At 7.2% CAGR, Nitinol Medical Devices Market to Surge US$ 27,327.25 million by 2028 Impact of COVID-19 Pandemic and Global Analysis
According to the latest study on “Nitinol Medical Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Application,” the market was valued at US$ 15,807.53 million in 2020 and is projected to reach US$ 27,327.25 million by 2028; it is expected to grow at a CAGR of 7.2% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining to the market growth.
Nitinol Medical Devices Market: Competition Landscape and Key Developments
Cook Medical LLC; Abbott Laboratories; Zimmer Biomet Holdings, Inc; B. Braun Melsungen AG; Boston Scientific Corporation; Becton, Dickinson and Company (BD); Arthrex, Inc.; W. L. Gore & Associates, Inc; Terumo Corporation; and Nordson Corporation are among the prominent players operating in the nitinol medical devices market. These companies are adopting partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2021, Cook Medical announced that the Approach Authority Workhorse Microwire Guide is now commercially available in the US and Canada. Approach Authority combines resilient nitinol tip technology with a hydrophilic coating. These wire guides can be used for various vascular procedures.
The factors such as the increasing adoption of minimally invasive surgeries (MIS) and growing prevalence of chronic diseases drive the growth of the nitinol medical devices market. However, manufacturing challenges 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.
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The nitinol medical devices have applications in different cardiovascular disorders. For instance, cerebral aneurysm is a condition in which there is a swelling of the weak walls of arteries located in the brain. It may result into an abnormal widening of the blood vessels. The weakness of the wall of artery can lead to rupture of the blood vessels. The brain aneurysm can be possibly treated with various procedures, such as surgical clipping, endovascular coiling techniques, flow diversion, flow disruption, and other medications.
The increasing adoption of MIS is majorly backed by advantages of the MIS has equally contributed to leveraging the growth of nitinol medical devices specifically for robotic surgeries and laparoscopic procedures. According to a research study published in Journal of the American Medical Association (JAMA) Network Open in 2020, in 2018, robotic surgeries accounted for ~15% of the total surgeries. It has increased by 1.8% in 2018.
In addition, chronic diseases cause maximum deaths in the countries across the world. For instance, CVD is highly prevalent in developed and developing countries. It is among the largest contributors to the overall deaths in the world. According to the World Health Organization (WHO) data published in 2017, nearly 17.9 million people have died due to CVD in 2016. The number of deaths represented 31% of the total deaths occurred globally. Among the 17.9 million, ~85% of deaths were due to heart attack and stroke. However, the advancements in medical science have enabled the early diagnosis of risk of severe CVD. There is an easy availability of treatments to improve quality of life. In addition, the procedures such as angioplasty that place balloons or stents in the blood vessels have allowed the use of nitinol medical devices. Majority of the stents, grafts, and balloons are made from nitinol. Also, the guiding guidewires and catheters used during the procedures are widely made from nitinol.
Nitinol refers to an alloy of nickel and titanium that is rapidly becoming a metal of choice for the composition of various medical devices in the healthcare industry. Nitinol widely finds its applications as self-expanding grafts, baskets, filters, graft-supporting systems, and others. Nitinol alloys are most known for their super-elasticity and thermal shape memory. Chronic diseases are among the prime factors that have escalated the demand for nitinol medical devices such as stents, guidewires, catheters, orthopedic implants and staples, and orthodontic arch wires. Several chronic diseases such as cardiovascular diseases (CVD) and peripheral vascular diseases (PVD), urology and gastroenterology cancers, severe orthopedic injuries, and dental deformities have widely demanded the advanced treatments with efficient and effective products. The chronic diseases have affected the health and quality of people worldwide.
Minimally invasive surgeries require medical instruments or devices such as guiding catheters, guidewires, stents, filters, inflators, insufflators and insufflator needles, and closure devices due to flexible nature. As these devices are inserted through small incision, they need high flexibility, biocompatibility, strength, elasticity, and safety. Therefore, nitinol is widely preferred to design the above-listed devices. Along with the properties mentioned above, nitinol has the shape retaining property, which has accelerated its use in designing medical devices for MIS. Thus, owing to the above-mentioned unique features of nitinol, there is a significant use of nitinol-based medical devices for MIS.
Nitinol Medical Devices Market: Segmental Overview
Based on product, the nitinol medical devices market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others. In 2020, the nitinol stents segment accounted for the largest share of the market. The market growth for this segment is attributed to the changing perception of customers toward the utilization of nitinol medical devices.
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