The global nitinol medical devices market is estimated to be valued at US$ 40,040.1 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-based medical devices and implants provide numerous advantages over traditional stainless steel devices due to nitinol's superelastic and shape memory properties. Nitinol devices experience less fatigue and are highly tolerant to flexing without permanent deformation. This makes them preferred for minimally invasive surgery and longer-term implants.
Market key trends:
One of the key trends fueling market growth is the rapidly rising demand for nitinol-based medical implants and interventional devices. Nitinol's biocompatibility and unique mechanical properties allow manufacturers to develop improved stents, guidewires, implants, and catheters. Nitinol stents in particular have revolutionized cardiovascular interventions due to their ease of insertion and conformation to vessel shapes. The growing disease burden of cardiac disorders and other diseases requiring interventional treatment procedures globally is driving significant demand for nitinol medical devices.
Segment Analysis
The global nitinol medical devices market is segmented on the basis of product, application, and end-use. Based on product, the market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others. The nitinol stents segment dominated the market in 2021 due to the increasing prevalence of cardiovascular diseases and growing demand for minimally invasive procedures. Nitinol stents are widely used for angioplasty and vascular reconstruction procedures.
Key Takeaways
The Global Nitinol Medical Devices Market Size is expected to witness high growth, exhibiting a CAGR Of 10.3% over the forecast period, due to the increasing prevalence of cardiovascular diseases and rising preference for minimally invasive procedures.
The market size was valued at US$ 36,417.2 Mn In 2021 and is projected to reach US$ 87,762.9 Mn by 2028.
The North America region currently dominates the market due to the rising geriatric population and increasing adoption of technologically advanced medical devices in the region. The Asia Pacific region is expected to grow at the fastest rate over the forecast period due to growing medical tourism, rising disposable incomes, and improving healthcare infrastructures in emerging economies.
Key players operating in the nitinol medical devices market 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. These players are implementing various strategies such as new product launches, partnerships, mergers and acquisitions to strengthen their foothold in the market.
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