Global GI Endoscopy Guidewire Market to Witness a CAGR of 6.5% during 2018-2024

Industry : Press Releases Date : March 29th, 2019
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GI Endoscopy Guidewire Market

The demand for global GI endoscopy guidewire market was valued at USD 309.51 million in 2017 and is expected to account for USD 480.79 million by 2024, while actuating at an estimated CAGR of 6.5% from 2018 to 2024. The growth can be primarily attributed to the growing research and development activities along with new product launches, various technological advancements, and rising geriatric population across the globe are projected to augment market demand over the forecast period. Also, increasing number of surgeries coupled with growing preference for minimal invasive surgeries is likely to drive the market for GI endoscopy guidewires. However, limited number of trained professionalsmay restrain the market growth to some extent.

Key findings of the report:

  • The global GI endoscopy guidewire market is expected to reach USD 480.79 million in 2024, at a CAGR of 6.5% during 2018 -2024
  • Based on material:
    • Nitinol segment accounted for the largest segment of the global GI endoscopy guidewire market in 2017
    • The hybrid segment is likely to augment at the fastest CAGR of over the forecast period
  • Based on indications, the upper-GI endoscopy segment held the largest share of the global market in 2017
  • Based on end-use, the hospitals segment held the major market share in 2017
  • North America dominated the global market in 2017, and is expected to retain its dominance over the forecast period
  • Some of the key companies operating in the market include US Endoscopy, Inc., CONMED Corporation, COOK MEDICAL Inc., HOBBS MEDICAL INC., Boston Scientific Corporation, Olympus Corporation, Medico’s-Hirata Inc., Hunan Reborn Medical Science and Technology Development Co., Ltd., PLS Minimally Invasive Interventional Medical Co., LTD, MERIT MEDICAL SYSTEMS, INC., Zhejiang Chuangxiang Medical Technology Co., Ltd., Sumitomo Bakelite Co., Ltd., OmnimedLtd., Diagmed Healthcare, Explore Synergy Inc., Taewoong Medical Co., Ltd., SCITEC, and SSEM Mthembu Medical (Pty) Ltd., among others

GI endoscopy guidewires – types and applications

To maintain access to a lumen or cavity and facilitating advancement of several devices, guidewires have become indispensable tools in diagnostic and therapeutic endoscopy. They are used for advancement of rigid and balloon dilators, stents, feeding tubes, manometry catheters, and during transmucosalpseudocyst drainage in the upper GI endoscopy. Based on designs, guidewires in GI applications may be of three types; monofilament, coiled, and coated. While, the monofilament and coiled are predominantly used in the luminal GI tract, the coated guidewires are preferred for ERCP applications. Moreover, a guidewire’s tip may be straight, angled, J shaped, or tapered. The optimal physical attributes of the guidewire depend on the specific application, and include tip length and flexibility, axial and lateral strength of the shaft, surface friction, torque transmission, radio-opacity and electrical conductivity.Endoscopy is a nonsurgical procedure used to examine a person’s digestive tract. Using an endoscope, a flexible tube with a light and camera attached to it, your doctor can view pictures of your digestive tract on a color TV monitor.

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Global GI endoscopy guidewire Market– Regional insight

North America held the major share of the global market owing to technological innovations that have led to product enhancements such as tip design, retention and flexibility, resulting in the constant development of technically advanced products. Moreover, the presence of well-defined regulatory framework, better healthcare infrastructure, and experienced healthcare professionals to perform the procedures are some of the key factors leading to growth of the market. Asia-Pacific GI endoscopy guidewire market is expected to register the fastest growth rate during the forecast period. Presence of rapidly developing economies such as China and India is creating growth opportunities in the region.In addition, increasing incidence of GI disorder and growing demand for minimally invasive therapy is expanding, along with the rapid economic growth in emerging market, particularly China and India.

This report segments global GI endoscopy guidewire market based on material, designs, indications, end-user and geography.

By Material

  • Stainless Steel
  • Nitinol
  • Hybrid

By Designs

  • Monofilament Wires
  • Coiled Wires
  • Coated or Sheathed Wires

By Indications

  • ERCP
  • Upper-GI endoscopy
  • Endoscopic Ultrasound (EUS)
  • Colonoscopy

By End-user

  • Ambulatory Surgical Centers
  • Hospitals
  • Diagnostic Centers & Surgical Centers
  • ResearchLaboratories & Academic Institutes

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Central & South America
  • Middle East and Africa

Global GI Endoscopy Guidewire Market to Witness a CAGR of 6.5% during 2018-2024