Medical Guide Wire Market is Projected to Obtain US$ 1.5 Bn by the End of 2025| QY Research, Inc
Industry: Market Research
According to this report, in 2018, the global Medical Guide Wire market was valued US$ 1.0 Bn and is anticipated to reach US$ 1.5 Bn by the end of 2025, exhibiting a moderate CAGR of 5.7% from 2019 to 2025.
Los Angeles, CA (PRUnderground) February 19th, 2020
The Rise in a number of minimally invasive surgeries for cardiovascular conditions has accelerated the growth of the Medical Guide Wire market. Increasing medical interventions to combat chronic diseases is expected to drive the growth of the market. QYR Consulting reviews the indicators that depict the growth of the market in an extensive study. This study is drafted in a report titled, “Medical Guide Wire Market Report: Company Analysis History and Future Overview, Global Sales Trends by 2025” to evaluate favorable market conditions that are likely to gain momentum in the next few years.
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Rise in Number of Medical Surgeries for Atherosclerosis to Foster the Growth of Cardiovascular Disease Segment
The application segment of the market is divided into Cardiovascular Disease and Peripheral Artery Disease (PAD). Increasing the prevalence of cardiovascular diseases particularly atherosclerosis, which requires minimally invasive surgery is expected to foster the growth of the Cardiovascular Disease segment.
The product segment is classified into J-Shape Medical Guide Wire, Angled Medical Guide Wire, and Straight Medical Guide Wire.
Increasing Number of Heart Patients to Propel the Growth of the Market in the North America Region
North America is expected to grab the largest share of the market due to the increasing number of heart patients. The presence of major manufacturers offering innovative solutions is likely to fuel the growth of the market. On the other hand the Asia-Pacific region is also expected to offer lucrative growth opportunities as governments are aiming at modernizing healthcare facilities to accommodate the increasing number of patients.
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Companies Invest in Strategic Collaborations
Some of the companies that are active in the Medical Guide Wire market are Abbott Vascular, Terumo Medical, Boston Scientific Corporation, Asahi, Integer, Cardinal, Cook Medical, Medtronic, Merit, TE Connectivity, Epflex, SP Medical, Acme Monaco, Shannon MicroCoil, Custom Wire Technologies, Infiniti Medical, Hanaco, Biotronik, Shenzhen Yixind, and Lepu Medical. Asahi and Terumo Medical are two major companies that hold a substantial share of the market. Market players are involved in strategic collaborations for consolidating their position in the market.
For instance, in 2018, TE Connectivity Ltd. Announced an agreement to acquire AdvancedCath with the aim of providing integrated solutions to customers.
Adoption of Advanced Medical Devices to Boost the Growth of the Market
Increasing expenditure on healthcare sector has ultimately resulted in growing adoption of novel medical devices. An increasing number of patients suffering from heart-related condition, diabetes, and obesity have a risk of disease progression, which leads to medical interventions. The introduction of new technologies integrated with medical devices for minimally invasive procedures along with the above- mentioned factors is expected to propel the growth of the Medical Guide Wire market.
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QYR Consulting established as a research firm in 2007 and has since grown into a trusted brand amongst many industries. Over the years, we have consistently worked toward delivering high-quality customized solutions for a wide range of clients ranging from ICT to healthcare industries. With over 50,000 satisfied clients, spread over 80 countries, we have sincerely strived to deliver the best analytics through exhaustive research methodologies.