nitinol medical devices market

Nitinol Medical Devices Market Driven by Increasing Demand for Minimally Invasive Surgeries

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The global nitinol medical devices market is estimated to be valued at US$ 39.5 Bn or 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 find widespread application in minimally invasive surgeries such as cardiac surgeries, interventional radiology procedures, neurovascular surgeries, and other surgical applications. Nitinol medical devices offer advantages such as shape memory effect, biocompatibility, high corrosion and fatigue resistance, and superior mechanical properties compared to stainless steel. This makes nitinol suitable for applications in cardiac stents, vascular stents, orthodontic wires, orthopedic implants, and minimally invasive surgery tools. The growing preference for minimally invasive procedures and technological advancements in nitinol medical devices are fueling market growth.

Market key trends:

One of the key trends in the nitinol medical devices market is the increasing demand for nitinol stents. Nitinol stents offer shapes memory capabilities and flexibility, allowing them to withstand compressive forces within the body. This makes nitinol stents suitable forapplications such ascardiacandvascular stent implantation procedures. Nitinol cardiovascular stents held a significant market share in 2021. Another notable trend is the increasing adoption of nitinol guidewires across interventional radiology procedures such as angiography and angioplasty. Nitinol guidewires are kink resistant and provide superior torque control and pushability. Technological advancements focusing on improving the shape memory properties of nitinol alloys are also boosting the demand for nitinol medical devices.

Porter’s Analysis

Threat of new entrants: The nitinol medical devices market has moderate barrier for new entrants as it requires specialized production facilities and high technological know-how.

Bargaining power of buyers: The buyers have moderate bargaining power as there are many established players offering diversified product portfolio at competitive prices.

Bargaining power of suppliers: The suppliers have low to moderate bargaining power as raw material required for nitinol medical devices is commoditized in nature.

Threat of new substitutes: The threat of new substitutes is low since nitinol provides unique combination of shape-memory effect and super-elasticity properties that are difficult to substitute.

Competitive rivalry: The competitive rivalry in the market is high due to presence of global and regional players offering differentiated products.

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 prevalence of cardiovascular diseases and growing demand for minimally invasive surgeries.

Regionally, North America is expected to dominate the nitinol medical devices market throughout the forecast period owing to rise in geriatric population, growing prevalence of target diseases and increasing healthcare expenditure in the region. Asia Pacific is anticipated to exhibit fastest growth during 2022-2028 attributed to improving healthcare infrastructure and rising medical tourism in the region.

Key players operating in the nitinol medical devices 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. Key players are focusing on new product launches and business expansions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it