In 2022, the world market of nitinol medical devices was valued to be of US$ 36,417.2 million and is projected to gain a value of US$ 72,516.5 million by the year 2030 at 10.3% CAGR from 2023 to 2030. Owing to the rising chronic diseases worldwide and growing clinical usage of nitinol based products in the healthcare sector, the world market of nitinol medical devices is witnessing robust growth. Moreover, the growth of the market is expected to be boosted by rising acceptance of nitinol based medical products globally. However, the market growth is expected to be hampered due to the high price of nitinol-based medical devices and availability of substitute metals.
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✔ Global Nitinol Medical Devices Market: Regional Insights
On the basis of geography, the wold market of nitinol medical devices is divided into Latin America, North America, Asia Pacific, Europe and Africa & Middle East.
During the forecast period, highest market share is estimated to be obtained by North America among the regions, due to the rising acceptance of nominally invasive procedures and increasing chronic diseases in the region. For example, heart disease in the U.S. is the dominant reason of death as per Centers for Disease and Prevention. Heart disease causes one death in every 34 seconds in the United States. In cardiovascular devices like heart valves, vena cava filters, guidewires and stents, nitinol is widely used. In the region, the market growth is estimated to be boosted due to this.
Due to the growing frequency of heart diseases and increasing choice of nominally invasive surgeries in the region, majorly in India, Asia Pacific is also estimated to see strong growth in world market of nitinol medical devices. For example, in India, heart diseases are now a dominant reason of death. Almost, a quarter of all fatalities that is 24.8%, occurs in India because of cardiovascular diseases. The market growth will be driven with the expected rise of nitinol medical devices demand owing to the reason that India has one of the biggest loads of heart diseases globally.
✔ Global Nitinol Medical Devices Market Drivers:
During the forecast period, the growth of the world market of nitinol medical devices is expected to be boosted due to the increasing load of chronic ailments, like heart diseases globally. For example, the acceptance of self-expanding nitinol stents too is growing rapidly with the increase in frequency of heart diseases like peripheral and coronary vascular disease. The self-expanding nitinol stents have transformed the way peripheral vascular disease is treated. In the U.S., almost 6.5 million people who are 40 years old and above are affected with peripheral artery disease, according to CDC. This as a result is estimated to drive the market expansion.
Over the forecast period, the growth of the world market of nitinol medical devices is estimated to be boosted due to the enhanced clinical usage of nitinol based products in the medical sector. For example, for the production of different medical devices in the sector of healthcare, nitinol is quickly becoming a preferred metal. Hence, there is rise in demand for nitinol medical devices globally. In April 2022, to cater nitinol components for medical devices, Chamfr and Endosmart collaborated. Form Chamfr’s website, engineers can purchase chosen shape-set tubes, wires, grinder wires and nitinol braids due to the partnership.
✔ Global Nitinol Medical Devices Market Opportunities:
A considerable growth opportunities for the operators in the world market of nitinol medical devices is estimated to be provided by the rise in acceptance of nitinol based medical products globally. For example, the acceptance of nitinol based products is also rising steadily with the rise in clinical usage of nitinol based products in the healthcare sector. In March 2022, as part of its ambitious expansion plans for next one year, Confluent Medical decided to establish a pilot production unit for Nitinol products to serve the customers of India and the other parts of Asia. A range of Nitinol contract manufacturing services is offered to the medical devices sector by Confluent.
The considerable growth opportunities is estimated to be provided to the operators in the world market of nitinol medical devices due to the regulatory guidelines formation. For example, the regulatory guidelines formation would provide profitable opportunities for the market operators. In April 2019, a draft guidance named as Technical Considerations for Non-Clinical Assessment of Medical Devices Containing Nitinol was published by the Food and Drug Administration of the U.S. The proposed recommendations regarding the manufacturers’ inclusion in their premarket submission of a device containing nitinol, an alloy of titanium and nickel, was included in the draft guidance.
✔ Global Nitinol Medical Devices Market Trends:
To treat the diseases affecting the blood vessels and heart in the middle-aged and elderly people, there is an increasing demand for stents. Moreover, the number of procedures performed each year globally is increased due to the growing demand for stents. To perform surgical procedures, Nitinol is preferred for medical devices, which can be inserted into the body. Thus, the demand for nitinol stents is also growing steadily with the increased frequency of cardiovascular diseases. Over the forecast period, this trend is estimated to continue.
