The Endoscopy Guidewire market was valued at US$ 1,192.04 million in 2021 and is projected to reach US$ 1,749.60 million by 2028; it is expected to grow at a CAGR of 5.6% during 2021–2028. The growth of the market is mainly attributed to the factors such as the increasing adoption of minimally invasive surgeries (MIS) and growing prevalence of chronic diseases. However, manufacturing challenges in Endoscopy Guidewire restrain the market growth. On the other side, the formation of regulatory guidelines would offer lucrative opportunities for the growth of the market during the forecast period.
Government initiatives have been proved to be an essential aspect for the growth of technology and the demand for any product in the market.To make endoscopic procedures accessible and beneficial to the patients, various government bodies have laid various initiatives supporting endoscopy devices.
For instance, in July 2019, the Endoscopy Action Plan, implemented by the Queensland Government, was aimed toward improving the health of Queenslanders by means of delivering sustainable access to better quality gastrointestinal endoscopy services.The need for gastrointestinal endoscopy has been increasing rapidly owing to the national bowel screening program and a growing geriatric population.
As per the plan, US$ 160 million would be invested over four years to deliver better services and improve access across the Queensland health system.Under the project, the services will be expanded to provide 50,000 more endoscopy procedures.
Due to the implementation of this plan, the waiting time for endoscopy procedures has significantly reduced, and better services have been made available across the state.
Based on type, the global endoscopy guidewire market is segmented into monofilament, coiled, and coated.The coated segment held the largest share of the market in 2021 and is expected to register the highest CAGR during the forecast period.
By core material, the global endoscopy guidewire market is segmented into stainless steel and nitinol. The stainless steel held the largest share of the market in 2021, and it is further expected to register the highest CAGR in the market during 2021–2028.
The Food Safety and Inspection Service, Food and Drug Administration, and European Medical Association are a few of the major secondary sources referred to while preparing the report on the global endoscopy guidewire market.
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