Nitinol Medical Devices Market Is Estimated To Witness High Growth Owing To Rising Cases Of Minimally Invasive Surgery And Technological Advancements
The nitinol medical devices market is estimated to be valued at US$ 40,059.2 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 medical devices refer to the medical devices made up of nickel-titanium alloy also known as Nitinol. The Nitinol alloy exhibits unique properties such as shape memory effect and pseudo-elasticity. These properties allow the material to be designed into flexible guidewires, vascular stents, orthodontic archwires and other minimally invasive medical devices. Nitinol medical devices are widely used in minimally invasive surgeries such as vascular surgeries, orthopedic surgeries and endoscopic surgeries.
Market Dynamics:
The growth of the nitinol medical devices market is majorly driven by the rising number of minimally invasive surgeries performed globally. Minimally invasive surgeries are preferred over traditional open surgeries as they cause less post-operative pain, smaller incisions, lower risk of surgical site infection and shorter hospital stay. According to the Society of American Gastrointestinal and Endoscopic Surgeons, over 7 million endoscopic procedures are performed annually in the U.S. Another major driver for the market growth is technological advancements in nitinol-based medical devices. Continuous research and development has led to development of advanced nitinol devices with enhanced shape memory effect and super elastic properties. This has expanded the applications of nitinol medical devices in various complex surgeries and therapeutic procedures. The key manufacturers are focusing on development of nitinol-based devices for procedures in the fields
SWOT Analysis
Strength: Nitinol medical devices are highly biocompatible and biostable. They exhibit shape memory properties and high corrosion resistance. Nitinol alloys can withstand thousands of deformation cycles without fatigue. Their flexibility allows minimally invasive procedures.
Weakness: Nitinol alloys are expensive compared to other medical metals. Transition temperatures of nitinol alloys can vary between batches, requiring stringent quality control during manufacturing. Limited clinical evidence exists for long term safety and effectiveness of some nitinol devices.
Opportunity: Rising global geriatric population and prevalence of chronic diseases increase the demand for minimally invasive surgeries. Growing healthcare expenditures in emerging economies open new markets. Technological advances may expand applications of nitinol in tissue engineering and drug delivery.
Threats: Stringent regulatory approvals and reimbursement policies delay market entry. Patent expiries of blockbuster drug-eluting stents impact sales. Substitution threat from alternative biomaterials exists.
Key Takeaways:
The Global Nitinol Medical Devices Market Size is expected to witness high growth, exhibiting CAGR of 10.3% over the forecast period, due to increasing demand for minimally invasive surgeries. The North America region dominates the market holding over 35% share in 2021 due to presence of major players and rising healthcare expenditure in the US and Canada.
The Asia Pacific region is expected to be the fastest growing market for nitinol medical devices exhibiting a CAGR of around 12.5% owing to growing medical tourism industry and rapid improvements in healthcare infrastructure in emerging economies like India, China and Indonesia.
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.
Read more: https://makuv.com/nitinol-medical-devices-market-driving-large-revenue-growth/
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