North America pressure guidewire market is expected to represent maximum absolute dollar opportunity during the forecast period
The North America pressure guidewire market is expected to represent absolute $ opportunity of more than US$ 10 Mn in 2017 over 2016. By the end of 2024, the North America market is projected to reach close to US$ 350 Mn, expanding at a CAGR of 10.5% over the forecast period. North America market is anticipated to be the most lucrative regional market in the global pressure guidewire market with a market attractiveness index of 1.6.
The U.S. market was estimated to account for more than 80% revenue share of the North America pressure guidewire market by 2016 end and is expected to gain more than 150 BPS in market share by 2024 over 2016. The Canada market was estimated to account for more than 15% revenue share of the North America pressure guidewire market by 2016 end and is expected to lose more than 150 BPS in market share by 2024 over 2016. The U.S. market is projected to remain the most attractive in the global pressure guidewire market in revenue terms with an attractiveness index of 1.7 over the forecast period.
Rising geriatric population likely to fuel the development of the pressure guidewire market in North America
Increasing prevalence of cardiovascular diseases in both men and women in the U.S. is expected to drive growth of the North America pressure guidewire market. According to the Journal of the American College of Cardiology, cardiovascular disease accounts for about 17 million of deaths per year and this number is expected to grow to about 23 million by 2030. The risk of acute coronary syndrome is expected to favor the adoption rate for pressure guidewire, thus boosting the growth of the global pressure guidewire market. In the North America region, the rise in geriatric population directly impacts the demand for pressure guidewire. This is primarily due to elderly people being highly susceptible to cardiovascular diseases. According to the U.S. Census Board, people older than 65 years represented around 13% of the total population; this percentage is expected to grow at an estimated 20% by 2030. Therefore, consistent increase in the geriatric population has been identified as a major factor fueling the progress of the pressure guidewire market in North America.
Healthcare professionals in North America are also focusing on reducing invasive procedures to improve the standard of healthcare and patient comfort. FFR technology avoids unnecessary medical procedures. Pressure guidewire determines easy connectivity, direct and reliable FFR signal recovery to allow accuracy and zero drift performance. FFR guidewire helps healthcare physicians determine whether stenting or other PCI procedures are required or not. It helps in successful and timely completion of the diagnostic and treatment process. This factor is creating robust development in the pressure guidewire market in North America.
The hospital end-user segment is expected to remain the most attractive segment in the North America pressure guidewire market
The hospital end-user segment is anticipated to remain the most attractive segment in the North America pressure guidewire market in revenue terms with an attractiveness index of 2.6 over the forecast period. The pressure wire technology segment is predicted to remain the most attractive segment in the North America pressure guidewire market in revenue terms with an attractiveness index of 1.3 over the forecast period, while the flat tipped pressure guidewire product type segment is estimated to remain the most attractive segment in the North America pressure guidewire market in revenue terms with an attractiveness index of 1.2 over the forecast period.
Market share of companies based in North America
U.S based Abbott Laboratories held around 26% revenue share in the pressure guidewire market in 2015. The company has a strong foothold in cardiovascular products. It deals with both flat and agile tip pressure guidewire with pressure wire technology. Canada based Opsens Inc. focuses on optical?based pressure guidewire such as OptoWire Deux and OptoWire One. Opsens Inc. has the potential to be the key player in the pressure guidewire market with its unique and advanced technology and held around 20% revenue share in the past year.
Persistence Market Research in its newly published report titled “Pressure Guidewire Market: Global Industry Analysis and Forecast, 2016-2024,” provides a forecast and analysis of the pressure guidewire market at both global and regional levels. Through extensive research, Persistence Market Research analysts have studied how the different market dynamics are likely to impact the current and future scenario of the global pressure guidewire market, thereby providing useful insights to market players to plan their differentiating strategies capable of evolving with the changing market landscape. The report analyzes the key trends, drivers, restraints and market opportunities and presents an impact analysis of key growth drivers and restraints based on the weighted average model to better equip and arm clients with crystal-clear decision-making insights.
While differentiating strategies, the analysts have come to a conclusion that over the last decade, major players are focusing on a rapid product launch for the diagnosis and treatment of cardiovascular diseases and to optimize PCI procedures to facilitate improved standards of care. According to the report, companies could capitalize by entering nascent markets in Eastern Europe and Africa, which are now witnessing economic prosperity. Companies may gain greater revenue visibility by getting their products approved by regulatory agencies, as physicians in most developed markets prefer using only approved products. While considering global pressure guidewire market pricing assumptions, the analysts have considered the weighted average pricing of individual pressure guidewires. Product prices have been captured from key manufacturers in top countries for each region, with respect to their estimated market share to arrive at region-wise weighted average pricing. The key players are categorized into three categories such as Tier 1, Tier 2 and Tier 3. The report captures pricing trends based on primary discussions with industry experts and manufacturers in each region. The pricing analysis includes pricing of disposable pressure guidewire used during PCI procedure. Currency fluctuations have not been taken into account and the analysis is static in nature. It also rules out the impact of extreme events in specific countries. A demand-supply gap analysis has also been carried out, involving both marketplace discussions and desk research in determining pricing premiums.
Economic analysis of pressure guidewire, technology assessment, regulatory scenario, reimbursement of fractional flow reserve in U.S. is the uniqueness of this report. Indicators such as R&D expenditure, research funding from government and non-profit organizations etc. have been considered to arrive at the indicated market numbers. Yearly change in inflation rate has not been factored in while forecasting market numbers. Bottom-up approach has been used to assess market numbers for each product category, while top-down approach has been used to counter-validate the reached numbers. The report takes an overview of the global pressure guidewire market. The overview consists of market taxonomy and a section underlining factors that influence the growth of the global pressure guidewire market. The analysts have provided key strategic recommendations for both existing and new players in the market to emerge sustainably profitable. The report covers the competitive landscape that provides a dashboard view of companies that manufacture and provide services in the global pressure guidewire market. The report contains company profiles of some of the key players and a strategic overview of mergers and acquisitions along with their expansion plans in different regions.
The forecast presented here assesses the total revenue of the global pressure guidewire market. When developing the market forecast, the starting point involves sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the global market, the report triangulates the outcome on the basis of analysis based on supply and demand sides. However, quantifying the market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed. The report also takes into consideration year-on-year growth to understand the predictability of the market and to identify the right opportunities across the global pressure guidewire market.
The global market for pressure guidewire is split into various categories and all these segments have been analyzed in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to overall market growth. This detailed level of information is important for the identification of various key trends governing the global pressure guidewire market. Another key feature of this report is the analysis of all key segments and the corresponding revenue forecast in terms of absolute dollar. This is traditionally overlooked while forecasting the market. However, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global pressure guidewire market.