Nitinol Medical Devices Market to Surpass US$ 72,516.5 Mn by 2030 CAGR of 10.3% | Zimmer Biomet, Merck KgaA, EndoSmart GmbH.

The choice of Nitinol in the medical is in abundance. In the medical industry, this material is very much in use. The most common application of nitinol is in manufacturing of surgical instruments, cardiovascular stents and guidewires, transcatheter heart valves, dental files, orthodontic archwires, orthopedic fracture fixation, and permanent birth controlimplants amongst others. The choice of nitinol in medical devices can also be done by implanting inside the body to carry out surgical procedures. It can be used both for internal as well as for external applications in the medical field.

Market Statistics

Globally, the market for nitinol medical devices (NMD) is forecasted to report for US$ 40,160.9 million as per value by 2022.

Drivers

Rise in need for or rise in need for acceptance of NMD across the world is anticipated to boost the market growth of the NMD worldwide in the predicted period. For example, with the rise in medical usage of nitinol in the healthcare industry, the acceptance of N MD is rising too, at a very fast pace. Stryker Corporation in July 2022, pronounced the introduction of EasyFuse Dynamic Compression System, that make use of nitinol which is a nickel-titanium alloy metal famous for its strength and recovery of shape. The system is so made to minimize the complexities involved in the surgeries, offer strong implants of dynamic-compression, and helps in reduction of waste in the operating room.

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Opportunities

Increase in incidence of CVDs or cardiovascular diseases across the world are anticipated to provide substantial opportunities of growth for the companies in the market for nitinol medical devices worldwide. For example, with the increase in incidence of CVD’s, like coronary or peripheral vascular ailments, the acceptance of self-expanding stents made of nitinol is also rising with increased pace. The treatment of peripheral vascular diseases has revolutionized due to the self-expanding nature of the nitinol stents. As per World Health Organization or the WHO, the main cause of death across the world is the CVD’s, the total value being 17.9 Mn every year. More than 31% death across the world takes place owing to CVD’s.

Restraints

Nitinol-based medical devices are very high in price and the existence of substitute metals is the main causes to hinder the market growth of the NMD across the world. For example, metal alloys such as copper-based alloys, cobalt-chromium alloys, gold, stainless steel, silver, platinum, iridium, tungsten, tantalum are additionally finds application in the medical devices. Furthermore, NMD’s are very costly and is difficult in processing. Also, the cost of manufacturing involved with other materials is quite low. Though, the application of  nitinol medical devices are very advantageous, still, its maintenance cost is anticipated to hamper the growth of the market.

Nitinol Medical Devices Market – Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 outbreak had many negative impacts on the market of NMD, since the pandemic was the cause of postponing and cancelling of elective as well as non-essential surgeries like orthopedic, cardiovascular, and dental surgeries. Many governments across the world led down lockdowns which immensely hindered the process of performing routine surgical procedures and clinical treatments. Though, the market for the medical devices across the world is expanding, mainly ever since the outbreak of the pandemic COVID-19. The pandemic raised nned of the medical devices which are very much essential for managing a pandemic of COVID-19 stature.

Key Takeaways

Globally, the market for nitinol medical devices was priced at US$ 36,417.2 million in the year 2022 and is predicted to the extent of US$ 72,516.5 million at a CAGR of 10.3% from 2023 to 2030.

Considering the type of product, the segment of stent hold a dominating position in the market for nitinol medical devices across the world in the year 2021, reporting for 39.6% value of share, raising the acceptance and introduction of novel products is anticipated to boost the segment’s growth in the predicted period.

Market Trends

A metal alloy named, Nitinol, is used extensively in an array of medical devices. This metal alloy is needed in manufacturing needles, catheters, dental fires, guidewires, stone retrieval baskets, archwires, filters, and other instruments needed for surgical procedures. Furthermore, the choice of nitinol as devices in the medical uses are many like the introducing it inside the body to carry out surgeries. Therefore, with the increase in medical uses of nitinol, nitinol based devices for medical application is also rising. This tendency is anticipated to last in the predicted period, pushing the market growth.

Competitive Landscape

The main companies participating in the market of nitinol medical devices worldwide are Zimmer Biomet, Merck KgaA, EndoSmart GmbH, Cook Medical, Boston Scientific Inc., B. Braun Melsungen AG, Arthrex Inc., W.L. Gore and Associates Inc., Becton, Dickinson & Company (BD), and Terumo Interventional Systems (Terumo Corporation), among others.

Recent Developments

Arthrex Inc. in August 2019 received FDA approval of its Eclipse Total Shoulder Replacement System that is new; less aggressive, preserving of bone total shoulder replacement.

Boston Scientific Corporation in June 2019 pronounced the acquisition of Vertiflex Inc., which was engaged in developing and commercializing the Superior Indirect Decompression System, which is a very less aggressive device used in lumbar spinal stenosis.

Becton, Dickinson and Company (BD) in July 2018 acquired TVA Medical Inc., involved in developing less invasive vascular systems for patients of chronic diseases of kidney.

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Table of Content

Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Nitinol Medical Devices Market Size Analysis from 2023 to 2030
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 (2023-2030)
Chapter 16 Conclusions
Research Methodology