast period.
Technological Advancements in Neuroradiology Procedures to Improve the Growth
Aneurysm and arteriovenous malformations procedures require 1.7 to 1.8 cm guidewire per procedure. Hence, to improve the flexibility and accuracy, medical companies are investing in new technology innovations for the treatment of ischaemic stroke, such as stents.
This is expected to increase the demand for straight tip guidewires, driving the adoption of neurovascular guidewires. Also, growing use of straight tip guidewires in cannulation, bridging difficulties during navigating various vessels anatomies remains lucrative for the growth in the market.
Demand for Low-Cost Neurosurgeries to Increase Straight Tip Guidewires Sales
As per Future Market Insights, North America and Europe are expected to collectively hold over 50% of global sales in 2022. Increasing demand for neurovascular guidewires in the UK is expected to augment the sales in Europe.
Rising prevalence of neurological procedures in the country is providing impetus to the demand for neurovascular straight tip guidewires. Additionally, improved healthcare infrastructure in the UK is aiding the growth in the market.
Shifting preference for less-time consuming and low-cost neurosurgeries is driving the adoption of straight tip guidewires in the UK On the back of this, the UK is expected to spearhead the growth in the Europe market.
Preference for Minimally Invasive Spine Surgeries to Propel Neurovascular Guidewires Sales
As per Future Market Insights, India is expected to witness fastest growth in the South Asia neurovascular guidewires market. The demand for neurovascular guidewires in India is expected to surge on the back of favourable government reimbursement policies and developing healthcare infrastructure.
Increasing prevalence of neurological disorders in India is expected to create growth opportunities for neurovascular guidewires market players. Also, growing geriatric population is resulting in increasing demand for minimally invasive spine surgeries in the country.
As per FMI, South Asia will account for significant share, followed by East Asia in the global neurovascular guidewires market through 2028.
Rising Prevalence of Neurological Surgeries to Augment Neurovascular Guidewires Sales
In the USA over 1.2 million neurological surgeries were performed until 2019, as per the Stanford Healthcare Report. The number of neurological surgeries are expected to increase with rising prevalence of neurological disorder.
Also, increasing health consciousness and growing preference for minimally invasive surgeries will fuel the demand for neurovascular guidewires in the USA Besides this, rapid development in the USA healthcare infrastructure and growing demand for advanced equipment will fuel the sales in the USA
Based on these factors, the USA is expected to dominate the North America neurovascular guidewires market between 2022 and 2028.
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Over 36.1% of Neurovascular Guidewires Sales to be Contributed by Straight Tip Guidewires
According to FMI, the straight tip guidewires segment is expected to account for more than 1/3rd of total sales through 2028. Healthcare professionals prefer straight tip for neurovascular guidewires as they have flexible tips.
The risk of trauma to the blood vessel, with straight tip, is very less. Flexible tip of guidewires at the proximal end have bent tip at the distal end, which provides even more flexibility and protection for the vessel during insertion.
Hence, demand for these guidewires is expected to increase the sales in the market, opines Future Market Insights.
Preference for Minimally Invasive Spine Surgery to Fuel Neurovascular Guidewires Sales
Based on application, aneurysms and intra-and extra-cranial angioplasty segment reflected highest applicability of neurovascular guidewires. However, with going preference for minimally invasive surgeries, especially among geriatric population, will propel the growth in the segment.
According to the Centers for Disease Control and Prevention, over 87% of all strokes are ischemic strokes and nearly 10% of these strokes result in death within a period of one month.
Also, every year around 800,000 people in the USA suffer from annual stroke and nearly 130,000 succumb to the same, states the American Stroke Association. Hence, rising prevalence of neurovascular diseases such as cerebral infarctions is increasing the number of surgical procedures.
Backed by these factors, application of neurovascular guidewires for minimally invasive spine surgeries will aid the growth in the market.
Attributes such as Accuracy and Flexibility to Increase Hydrophilic Guidewires Sales
In terms of coating type, FMI estimates, hydrophilic guidewires to dominate the market during the forecast period. Increasing demand for these guidewires across hospitals and neurology centers will continue to boost the sales in the segment.
Improved accuracy and speed provided by hydrophilic guidewires during surgeries is the major factor underpinning the growth in the segment. Hydrophilic guidewires are coated with a coating that becomes slicker when exposed to water or blood.
Due to the flexibility and easy to use attributes of these wires, demand for hydrophilic neurovascular guidewires is expected to increase over the forthcoming years. Hence, key companies such as Boston Scientific are developing hydrophilic guidewire to capitalize on surging demand.
Increasing Number of Minimally Invasive Cervical Surgeries Conducted in Hospitals to Boost Sales
With increasing prevalence of neurological disorders, along with increasing number of neurovascular neuroradiology procedures in hospitals will create growth opportunities for the market.
Additionally, increasing use of neurovascular guidewires for performing minimally invasive spine and cervical surgery will propel the demand in the market. Besides this, rapid development of healthcare infrastructure across the globe will aid the growth in the segment
Subsequently, governments in emerging economies such as India and China are investing extensively to upgrade the healthcare facilities and equipment will further boost the growth in the segment.
Leading healthcare companies operating in the neurovascular guidewires market are focusing on strategic mergers, acquisitions, and collaborative agreements to strengthen their sales and distribution networks.
Meanwhile, some of the other players are investing in research and development activities to develop advanced products and gain competitive edge in the market.
For instance,
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and MEA |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others. |
| Key Market Segments Covered | Product, Application, Coating Type, End User, and Region |
| Key Companies Profiled | Asahi Intec Co. Ltd.; Stryker Corporation; Medtronic PLC; Boston Scientific Corporation; B. Braun Melsungen AG; Cardinal Health Inc.; Cook Medical Inc.; Smiths Group PLC.; Integra LifeSciences Corporation; Conmed Corporation; Others |
| Pricing | Available upon Request |
The market expanded at a CAGR of 4.0% through 2028.
The neurovascular guidewires market is predicted to register a valuation of USD 399.1 million through 2032.
Preference for minimally invasive spine surgeries makes India the leading market.
Aneurysms and intra-and-extra-cranial angioplasty segments reflected the highest applicability of neurovascular guidewires.
Hospitals are the primary end user in the neurovascular guidewires market.
| Estimated Size, 2024 | USD 4,147.5 million |
|---|---|
| Projected Size, 2034 | USD 6,885.7 million |
| Value-based CAGR (2024 to 2034) | 5.2% |
| Market Value (2022) | USD 675.05 Million |
|---|---|
| Market Value (2032) | USD 1243.57 Million |
| Market CAGR (2022 to 2032) | 6.3% |
| Market Value in 2022 | USD 316.2 Million |
|---|---|
| Market Value in 2028 | USD 399.1 Million |
| Market CAGR (2022 to 2028) | 4.0% |
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Neurovascular Guidewires Market
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