May 27, 2024

Nitinol Medical Devices Market is Estimated to Witness High Growth Owing to Increasing Healthcare Expenditure

Nitinol, which is a nickel-titanium alloy, has unique properties including shape memory and superelasticity. Nitinol medical devices are primarily utilized as stents, guidewires, vena cava filters, vascular implants and orthodontic archwires. Stents prevent blockages and maintain blood circulation in arteries and veins. Guidewires help in threading catheters and other medical devices into blood vessels, arteries and other areas. Vena cava filters are small, umbrella shaped devices placed in the vena cava the large vein returning blood to the heart to trap blood clots before they reach the lungs. Orthopedic applications include dental arch wires, bone plates and bone screws for surgical repair of bones and joints.

The global Nitinol medical devices market is estimated to be valued at US$ 14.5 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers augmenting market growth is increasing healthcare expenditure. For instance, according to data by the World Bank Group, current health expenditure as a share of GDP increased from 9.9% in 2015 to 10.1% in 2017 globally. This rising healthcare expenditure is encouraging investments in development and adoption of advanced medical devices such as nitinol devices for various minimally invasive surgeries. Furthermore, growing geriatric population vulnerable to various chronic diseases is contributing significantly to the increasing demand for nitinol stents and implants. According to the United Nations, between 2015 and 2030, the proportion of the world’s population over 60 years will grow from 12% to 22%. However, stringent regulatory landscape and high costs associated with nitinol medical devices production may hinder market growth over the forecast period.

SWOT Analysis

Strength: Nitinol, an alloy of nickel and titanium, provides excellent mechanical properties for medical devices. Its shape memory and superelastic behavior allows for minimally invasive procedures. Nitinol stents and filters can self-expand inside the body, reducing complications. Manufacturers are developing new nitinol-based products such as guidewires and catheters that improve clinical outcomes.

Weakness: The raw material cost of nitinol is higher than conventional metals used in medical devices. Some manufacturers face challenges in fine-tuning the nickel-titanium composition for specific applications. There are also concerns about biocompatibility and allergic reactions to nickel released from nitinol implants over long periods of implantation.

Opportunity: The rising geriatric population susceptible to cardiovascular diseases and the growing preference for minimally invasive surgeries are fueling the demand for nitinol medical devices. New product development focusing on areas such as vascular interventions, orthopedics and neurology could unlock lucrative opportunities. Regulatory approvals and clinical evidence for extended indications would boost the market scope.

Threats: Stringent regulatory norms and time consuming approval procedures across regions increase the entry barriers. Established market players wield pricing power threatening the margins of small manufacturers. The COVID-19 pandemic has also significantly impacted the nitinol medical devices market due to postponed elective surgeries.

Key Takeaways

The Global Nitinol Medical Devices Market Size  is expected to witness high growth on account of increasing elderly population suffering from cardiovascular diseases and adoption of minimally invasive procedures. The global Nitinol Medical Devices Market is estimated to be valued at US$ 12.5 billion in 2030 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.

Regional analysis: North America dominates the global nitinol medical devices market with the United States being the major contributor. This is due to the high healthcare spending, favorable reimbursement policies, new product approvals and growing geriatric population susceptible to chronic diseases. Several clinical researches are being conducted to expand the applications of nitinol in neurovascular and cardiovascular interventions.

Key players: Key players operating in the nitinol medical devices market are Abbott, Arthrex, Boston Scientific, B. Braun Melsungen, C.R. Bard, Medtronic, Cook Medical, Terumo Corporation and Johnson & Johnson. These companies offer a wide range of nitinol-based products targeting cardiac, vascular, orthopedic and neurology applications. They are investing in R&D to launch advanced nitinol stents, guidewires, filters and orthopedic implants.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it