Nitinol Medical Devices Market Overview Highlighting Major Drivers, Growth and Demand Report 2019 – 2027

The growing market demand for nitinol medical devices can be attributed to the rising application of nitinol based solutions and medical devices in various medical and healthare related procedures in the clinical settings, as well as the increase in the instances, as well as prevalence of various cardiovascular diseases across the world. Additionally, the rising number of minimally invasive surgical procedures being undertaken over the globe is also supplementing the development of the nitinol medical devices market in the coming years.

Some of the major drivers responsible for the nitinol medical devices market expansion are the rising burden of various chronic diseases, including renal lithiasis, as well as the rising scope for application in various domains of the healthcare and medical industry. On the other hand, the presence and widespread availability of low cost alternatives may hamper the development within the nitinol medical devices market in the coming years. Furthermore, the rising trend of innovations has given a rise to the new range of bio absorbable catheter or stent devices made from polymers. This trend is also expected to restrain the development within the global nitinol medical devices market in the next few years.

However, the growth in the revenue of nitinol medical devices market can also be attributed to the rising demand for guidewires, catheters, and stents, owing to the increasing demand for effective cardiovascular surgical procedures around the world. Furthermore, the superelastic nature of the nitinol materials makes them a perfect material to be used extensively in medical devices and products, such as guidewires, as well as stents. This trend is expected to bolster the demand in the nitinol medical devices market in the near future.

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Players in Nitinol Medical Devices Market Focused on New Product Launches

The major and leading participants and stakeholders operational in the nitinol medical devices market include Boston Scientific Corporation, Cook Medical, Inc., Medtronic PLC, W. L. Gore & Associates, Inc., Abbott Laboratories, Arthrex, Inc., C. R. Bard, Inc., Endosmart GmbH, B. Braun Melsungen AG, and Terumo Corporation, among others. The commercial landscape of the nitinol medical devices market is considered to be highly consolidated, owing to the small number of leading manufacturers and participants in the industry accounting for the largest industry share.

To enhance their industry positioning and capture a larger chunk of the industry share, the leading participants in the nitinol medical devices market are adopting various strategies, both organic, as well as inorganic, including launching of new and innovative products, collaborations and strategic agreements, product innovations through development of new and advanced technologies, and mergers and acquisitions, among others.

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North America to Lead the Nitinol Medical Devices Market in Near Future

Geographically, the nitinol medical devices market can be segmented into individual regions like Asia Pacific, Middle Eats and Africa, Europe, South America, and North America. Amongst these, the dominant share of the nitinol medical devices market is expected to be held in the near future by the region of North America. Some of the major drivers, supplementing the growth of the nitinol medical devices market in North America region include the rising instances of coronary heart diseases in the region, the rising preference for minimally invasive surgical procedures in the region, and increasing burden of various chronic diseases in the region.

The key market segments in nitinol medical devices industry, by type of the product include nitinol stents, nitinol filters, nitinol catheters, nitinol basket, and nitinol guidewires, icnluidng endoscopic guidewires, as well as orthodontic guidewires, among others. The increasing demand for stents is most likely to favor the expansion of the nitinol medical devices market in the coming years. This trend is further bolstered by the rising demand for cardiovascular surgeries all over the world. Based on the application, the products and solutions in the nitinol medical devices market can be divided into vascular, gastroenterology, orthopedic, and dental, among others.

Nitinol Medical Devices Market – Innovation and Technology Optimization to Boost Growth

Nitinol medical devices market outlook predicts that the growing illness burden and rising use of minimally invasive surgery are anticipated to drive increasing adoption of this medical device. Nitinol, which is famous for being extremely elastic, has several uses in the medical field. As per the WHO, cardiovascular diseases kill around 17.9 million people a year and is the leading cause of mortality globally. Nitinol medical devices market statistics predict that the need for nitinol medical devices is anticipated to rise along with the prevalence of ailments including renal lithiasis, cardiovascular disorders, and so on. The development of the nitinol medical devices industry, however, is likely to be influenced by the availability of alternatives to these devices.

Global market study on nitinol medical devices observe that nitinol has recently been utilized in the development of novel medical devices, including peripheral vascular stents, biodegradable polymer stents, and many others. Nitinol’s application in the medical industry has increased due to the search for less invasive treatments employing innovative tools and implants, which is expected to boost the global nitinol medical devices market. Nitinol is used as a fundamental component in the design as well as structural construction of many medical devices, including endoscopic instruments, endovascular stents, and orthodontic archwires.

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Rise in Incidences of Cardiovascular Diseases Worldwide to Spell Growth of the Market

As per Pediatric Research, shape-memory alloys are likely to be used to create paediatric cardiovascular devices and magnetostrictive and ferromagnetic shape memory alloys (FSMA). This is likely to emerge as one of the ongoing trends of the nitinol medical devices market. This is caused by nitinol’s magnetostrictive or ferromagnetic capabilities, which alter its shape in reaction to temperature fluctuations. As a result, it is anticipated that the widespread usage of products made from nitinol is likely to support the expansion of global nitinol medical devices market in the years to come.

Small tubes called stents are inserted into a blocked channel. The special characteristics of nitinol stents make them more effective than conventional stents. These stents are designed to self-adjust into the vessel wall upon insertion and withstand external stresses. Despite the presence of nickel, these stents are far less corrosive. For the year 2020, the American Cancer Society estimated about 18,440 new incidences of esophageal cancer reported in the country. Such factors encourage the use of improved stents by healthcare professionals in the market, where nitinol stents are popular due to their capacity for self-expansion. In the near future, this factor is likely to fuel the growth of the stents category in the market.

Additionally, the market for nitinol stents is anticipated to benefit from the use of less invasive procedures. One such minimally invasive procedure is angioplasty, which uses a balloon-tipped catheter to enter a blocked conduit and then a stent to expand the balloon.

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Quick Adoption of Technologically Improved Products to Drive Demand in North America Market

It is anticipated that North America would continue to hold a dominant position in the global market for nitinol medical devices. The regional market is predicted to be driven by rapidly ageing population, consumer adoption of technologically improved products, high incidence of cardiovascular diseases, and a sophisticated healthcare system.

It is anticipated that the Asia Pacific market will expand quickly. The regional market is expected to grow as global businesses increasingly conduct business in highly populated countries like Taiwan, China, and India and as the region’s healthcare sector continues to advance. Additionally, a sizable patient base with cardiovascular and gastrointestinal diseases is anticipated to contribute to rapid growth of the Asia Pacific nitinol medical devices market.