(PharmaNewsWire.Com, August 06, 2020 ) The global guidewires market is projected to reach USD 764.0 Million by 2022 from 605.2 Million in 2017, at a CAGR of 4.8%. Some of the factors driving the growth of this market are the increasing target disease incidence, continuous product launches by major manufacturers, and favorable medical reimbursements for guidewires in developed countries. However, high cost of surgical guidewires, spending cuts & excise duties on medical devices and dearth of skilled surgeons for minimally invasive surgeries are the key challenges faced by a majority of the guidewires manufacturers across the globe.
Analysis of the market developments between 2014 and 2017 reveals that several growth strategies such as product launches; acquisitions; expansions; and collaborations, partnerships, and agreements are adopted by the market players to strengthen their product portfolios and maintain a competitive position in the guidewires market. Among these business strategies, product launches and market expansions were the most widely adopted growth strategies by players in the market.
Boston Scientific held a significant position in the guidewires market in 2016. The company has a strong geographic presence across the countries such as the US, Canada, France, Singapore, Costa Rica, Ireland, the Netherlands, Japan, China, and Turkey. The company mainly focuses on product launches and strategic collaborations to strengthen the minimally invasive product portfolio as well as to expand its customer base in the guidewires market. For instance, in July 2015, the company commercialized Safari2 Pre-shaped Guidewire, an interventional cardiology guidewire. Furthermore, in August 2014, Boston Scientific collaborated with Asahi Intecc to develop and distribute atherectomy guidewires across Japan. This development helped Boston Scientific enhance its presence in the Japanese market.
Medtronic (Ireland) was one of the leading players in the guidewires market in 2016. The company has a strong foothold in the guidewires market with a significant product portfolio. To strengthen its current position and to gain a larger share in the guidewires market, the company aggressively focuses on inorganic business growth strategies such as market expansions and strategic acquisitions. The company established a training and research facility-Covidien Center of Innovation Brazil (CCI)-at Sao Paulo (Brazil) and an R&D, training, and education center—Covidien Center of Innovation Korea (CCI Korea) in South Korea to strengthen its R&D capabilities in those emerging markets.
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