Over the years, healthcare across the world has become more about providing patient comfort and less pain. This is predominantly to eliminate the fear among the patients about procedures and aid them in taking up treatment quickly. As a result, most new procedures that have made way to the healthcare system today are focused on minimal invasion. And, endoscopy is the fabulous result of this goal.
In endoscopy, doctors rely on wires that are fitted with cameras and navigate through the body to reach the targeted spot. These are called guidewires. As the demand for minimally invasive procedures rises, the need for guidewires will grow. This is exactly why Transparency Market Research has recently published a report on the global guidewires market. The report talks in detail about the prevailing trends in the market and provides an analysis of the trends and challenges that will shape the future of the global guidewires market.
Quality to Instill Competition
A sensitive industry itself, healthcare companies have always gained from the quality of their products. Negative instances of quality and pharmacovigilance can put the brand in poor light and can have a long-standing impact on the sales of not just one product, but the entire product line. Hence companies in the global guidewires market, like all others in the healthcare industry, are focused on improving the quality of their products. While this does not discount their existing products of quality, the agenda is to improve the product line. TMR states that the global guidewires market will grow at 6.2% during 2017 to 2025 and will reach a total value of US$ 2.7bn.
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As a result, most players are working on more suitable materials to create better products in the global guidewires market. Further, the focus is also on slimming the products to allow doctors to navigate to deeper parts of the human body. This is another aspect that will influence competition among players in the global guidewires market. Some of the prominent companies in the market are Abott, Integer Holdings Corporation, Stryker, Olympus Corporation, Cardinal Health Inc., Boston Scientific Corporation, and Medtronic.
Reusability to Drive Research in Future
While the list of advantages that the existing products in the global guidewires market offer is endless, there is a challenge that remains unsolved. The wires used once cannot be reused. This adds up to the cost of the device and hence the procedure is also expensive. This is something that doctors think, if solved, can aid them in trimming down their procedure costs. This has become a talking point in the healthcare community and companies in the global guidewires market have realized the need too.
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As a result, companies have started working on creating a plan for research or have even started studies to understand how this goal can be achieved. In the coming years, when substantial results emerge out of research, the investments in creating next-gen products for the global guidewires market will shoot up. This is likely to instill stringent competition in the global guidewires market and will also put the market on a growing stead in the coming years.