Growing Demand for Minimally Invasive Surgeries of Nitinol Medical Devices Market
The global nitinol medical devices market is estimated to be valued at US$ 51039.93 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Nitinol has super elastic and shape memory properties that make it suitable for various medical devices. Its high biocompatibility reduces biological rejection. Devices made from Nitinol offer less invasive procedures for patients compared to other metals.
Weakness: The production cost of Nitinol is higher than other metals like stainless steel used in medical devices. Further research is required to fully understand its long term interactions inside the human body.
Opportunity: Rising geriatric population globally is increasing the demand for minimally invasive medical procedures. The emergence of new areas like cardiology presents growth opportunities. Developing economies offer sizable patient bases but require more awareness about advanced medical technologies.
Threats: Stringent regulatory approvals and clinical trials delay the market entry of new products. Established players dominate certain device segments like stents, posing entry barriers. Patent expiries allow generic competition reducing prices and margins of leading brands.
Key Takeaways
The Global Nitinol Medical Devices Market Growth is expected to witness high.
Regional analysis: The Asia Pacific region dominates the global market currently and is expected to witness the highest growth during the forecast period due to rising medical expenditures, healthcare reforms and increasing incidence of chronic diseases.
Key players operating in the Nitinol Medical Devices market are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, Ansaldo Energia.
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