Nitinol Medical Devices Market: Increasing Cardiovascular Disorders to Expand Industry Demand Globally
Globally, increase cardiovascular diseases incidences and the increasing number of geriatric population that is susceptible to various chronic diseases have fueled growth in the global nitinol medical devices. In addition to that, the growing demand for minimally invasive surgical procedures is also expected to accelerate demand in the global nitinol medical devices market. Moreover, the rising application of nitinol medical devices is widely seen in vascular, gastroenterology, dental, orthopedic, and other similar areas. Other key growth factors driving demand in this market are the key properties of nitinol that includes exceptional elastic deformation, superelasticity (or pseudoelasticity), and marked biocompatibility.
As per the data revealed by the World Health Organization, nearly 17.7 million individuals experience cardiovascular diseases every year. And cardiovascular diseases account of 31% of deaths across the globe. The Diagnostic & Interventional Cardiology gave another relevant figure; it reveals that prevalence of percutaneous coronary intervention (PCI) procedures is nearly four times than coronary artery bypass graft (CABG) procedures in the United States. Owing to these facts, there are higher chances of growth in the global nitinol medical devices market.
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How market players are contributing to the growth of nitinol medical devices?
Some of the prominent players operating in the global nitinol medical devices market covers Cook Medical, Zimmer Biomet Holdings Inc., Terumo Corporation, Boston Scientific Corporation, Arthrex Inc., C.R. Bard Inc., Medtronic, W.L. Gore & Associates Inc., Abbott Laboratories, and Endosmart GmbH. Leading players are investing in research and development activities to develop advanced nitinol medical devices that can be used in advanced surgical procedures. These players are also coming up with new products and contributing to various other latest industrial developments that will benefit from expanding this market.
Moreover, these players are engaged in mergers and acquisitions, partnership, collaboration, expansion, and innovation. Adding further, these vendors are competing highly against each other based on factors such as product differentiation, pricing, and distribution partnerships. Players in the nitinol medical devices market are engaged in increasing their global footprint.
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How geographical significance will matter in expanding nitinol medical devices market?
Developed regions have played a significant part in fueling demand in the global nitinol medical devices market. Technological advancements and its inclusion in the healthcare sector and considerable growth development of advanced devices are the key factors driving demand in the North America nitinol medical devices market. Moreover, larger geriatric population base and a significant rise in chronic diseases further created growth opportunities in the region and pushed growth in the global nitinol medical devices market. For instance, data provided by the Houston Methodist Research Institute around 13% to 14% of the elderly population gets affected by peripheral artery disease in the U.S. This factor also played a crucial role in expanding demand for nitinol medical devices in this region.
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In European regions, there is a considerable rise in cardiovascular diseases in countries like the U.K, France, and Germany reaching 3.9 million deaths per year. The European Heart Network presents this data. Moreover, about 11.3 million new cardiovascular diseases cases were reported in Europe in 2015. All these facts and figure makes developed regions the key market for the growth of nitinol medical devices.
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