Nitinol, which is a shape memory alloy of nickel and titanium, finds wide application in different medical devices like catheters, guidewires, bone fracture and vascular stents. The ability of Nitinol to regain its original shape after deformation makes it well suited for different minimally invasive surgeries. Being a superelastic material, Nitinol devices provide greater flexibility during complex surgeries and cause minimal trauma to the surrounding tissues. Catheters made from Nitinol can navigate narrow and tortuous paths in the body with minimal effort. Stents fabricated using Nitinol can self-expand at the target site thus reducing complications.
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.
Market key trends:
Growing burden of cardiovascular diseases and rising adoption of minimally invasive surgeries are key factors driving the demand for Nitinol medical devices. As per estimates, over 17 million people die annually from cardiovascular diseases. Nitinol stents and guidewires play a crucial role in angioplasty procedures. Also, the superelastic properties of Nitinol make it suitable for developing complex surgical devices for neurovascular and gastrointestinal applications. Several innovating startups are exploring new ways to leverage the unique properties of Nitinol to develop next-gen medical technologies. This is expected to introduce many novel Nitinol based solutions in the coming years thus accelerating the market growth. However, higher production cost of Nitinol may hinder widespread adoption.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the nitinol medical devices market is moderate. High capital requirements and stringent regulations act as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of large number of established players provides buyers with greater choice and price leverage.
Bargaining power of suppliers: The bargaining power of suppliers is low given the availability of raw material suppliers. Suppliers have less influence on pricing and do not pose major threat.
Threat of new substitutes: The threat of substitutes is low as there are limited replacement options available for nitinol in medical devices.
Competitive rivalry: The competitive rivalry is high owing to presence of large global players. Players focus on new product launch and innovation to gain market share.
Key Takeaways
The Global Nitinol Medical Devices Market Demand is expected to witness high growth during the forecast period. The market was valued at US$ 51039.93 Mn in 2024 and is projected to reach US$ 89378.65 Mn by 2030, registering a CAGR of 7.2%.
Regional analysis
North America dominates the nitinol medical devices market and is expected to maintain its leading position over the forecast period. This is attributed to growing geriatric population, favourable reimbursement policies and higher healthcare expenditure in the region. Asia Pacific is anticipated to witness fastest growth rate during the forecast period owing to improving healthcare infrastructure and increasing medical tourism in emerging countries like China and India.
Key players operating in the nitinol medical devices are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, Ansaldo Energia. GE and Siemens are the market leaders in nitinol medical devices with strong brand recognition and diverse product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
