Europe Endoscopy Guidewire Market is expected to reach US$ 536.60 Million by 2028

PRESS RELEASE BY The Insight Partners 30 Aug 2021

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Therapeutic Segment to Dominate Europe Endoscopy Guidewire Market during 2020–2028

According to The Insight Partners market research study on “Europe Endoscopy Guidewire Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Core Material and Application Area,” is expected to reach US$ 536.60 million by 2028 from US$ 377.04 million in 2021. The market is estimated to grow at a CAGR of 5.2% from 2021 to 2028. The report provides trends prevailing in the Europe endoscopy guidewire market along with the drivers and restraints pertaining to the market growth. Favorable government initiatives are the major factor driving the growth of the Europe endoscopy guidewire market. However, danger of infections caused due to endoscopy and high cost of endoscopy procedures & equipment hinder the growth of Europe endoscopy guidewire market.

The COVID–19 pandemic has shown a significant negative impact on the global as well as on European health economies. Health services in European region is highly prioritized to serve for patients affected by COVID-19. The routine health care services have remained suspended. Therefore, it has affected the market and its dependable revenue generation in the region. The endoscopy devices is negatively impacted by the COVID-19 pandemic. According to the UK’s National Endoscopy Database (NED), an average of 35,478 endoscopy procedures were performed per week (by 3007 endoscopists; which means 12 procedures per endoscopist) in the pre-COVID period. In the transition week, this fell by one-third to 23,827 endoscopy procedures. Moreover, in the COVID-impacted period, only 12% of the pre-COVID volume of procedures were conducted (average 4315 per week) and it was at its low point by the end of March 2020, fewer than 1800 procedures per week. This analysis demonstrated remarkable impact that the pandemic has had on endoscopic services. The major reason for decline in endoscopy procedures during the COVID-19 pandemic was decrease in patient volume in hospitals, owing to rescheduling and delaying of procedures for safety reasons. Moreover, these delays happened after careful review of patient history and if feasible, healthcare providers rescheduled endoscopic procedures to minimize risk of getting exposed to COVID-19 during hospital visits. All these factors are anticipated to impact the market as well in the future.

The market for endoscopy guidewire market is segmented into type, core material, application, and country. Based on type, the market is segmented into monofilament, coiled, coated. In 2020, the coated segment held the largest share Europe endoscopy guidewire market. Based on core material, the market is divided into stainless steel and nitinol. In 2020, the stainless steel segment held the largest share Europe endoscopy guidewire market. Based on application, the market is segmented into diagnostics and therapeutic. In 2020, the therapeutic segment held the largest share Europe endoscopy guidewire market. Similarly, based on country, the market is bifurcated into Germany, France, United Kingdom, Italy, Spain, RoE. Germany contributed a substantial share in 2020. 

Boston Scientific Corporation; CONMED Corporation; Cook Medical LLC; HOBBS MEDICAL INC; Medtronic; Merit Medical Systems Inc; Olympus Corporation; STERIS plc.; are among the leading companies in the Europe endoscopy guidewire market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, STERIS plc acquired Cantel Medical, a global provider of products and services related to infection prevention, endoscopy, dental, dialysis, and life sciences Customers.

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