Coronary Guidewires Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Coronary Guidewires Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The coronary guidewires market is expected to register a CAGR of 5.1% during the forecast period.

The COVID-19 pandemic had a significant impact on the growth of the market during the forecast period due to the increased cardiovascular complications among COVID-19 patients. According to an NCBI article published in June 2022, patients with COVID-19 commonly have manifestations of heart disease, including signs of myocardial injury. The main causes of myocardial injury in patients with COVID-19 include hypoxic injury, stress cardiomyopathy, ischemic injury caused by cardiac microvascular dysfunction, small vessel cardiac vasculitis, endothelins, or epicardial coronary artery disease, and many more. All these disorders and related health issues are expected to increase the cardiac diseases in COVID patients and drive the market's growth. As per another NCBI article published in May 2022, there was a substantial decrease in the number of patients attending emergency departments with acute coronary syndromes (ACS), and there has been a considerable rise in early mortality or complications during the COVID-19 pandemic. The immediate percutaneous coronary intervention was performed less frequently on ACS patients in the COVID-19 group compared to the pre-COVID-19 group. Thus, the increasing complication of acute coronary syndromes during COVID had a significant impact on market growth. However, the relaxation of strict regulation in the post-pandemic period led to the rising patient inflow and resumption of cardiac procedures, thereby contributing to the growth of the market over the coming five years.

Coronary guidewires are specialized wires used in angioplasty procedures to introduce and position balloon catheters and other devices within the coronary system. They also facilitate the alignment of interventional devices and may function as measuring tools.

The major factors for the growing demand for coronary guidewires include the increasing prevalence of cardiovascular and the rising number of interventional radiology procedures. According to the data published by the British Heart Foundation in August 2022, in United Kingdom, over 7.6 million people lived with heart or circulatory disease in 2021. According to an NCBI research study published in August 2022, cardiovascular diseases were highly prevalent in the rural areas of South Asia, with an incidence of 5.41 per 1,000 person-years as compared to 4.73 per 1,000 person-years in urban areas, and the incidence was highest among the males as compared to females. Thus, the increasing prevalence of cardiovascular diseases, the rise in several interventional diagnostic procedures, and the growing demand for minimally invasive surgeries are the key driving factors in the coronary guidewires market.

However, the high cost of minimally invasive surgeries and complications associated with guidewire use are expected to restrain the growth of the market during 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. According to the article published by the British Heart Foundation in February 2021, around 371,000 heart procedures and operations were conducted in England in 2020. The NCBI article published in October 2020 mentioned that approximately 40,000 children undergo congenital heart surgery annually in United States. Such an increasing number of cardiovascular surgeries is expected to drive the growth of the segment studied over the forecast period.

The stainless steel segment holds a significant market share. It is anticipated to show a similar trend over the forecast period due to non-magnetic, non-staining, and high corrosion resistance coupled with antibacterial properties. 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 stainless steel core-to-tip design with a fixed distal-spring roll.

Therefore, the abovementioned factors, such as the increasing product approvals and innovations, are expected to drive the segment's growth in the market during 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.

According to the October 2022 update of the CDC, 805 thousand people in United States have a heart attack every year, and an estimated 20.1 million adults in the country had coronary artery disease in 2020. Hence, cardiovascular diseases and their high prevalence is expected to have a significant impact on the market studied. According to the data published in February 2022 by the Heart and Stroke Foundation Canada, in Canada, 750,000 people are living with heart failure, and 100,000 people are diagnosed with this incurable condition each year. Thus, the increasing prevalence and number of cardiovascular diseases in this region are expected to boost the market's growth. Favorable reimbursement policies and the presence of well-established healthcare infrastructure are fueling the growth of the overall regional market to a large extent.

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.

Therefore, factors such as the increasing prevalence of cardiovascular diseases, the rise in the number of interventional diagnostic procedures, and the presence of key market players, along with frequent product launches, are expected to drive and boost the market's growth in North America during the forecast period.

The coronary guidewires market is consolidated in nature and consists of a few major players. In terms of market share, a few major players dominate the market. Some companies dominating the market are Abbott Laboratories, Terumo Medical Corporation, Boston Scientific Corporation, Cardinal Health Inc., Merit Medical Systems, Integer Holdings Corporation, BIOTRONIK SE & Co. KG, Medtronic PLC, JOTEC GmbH, and QXMedical LLC.

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