Moreover, in a broad array of medical devices there is an application of nitinol. To manufacture needles, catheter tubes, filters, guidewires, stone retrieval, dental files, arch-wire, baskets and other surgical tools, Nitinol is utilized. Moreover, in order to perform surgical procedures, Nitinol is preferred for medical devices, which may be inserted into the body. Moreover, the demand for nitinol based medical devices is also growing with the increased clinical usage of nitinol. The growth of the market is expected to be driven due to the continuation of this trend during the forecast period.
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✔ Global Nitinol Medical Devices Market Restraints:
The growth of the world market of nitinol medical devices is expected to be obstructed due to the availability of substitute metals. For example, for medical devices biomaterial metals like stainless steel and cobalt-chromium alloys are also utilized. Copper-based alloys are also being largely accepted in the medical device sector as they are cheaper than nitinol. Other metal alloys are also being applied in producing medical devices, like silver, gold, iridium, platinum, tantalum and tungsten. Hence, the availability of metal substitute is restricting the growth of the market.
The growth of the world market of nitinol medical devices is estimated to be obstructed due to the high-price of nitinol-based medical devices. For example, nitinol-based medical devices are tough to process and high-priced. Also, the manufacturing cost of the other materials are comparatively low, like stainless steel, due to which the choice of stainless steel is growing as a bio-material in medical devices. The high expense involved in manufacturing is estimated to hamper the growth of the market, even though, there are different advantages of nitinol medical devices.
✔ Global Nitinol Medical Devices Market Segmentation:
The world market of nitinol medical devices report is divided into Product Type, Geography and Application.
On the basis of Product Type, the market is divided into Guidewires, Stone Retrieval Basket, Stents and Other Product Type. Out of these, during the forecast period, Stents Segment is estimated to lead the world market of nitinol medical devices due to the rise in acceptance of self-expanding nitinol stents worldwide.
Stone Retrieval Basket Segment is also estimated to see considerable growth in the near future due to the rising frequency of kidney stone globally. To seize and extract stones in kidney, stone retrieval baskets are utilized.
On the basis of Application, the market is divided into Dentistry, Urology, Cardiovascular and Other Applications. During the forecast period, out of these, Cardiovascular Segment is estimated to lead the market and this is due to the rise in frequency of heart diseases globally.
Urology Segment too is estimated to see considerable growth in the near future due to the rise in demand for nitinol based urology devices. Due to its superb elasticity, Nitinol is a preferred material utilized in production of urology devices.
✔ Global Nitinol Medical Devices Market: Key Developments
In February 2019, the procurement of Streamline Bloodlines Business of NxStage Medical Inc. was completed by B. Braun Medical Inc.
In May 2019, to treat iliofemoral venous obstructive disease, the U.S. FDA approved Boston Scientific Corporation for Vici Venous Stent System
In March 2019, the U.S. FDA gave approval to Becton, Dickinson and Company for initial venous stent for treating iliofemoral venous occlusive disease
✔ Global Nitinol Medical Devices Market: Key Companies Insights
The world market of nitinol medical devices is extremely competitive. Due to the rise in acceptance of nitinol medical devices market players are concentrating on launching new products in the market to serve the rising demand.
Few of the major operators in the world market of nitinol medical devices are:
Terumo Interventional Systems (Terumo Corporation), Dickinson & Company, W.L. Gore and Associates Inc., Arthrex Inc., Becton ,B. Braun Melsungen AG, Boston Scientific Inc., Cook Medical, EndoSmart GmbH, Merck KgaA and Zimmer Biomet.
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✔ Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Nitinol Medical Devices Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Nitinol Medical Devices Industry Impact
Chapter 2 Global Nitinol Medical Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Nitinol Medical Devices (Volume and Value) by Type
2.3 Global Nitinol Medical Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Nitinol Medical Devices Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Nitinol Medical Devices Market Analysis
Chapter 6 East Asia Nitinol Medical Devices Market Analysis
Chapter 7 Europe Nitinol Medical Devices Market Analysis
Chapter 8 South Asia Nitinol Medical Devices Market Analysis
Chapter 9 Southeast Asia Nitinol Medical Devices Market Analysis
Chapter 10 Middle East Nitinol Medical Devices Market Analysis
Chapter 11 Africa Nitinol Medical Devices Market Analysis
Chapter 12 Oceania Nitinol Medical Devices Market Analysis
Chapter 13 South America Nitinol Medical Devices Market Analysis
Chapter 14 Company Profiles and Key Figures in Nitinol Medical Devices Business
Chapter 15 Global Nitinol Medical Devices Market Forecast (2022-2028)
Chapter 16 Conclusions
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