July 15, 2024

The Increasing Adoption Of Miniaturized Devices Is Anticipated To Open Up The New Avenue For Nitinol Medical Devices Market

Market Overview:

Nitinol medical devices are made up of nickel-titanium alloy known as nitinol that possess shape memory and superelastic properties. These devices find applications in minimally invasive surgeries for cardiovascular, neurological and orthopedic procedures. Some key nitinol medical devices include guidewires, vascular stents, intravascular filters, pacemaker leads and endoscopy devices. Nitinol’s shape memory and superelastic properties allow manufacturers to design devices that can be compressed to a smaller size for catheter delivery and then expand to their original shape in the body.

Market Dynamics:

The growth of the nitinol medical devices market is primarily driven by rising prevalence of cardiovascular, neurological and orthopedic disorders. For instance, according to World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading global cause of death, accounting for over 17.9 million deaths per year. In addition, increasing preference for minimally invasive procedures over traditional open surgeries is also contributing to the market growth. This is owing to advantages such as reduced trauma, scarring, blood loss, pain and shorter hospital stay associated with minimally invasive procedures. Moreover, technological advancements in nitinol medical devices such as addition of drug coatings to deliver targeted drug therapy is further supporting the market growth. However, high cost of nitinol raw material and nitinol medical devices is a major factor restraining the market growth.

Segment Analysis

The global nitinol medical devices market can be segmented based on product type and application. Based on product type, the market can be segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol/PTFE sutures, and others. Among these, the nitinol stents segment is expected to dominate the market during the forecast period. Nitinol stents have high adoption rate due to their unique properties like shape memory and superelasticity which allows them to be easily inserted through small vessels without causing any damage to vessel walls.

PEST Analysis

Political: The market is positively impacted by various government initiatives and funding for research related to nitinol medical devices.

Economic: The growing per capita healthcare expenditure in developing countries is expected to drive the market growth during the forecast period.

Social: Rising geriatric population worldwide which is more prone to vascular diseases and increasing awareness about minimally invasive surgeries is augmenting the demand.

Technological: Continuous innovations in terms of development of cutting-edge nitinol medical devices and their applications in vascular diseases, urology, and others is propelling the market growth.

Key Takeaways

The Global Nitinol Medical Devices Market Demand is expected to witness high growth, exhibiting CAGR of 10. over the forecast period, due to increasing prevalence of cardiovascular diseases, rising number of minimally invasive surgeries and growing aging population globally. North America is projected to dominate the market during the forecast period attributed to developed healthcare infrastructure and technological advancements in the region.

Europe is also expected to account for a significant share in the global market owing to rising healthcare expenditure and government support for research & development activities. 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.

Regional analysis:

 

The Asia Pacific region is anticipated to register a lucrative growth rate over the forecast period due to increasing healthcare expenditures, rising awareness about modern treatment procedures, and growing medical tourism across India and China.

Key players:

 

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