With the presence of a large pool of participants, the global peripheral guidewire market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Boston Scientific Corporation, Cook Medical, Abbott Laboratories, Asahi Intecc, and Terumo Corporation are some of the key vendors of peripheral guidewire across the world. These players across peripheral guidewire market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers acquisitions as their key strategy for business development, states the market study.
In July 2015, FDA approved Next-Generation Guide Wire for cardiovascular systems developed by Cardiovascular Systems, Inc. Reportedly, the new product referred as ViperWire Advance® Peripheral Guide Wire with Flex Tip offer doctors with enhanced flexibility, ease-of-use, and navigation facility while treating ailments such as peripheral artery disease. The strategic move will further boost peripheral guidewire market size in the near future.
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Escalating Popularity Of Minimally Invasive Surgeries To Spur Market Growth
“Immense demand for minimally invasive surgeries along with rapidly increasing geriatric population is likely to inflate the growth of peripheral guidewire market over the coming years,” says the author of this study. Apart from this, rising occurrence of urological, neurological, and cardiovascular disorders are also likely to substantially augment the growth of peripheral guidewire market. Going forward, the surging number of hospitals, FDA guidelines over the product application, product approvals, and the high focus of players towards manufacturing advanced peripheral guidewire are likely to propel peripheral guidewire market revenue in the next few years.
The risk aspects associated with the minimally invasive surgeries and the growing trend of open surgeries, however, is likely to hinder the expansion of peripheral guidewire market over the years to come. Furthermore, the risks related to laparoscopy, cardiovascular, and neurovascular surgeries are likely to obstruct the product demand in the near future.
Advanced Healthcare Infrastructure Facility To Spur North American Dominance
Geographically, North America has been leading the worldwide peripheral guidewire market and is anticipated to continue on the dominant position in the years to come, states the market study. The presence of a well-established medical and healthcare infrastructure and skilled healthcare service providers is the main factor behind the dominance of the North America peripheral guidewire market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this peripheral guidewire market.
Furthermore, the numerous cases of lifestyle-related disorders witnessed in the region, soaring acceptance of advanced peripheral guidewire, and introduction of more advanced minimally invasive surgical methods is anticipated to boost the peripheral guidewire market growth in the regions over the years ahead.
The global peripheral guidewire market is segmented as follows:
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