The global nitinol medical devices market is considerably consolidated with the presence of a number of large players that hold the dominant share, reveals a fresh market intelligence study by Transparency Market Research (TMR). In this competitive market, companies are hard-focused on product innovation in order to capture a larger market share. Savvy players are also vying to expand their geographical presence which they are attaining by means of strategic partnerships and mergers and acquisitions.
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Some of the leading companies in the global nitinol medical devices market are B.Braun Melsungen AG, C.R. Bard Inc., Arthrex Inc., Zimmer Biomet Holdings Inc., Cook Medical, Medtronic, W.L. Gore & Associates Inc., Terumo Corporation, Abbott Laboratories, Boston Scientific Corporation, and Endosmart GmbH.
As per a report by TMR, the global nitinol medical devices market is anticipated to clock a CAGR of 8.2% between 2017 and 2025 for the market to reach a valuation of US$25,657.5 mn by 2025-end. The market was evaluated at US$12,783.9 mn in 2016.
Among the various product types, nitinol stents have emerged as a key segment accounting for a revenue significant contribution to the overall market. On the basis of application, vascular segment held the leading share of the market vis-à-vis revenue in 2016. Geography-wise, North America held the commanding share in the overall market in 2016, and going forward the trend is anticipated to continue during the forecast period.
Rising Geriatric Population Susceptible to Peripheral Artery Diseases Stokes Growth
The global market for nitinol medical devices is anticipated to rise over the forecast period owing to the rising incidence of peripheral artery diseases among the geriatric population, rising prevalence of cardiovascular diseases, and increasing demand for minimally invasive surgical procedures. As per 2017 statistics of the World Health Organization, almost 17.7 million individuals globally are affected by cardiovascular diseases each year. Cardiovascular diseases account for 31% deaths each year globally.
Further, the rising demand for nitinol-based stents for vascular surgeries is also a significant factor acting in favor of the growth of nitinol medical devices market. The rising demand for dental implants and increasing demand for nitinol-based product is also anticipated to stoke growth of this market.
Exceptional Physical Properties Surges Adoption of Nitinol for Biomedical Applications
Nitinol is one of the most useful shape memory alloys suitable for a wide range of biomedical applications such as tweezers for small incisions, coronary angiography, tendon fixation tool, and orthodontic wires. Apart from this, nitinol is extensively used in the manufacture of catheter tubes, stone retrieval baskets, guidewires, dental files, filters, and needles. This is because nitinol displays properties of high fatigue strength, nonmagnetism, high power/weight ratio, heat resistance, corrosion resistance, and biocompatibility. In particular, the kink-resistant property of nitinol accounts for its increased preference over stainless steel in the manufacture of guidewires for catheters. The increased use of nitinol for the manufacture of medical devices has brought a radical change in the way diseases are treated.