ROCKVILLE, MD / ACCESSWIRE / May 20, 2020 / With COVID-19 infection cases rising rapidly on a global scale, concerns over shortages of critical medical supplies such as guidewires has risen significantly. Measures taken to prevent the spread of the pandemic, and to provide better care to coronavirus patients are likely to cause disruptions till a suitable pharmacological treatment is developed. Further, there is an imminent need to rapidly expand manufacturing processes, for a wide range of medical equipment, which will contribute to guidewires market growth in the short term.
According to a recent report published by Fact.MR, the global guidewires market is set to reach a value pool of US$ 2.6 Bn by 2025. The market is estimated to expand with a 6.1% CAGR through this period, manufacturers are likely to face significant challenges during 2020, with disruptions in supply chains for raw materials, supply, and distribution, from lockdowns during the COVID-19 pandemic. On the whole, the guidewires industry does have a substantial buffer inventory. However, with lead times getting longer during the pandemic, the effects are likely to play out in the long term.
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Coronary Guidewires Remain Top-selling Category
Rising incidences of heart ailments have resulted in coronary guidewires accounting for a major portion of the global market share, with a projected CAGR of 6.6% through 2025. On the other hand, urological dysfunction has resulted in urological guidewires capturing 15% of the overall market.
During the pandemic, experts and analysts from the healthcare industry are predicting disruptions in essential supplies, owing to avoidable restrictions being placed on personnel responsible for the supply and distribution of raw materials and components. Also, some producers are facing challenges with local administrations mistakenly directing the closure of production facilities despite exemptions by federal governments.
"Leading manufacturers are assuring the general public and stakeholders that inventories and alternate supply sources are well covered. However, logistical disruptions, and over-dependence on China, has raised concerns. Missed deliveries in the months ahead can have an adverse effect on manufacturers, owing to contractual penalties," says the Fact.MR analyst.
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North America's Primacy Prevails
North America remains a highly lucrative market for companies involved in the production and sales of medical guidewires, and accounts for 2/5th of the overall market share. The presence of numerous major guidewire manufacturers and superior healthcare infrastructure continues to sustain the growth of the market through the coronavirus pandemic. North America's value share is expected to grow 1.5x through the forecast period.
Demand will attain significant pace in Asia Pacific, with advances in medical infrastructure and growing levels of imports for high quality guidewires from developed countries. However, with China holding major component and production facilities, the market is expected to face disruptions as the country moves towards recovery. This in turn will have a negative impact on the guidewires market growth during the coronavirus pandemic.
The Fact.MR study offers near and long-term growth outlook of the guidewires market. Gain access to Fact.MR's exclusive COVID-19 tracker here.
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SOURCE: Fact.MR