Ocean View, DE -- (SBWIRE) -- 05/06/2020 -- Guidewires Market size will exceed USD 1.2 billion by 2024; as per a new research report.

Increasing demand for guidewires will lead to industry growth in the future. High demand is attributable to increasing number of lifestyle-related disorders across the globe. Growing pervasiveness of chronic disorders is attributable to increasing adoption of sedentary lifestyle and lack of physical activities. Aforementioned will have a positive impact on demand for guidewires, thereby driving business growth during the projected timeframe.

Rising geriatric population will act as high impact rendering factor for growth of guidewires market. Increasing longevity, decreasing fertility and international migration are the major reasons for growth in number of geriatric population. Weakened immunity coupled with presence of other chronic conditions raises the risk of complications in elderly. Hence increasing geriatric population will positively affect market growth.

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Neurovascular guidewires market will show significant growth rate of 6.4% during the projected timeframe, owing to increasing prevalence of various neurological diseases. According to Center for Disease Control and Prevention, about 30,000 people in the U.S. suffer a brain aneurysm rupture annually. With adoption of advanced neurovascular guidewires in neurological surgeries the demand for neurovascular treatment will increase, thereby driving industry growth.

Australia guidewires market accounted for market share of USD 14.3 million in 2017, owing to increasing demand for urological diseases. According to Australian Institute of Health and Welfare, chronic kidney diseases affects around 1.7 million Australian Citizens. Increasing prevalence of various urological diseases will promote guidewires business growth in the future.

Mexico guidewires market will grow at the rate of 6.3% CAGR across the projected timeframe owing to rising number of foreign patients visiting the country. Majority of the foreign patients visiting country are attracted to wide portfolio of cardiovascular surgeries offered by highly competent and qualified medical personnel. Presence of well-established healthcare infrastructure focused on coronary surgery will propel industry growth in the future.

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Prominent industries involved in guidewires market are: Abbott, AngioDynamics, Asahi Intecc, B. Braun Melsungen AG, Boston Scientific, Cook Medical, Medtronic plc, Stryker and Terumo Corporation. These key industry players focus on strategies such as opening of new facilities, mergers and joint ventures to strengthen market position. For instance, in July 2013, Abbott announced acquisition of IDEV Technologies Inc., a Texas based medical device firm involved in development of medical devices for peripheral intervention. This acquisition enabled the company to expand its existing portfolio of peripheral technologies, thereby strengthening its market presence.