The global coronary guidewires market size is projected to reach USD 594.8 million by 2026. The increasing number of cardiovascular surgical procedures will create several opportunities for market growth. According to a report published by Fortune Business Insights, titled “Coronary Guidewires Market Size, Share & Industry Analysis, By Material (Nitinol, Stainless Steel, and Others) By Coating (Coated and Non-Coated) By End User (Hospitals, Cardiac Catheterization Laboratories, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 383.3 million in 2018 and will exhibit a CAGR of 5.7% during the forecast period, 2019-2026.
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Coronary guidewires are used to access areas of the human body that cannot be reached through incision. As these parts are sensitive, they need to be handled with utmost care. These guidewires ensure that no neighbouring nerves are damaged and allow operations on the associated nerve. Recent technological advancements in coronary guidewires, coupled with the increasing adoption of these products in cardiovascular surgical procedures, will aid the growth of the global market in the coming years. The increasing number of cardiac interventions across the global will create several opportunities for the growth of the market. Additionally, the presence of favourable health reimbursement policies will lead to a widespread product adoption across the world.
Increasing Number of Regulatory Approvals Will Aid Growth
The report encompasses several factors that have contribute to the growth of the global market in recent years. Among all factors, the increasing number of regulatory clearances have mad the highest impact on the growth of the market in recent years. The increasing emphasis on the development of newer products will contribute to market growth. In March 2017, Teleflex announced that it received clearance from the US Food and Drug Administration (FDA) for the ‘Spectre’ in the United States. The product is designed for use in percutaneous procedures and helps position the catheters and other interventional devices within the coronary vasculature. The report highlights a few of the major industry developments of recent times and gauges their impact on the growth of the market.
North America to Emerge Dominant; Presence of Favorable Reimbursement Policies to Aid Growth
The report analyzes the ongoing coronary guidewires market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, the market in North America is likely to dominate the market in the coming years.The presence of numerous modern healthcare institutions and ease of availability of products associated with coronary guidewires will aid the growth of the regional market. The increasing emphasis on the adoption of modern equipment will emerge in favour of market growth. As of 2018, the market in North America was worth USD 128.5 million and this value is likely to increase further in the coming years. The presence of severalfavorable health reimbursement policies will have a direct impact on the growth of the market in this region. Besides North America, Asia Pacific will witness considerable growth in the coming years, owing to the high prevalence of cardiovascular diseases.
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