Nitinol Medical Devices Market: Increase in Number of Minimally Invasive (MI) Surgeries to Boost Market Growth
Wilmington, Delaware, United States, Transparency Market Research Inc.: Transparency Market Research (TMR) has published a new report titled, ‘Nitinol Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Nitinol medical devices market was valued at US$ 14,571.7 Mn in 2018 and is projected to expand at a CAGR of 8.5% from 2019 to 2027.
- Nitinol is a unique class of shape-memory alloy that is made of nickel titanium. Nitinol properties include the shape-memory effect, super elasticity, and high damping capability. These technical properties of nitinol shape-memory alloy can be modified to a large extent by changes in composition, heat treatment, and mechanical working.
- Some of the major properties of nitinol include high fatigue strength, nonmagnetic, high power/weight ratio, corrosion resistance, heat resistance, and biocompatible.
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- Nitinol is used in cardiovascular stents, kink resistant guide wires, minimally invasive surgical tools, and self-locking orthopedic devices. Recent advancements in nitinol includes developing new medical devices such as peripheral vascular stents, biodegradable polymer stents, and others.
- Based on product, the nitinol medical devices market is segmented into nitinol stents, nitinol guide wires, nitinol filters, nitinol basket, nitinol catheters, others (needles, staples, pins, sheath, and wires, etc.).
- North America dominated the global nitinol medical devices market in 2018 and the trend is anticipated to continue during the forecast period. Increasing adoption of technological advanced products and increasing prevalence of peripheral artery disease has contributed to dominant share of the region in global market.
- Asia Pacific is likely to be a highly lucrative market for nitinol medical devices and it is expected to expand at a high CAGR during the forecast period
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Increased Clinical Application of Nitinol Based Products in Medical Procedures to Drive Market
- Usage of nitinol in the medical industry has increased due to demand for minimally invasive procedures utilizing novel instruments and implants. Medical applications range from orthodontic archwires and endoscopic instruments to endovascular stents which use nitinol as a base material for design and structure formation.
- According to the Pediatric Research, potential applications of shape-memory alloys is magnetostrictive and ferromagnetic shape memory alloys (FSMA) which are used to design pediatric cardiovascular devices. This is due to nitinol which changes shape in response to a change in temperature, and magnetostrictive or ferromagnetic properties.
- Thus, wide applications of nitinol based products in medical procedures is estimated to drive the growth of the market during the forecast period.
Nitinol Stents to Dominate Market
- In terms of product, the nitinol medical devices market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, others (needles, staples, pins, sheath, and wires, etc.). Further nitinol guidewires is segmented into orthodontic guidewires and endoscopic guidewires.
- Nitinol stents accounted to larger market share in terms of revenue in 2016 and expected to grow in the forecast period due to increasing prevalence of cardiovascular diseases and peripheral vascular disease (PVD).
- According to the World Health Organization, cardiovascular diseases is a leading cause of deaths worldwide. More people die of cardiovascular diseases every year than any other cause. Each year, worldwide an estimated 17.9 million people dies due to cardiovascular diseases.
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Vascular segment to be Highly Lucrative Segment
- By application, the nitinol medical devices market is segmented into orthopedic, vascular, dental, gastroenterology, and others.
- Vascular segment accounted for larger market share in terms of revenue in 2018, vascular segmented accounted for more than 60% of the market share in 2018 due to increasing demand and adoption of nitinol based stents for vascular surgeries.
Hospitals Segment to offer attractive opportunity
- Based on the end-user, the market has been segmented into hospitals, clinics, ambulatory surgical centers and others.
- The hospitals segment dominated the market in 2018 and is anticipated to remain dominant in the forecast period owing to the increasing demand for minimal invasive surgeries and increasing number of surgeries for vascular and orthopedic diseases.
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North America to Dominate Global Market
- In terms of region, the global nitinol medical devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America dominated the global nitinol medical devices in 2018 and is estimated to maintain its leading position by the end of 2027 with sight decline in the market share.
- Increased adoption of technological advanced products in the region, high prevalence of cardiovascular disorders, rapidly aging population, and well established healthcare infrastructure etc. factors have contributed to dominant share of the region in global market.
- The market in the Asia Pacific region is projected to expand at exponential growth rate during the forecast period. The highest growth rate in the Asia Pacific region is attributed to increased market penetration of global players in highly populous countries such as China, India, Taiwan, rapidly improving healthcare industry in the region, and comparatively large patient pool with cardiovascular and gastrointestinal disorders.
The global nitinol medical devices market is fragmented in terms of number of players. Key players operating in the global nitinol medical devices market includes, include B. Braun Melsungen AG, C. R. Bard, Inc., Arthrex, Inc., Zimmer Biomet Holdings, Inc., Cook Medical, Medtronic, W. L. Gore & Associates, Inc., Terumo Corporation, Abbott Laboratories, Boston Scientific Corporation and Endosmart GmbH.
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