by The nitinol medical devices market is estimated to be valued at US$ 36,417.2 Mn in 2022 and is expected to exhibit a CAGR of 10.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nitinol is a nickel-titanium alloy that undergoes shape-memory effects and superelasticity, allowing products to recover their original shape after external force deformation. Nitinol medical devices include cardiovascular stents, orthopedic implants, and guidewires used in minimally invasive surgeries.
Market Dynamics:
The growth of the nitinol medical devices market is primarily driven by the increasing prevalence of cardiovascular diseases and rising number of minimally invasive surgeries worldwide. cardiovascular stents account for over 50% revenue share as nitinol provides high biocompatibility and shape recovery benefits. Furthermore, growing geriatric population prone to orthopedic issues and the advantages of nitinol in fracture fixation and spine treatment are expected to boost the adoption of nitinol-based orthopedic implants during the forecast period.
Market key trends
The growing demand for minimally invasive procedures along with technological advancements in nitinol is driving the growth of the nitinol medical devices market. Nitinol is bio-compatible and corrosion resistance material that allows the development of flexible endovascular stents and guidewires which can be easily passed through narrow and tortuous blood vessels. These properties help in reducing procedural invasiveness and speeds up recovery time.
SWOT Analysis
Strength: Bio-compatibility and shape memory properties of nitinol allows manufacturing of highly flexible and kink-resistant medical devices suitable for minimally invasive surgeries.
Weakness: High cost of raw material i.e. nickel and titanium which makes nitinol a relatively expensive material.
Opportunity: Increasing preference for minimally invasive procedures over conventional open surgeries worldwide. Growing demand for medical devices in emerging economies.
Threats: Stringent regulatory approvals and compliance practices for medical devices prolonged review and approval timelines. Threat from local and cheap alternatives and substitute materials.
Key Takeaways
The Global Nitinol Medical Devices Market Size is expected to witness high growth, exhibiting a CAGR of 10.3% over the forecast period, due to increasing demand for minimally invasive surgeries. North America followed by Europe dominates the nitinol medical devices market and the regions are expected to maintain their leading position over the forecast period as well owing to advanced healthcare facilities, presence of key device manufacturers and rising adoption of technologically advanced medical devices.
The global nitinol medical devices market size for 2021 was US$ 36,417.2 Mn. The Asia Pacific region is emerging as the fastest growing region in the nitinol medical devices market propelled by rising medical tourism, improving healthcare infrastructure and increasing spending on healthcare.
Key players operating in the nitinol medical devices market 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, and Terumo Interventional Systems (Terumo Corporation), among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
