The nitinol medical devices 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 nitinol medical devices 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 use of minimally invasive surgeries has evolved the paradigm of the surgery in the medical science. The growth of innovative technologies has resulted in increased interest, awareness, clinical trial and evaluation, and eventually adoption of MIS. Types of MIS such as laparoscopy surgery, robotic surgery, endoscopic mucosal resection, and endovascular surgery are widely adopted in various countries worldwide. The advantages of MIS such as smaller incisions, reduced pain, lower complications, minimal blood loss, and shorter hospital stays have dramatically influenced the adoption of MIS.
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.
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Some of the Prominent/Emerging Players in Nitinol Medical Devices Market:
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.
Key Questions regarding Current Nitinol Medical Devices Market Landscape
- What are the current options for Nitinol Medical Devices Market?
- How many companies are developing for the Nitinol Medical Devices Market?
- What are the key collaborations (Industry-Industry, Industry-Academia), Mergers and acquisitions, and significant licensing activities that will impact the Nitinol Medical Devices market?
- Which are the dormant and discontinued products and the reasons for the same?
- What is the unmet need for current Nitinol Medical Devices Market?
- What are the current novel therapies, targets, mechanisms of action, and technologies developed to overcome the limitation of existing Nitinol Medical Devices?
- What are the critical designations that have been granted for Nitinol Medical Devices Market?
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.
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.
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.
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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.
Strategies such as collaborations and technology partnerships by the players in the nitinol medical devices market to bridge the demand–supply gap play a significant role in the growth of the market.
| Report Coverage | Details |
|---|---|
| Forecast Period | 2020 - 2028 |
| No. of Pages | 169 |
| No. of Tables, Charts & Figures | 160 |
| Market Size in 2021 | 16798.14 Million (USD) |
| Market Size by 2028 | 27327.25 Million (USD) |
| Forecast Period CAGR | 7.2% |
| Segments covered | Product, Application |
| Country Scope | US, Canada, Germany, France, Italy, Australia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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