Global Urology Guidewire Market to Witness a CAGR of 6.7% during 2018-2024
NEW YORK, Feb. 28, 2019 (GLOBE NEWSWIRE) -- The global urology guidewire market being a steady progressive market, generated revenue of USD 333.82 million in 2017, and it is expected to grow at a CAGR of 6.7% during the period 2018 - 2024. The key factors driving the growth of urology guidewires market are; increasing prevalence of urological disorders and government initiatives to provide better healthcare facilities. Moreover, technological advancement and new product launches, and growing number of surgeries across the globe have fuelled the demand for urology guidewires globally. In addition, manufacturers are focused on new product launches and extensive research and development activities will help to offer best in class devices that offer high patients satisfaction. The vendors in the market are investing in the development of guidewires with advance features, and technologies to gain a competitive advantage over the other players in the market.
Key findings of the report:
-- The global urology guidewire market is expected to reach USD 525.57 million in 2024, at a CAGR of 6.7% during 2018 -2024 -- Based on product type: ° Nitinol segment accounted for the largest segment of the global urological guidewire market in 2017. The growth is attributed to growing adoption of nitinol guidewire in urology applications. Moreover, the ease of availability and the shape memory properties make nitinol an ideal material for guidewire manufacturing. ° The hybrid segment is likely to augment at the fastest CAGR over the forecast period. -- Based on end-use: ° The hospitals segment held the largest share of the global market in 2017. The growth is attributed to the growing demand of medical devices in hospitals, and growing number of surgeries performed in hospitals. ° The ambulatory surgical centers segment is likely to emerge at the fastest CAGR of over the forecast period. -- North America held the largest share of the global market in 2017. -- Some of the key companies operating in the market include C. R. Bard, Inc., Teleflex Incorporated, TE Connectivity, LABORIE, OPTIMED, Heraeus Holding, Boston Scientific Corporation, COOK MEDICAL Inc., Olympus Corporation, Zhejiang Chuangxiang Medical Technology Co., Ltd, SSEM Mthembu Medical (Pty) Ltd., Hunan Reborn Medical Science and Technology Development Co., Ltd, Coloplast Ltd, Blue Neem Medical Devices Pvt Ltd, B. Braun Melsungen AG, and Cogentix Medical Inc. among others
Increasing preference for Nitinol based Guidewires
Healthcare industry has incorporated guidewires as an integral part of technology required for diagnosing and in surgical procedures. Guidewires are commonly used for cannulation of a blood vessel or a hollow structure. Urological guide wires are used to facilitate the placement of endourological instruments during diagnostic or interventional procedures. These guide wires are designed to provide access into the upper urinary tract as well as exchange of devices during endourological procedures and are not intended for coronary artery, vascular or neurological procedures. Common procedures in guidewires include ureteric stenting and ureterorenoscopy.
Moreover, nitinol alloy is made of nickel and titanium, which helps the guidewire manufacturers to achieve unique characteristics when subjected to changes in temperature, mechanical loading, and external force. These properties of nitinol allow it to undergo phase transformation when subjected to temperature changes and external loadings, and offers greater shape memory due to the ease of transformation. Owing to the super elasticity exhibited by nitinol, it can recover upon release of external loading at much larger amounts of deformation, than what could be recovered through standard elasticity.
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Global Urology Guidewire Market– Regional insight
Geographically, the global urology guidewire market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Central and South America. North America was the largest market of the global urology guidewire, and is expected to continue its dominance during 2018-2024.The growth in the region is attributed to the growing demand for minimally invasive treatments coupled with the increasing aging population. Moreover, presence of major companies of urology guidewires in the region is also propelling the market growth. Asia-Pacific is expected to witness the highest CAGR during the 2018-2024. The growth is attributed to the growing awareness; improving healthcare infrastructure and augmented healthcare expenditure in the region. Furthermore, growing number of chronic kidney diseases, and entry of key market players in this region is projected to boost the market growth.
This report segments global urology guidewire market based on product type, end-use, and region.
By Product Type
-- Stainless Steel -- Nitinol -- Hybrid
-- Ambulatory Surgical Centers -- Hospitals -- Specialty Clinics -- Urological Surgery Centers
-- North America -- Europe -- Asia-Pacific -- Central & South America -- Middle East and Africa
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