Neurovascular Guidewires Market to Witness a Pronounce Growth by 2026
Guidewires are essential tools to track through a vessel, and allow access and ability to cross the lesion with interventional devices. Neurovascular guidewires are of different types based on material coating, size, and design. Neurovascular guidewires are medical devices used to carry stents, catheters, and balloons to cure intracranial blood vessel diseases such as cerebral arteriovenous malformations and aneurysms. Guidewires can be coated with polymers to make them hydrophilic or hydrophobic. Neurovascular guidewires are metallic and non-metallic structures, which guide a catheter through the blood vessels for placement in cardiology and radiology angiographic procedures. The global neurovascular guidewires market is expected to grow at a rapid pace due to a number of factors. Demand for minimally invasive procedures is increasing due to benefits over open surgeries such as minimal bleeding, lesser postoperative infection, fewer complications, shorter hospital stay, and early recovery. Rise in demand for advanced guidewires with improved lubrication, ease of insertion, and less patient discomfort has created a lucrative opportunity for research and development in this field.
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The global neurovascular guidewires market is driven by rise in prevalence of cardiovascular diseases, increase in number of interventional diagnostic procedures, surge in demand for minimally invasive surgeries, and favorable reimbursement scenario. However, high cost of minimally invasive surgeries and complications in guidewire usage are likely to hamper the growth of the global neurovascular guidewires market.
The global neurovascular guidewires market can be segmented based on product type, coating type, material, application, end-user, and region. In terms of product type, the market can be bifurcated into solid guidewire and wrapped guidewire. Based on coating type, the global neurovascular guidewires market can be classified into hydrophobic and hydrophilic. The hydrophobic neurovascular guidewires segment is likely to account for the major share of the market due its wide applications and accessibility. In terms of material, the market can be categorized into stainless steel, nitinol, and hybrid. Nitinol has various advantages over stainless steel and the segment is anticipated to expand at a faster CAGR during the forecast period. Based on application, the global neurovascular guidewires market can be divided into diagnosis and treatment. End-users of neurovascular guidewires are hospitals, ambulatory surgical centers, cardiac catheterization laboratories, and others. The hospitals segment is likely to hold major share of the global neurovascular guidewires market, as these are major channel of distribution of devices manufactured by key players and due to favorable reimbursement policies.
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Geographically, the global neurovascular guidewires market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017 due to high prevalence of cardiovascular diseases and presence of key players. Technological innovations, rise in adoption of minimally invasive surgeries, and presence of top class health care infrastructure with skilled physicians drive the neurovascular guidewires market in Europe. Surge in demand for advanced neurovascular guidewires in emerging economies such as China and India, and increase in small and domestic players boosts market growth in Asia Pacific. Brazil and Mexico have significant growth potential owing to favorable government policies for new entrants. The market in Middle East & Africa is in a development phase and presents significant opportunities in the neurovascular guidewires market owing to increase in demand for interventional procedures performed.
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