Cardiovascular industry is growing at a significant rate globally, due to increasing number of cases with heart diseases and other cardiovascular problems. In addition, technological advancement in this field and growing awareness has increased the growth of cardiovascular devices market. Cardiovascular devices comprise those devices that are used for the treatment of cardiovascular diseases. These devices mainly include core devices (cardiac stents, implants, valves) and peripheral devices (guidewires, catheters).
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During the process of cardiac catheterization, guidewire is first inserted into the artery followed with catheter. Guidewire is a thin flexible wire that is introduced in the body with the help of needle. Guidewires are called so because they are used for guiding catheters during catheterization. Guidewires are very useful during the catheterization procedure as it eases the process. A guidewire is usually made of stainless steel. Guidewires are mainly used for diagnostic or interventional purposes.
Cardiac guidewires market is mainly segmented on the basis of materials used for its manufacture. The materials used for guidewire manufacture include silicone, microsphere, polyether ether ether ketone (PEEK) and others. Similarly, on the basis of types, the market is segmented into coronary guidewires and peripheral guidewires. Moreover, on the basis of geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America dominates the global cardiac guidewires market due to increasing prevalence of cardiac diseases and technological advancement in the region. Asia, followed by Europe, is expected to show high growth rate in the next few years in cardiac guidewires market. China and India are expected to be the fastest growing cardiac guidewires markets in the Asian region. Some of the key driving forces for cardiac guidewires market in emerging countries are large pool of patients, rising government funding and improvement in the healthcare facilities.
Cardiac guidewires market is expected to grow at a significant rate during the forecast period from 2014 to 2020. The major factors that are likely to drive the global cardiac guidewires market are aging population, increase in the prevalence of heart diseases and technological advancement. For instance, according to the statistics presented by the World Health Organization (WHO), cardiovascular diseases killed more than 17.5 million people in 2012 and approximately 15.6 million people are suffering from rheumatic heart disease as of 2012 and are likely to have a cardiovascular surgery in next five years. This high prevalence of cardiac diseases would propel the market growth in the upcoming period. In addition, other factors such as government initiatives and improvement in reimbursement scenario are driving the global cardiac guidewires market. Additionally, growing demographics and economies in the developing countries such as India and China are expected to offer good opportunities for the global cardiac guidewires market. In addition, innovation of some new products with focus on patient’s comfort is expected to offer good opportunity for the global cardiac guidewires market. However, factors such as high cost involved and lack of experienced professionals are restraining the global cardiac guidewires market. In addition, poor reimbursement scenario is restraining the global cardiac guidewires market.
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Some of the major companies dealing in global cardiac catheters and guidewires market are Abbott Laboratories, Boston Scientific Corporation, Maquet, Medtronic, Inc., St. Jude Medical Inc. and Sorin Group. Some other companies having significant presence in the global cardiac guidewires market are Terumo Medical Corporation, Biosense Webster, Biotronik and Cordis Corporation.