Nitinol Medical Devices Market Outlook
Nitinol refers to a class of shape memory alloys (SMA) made by integrating equal concentrations of nickel and titanium. It is a super elastic material with the ability to transform its phase from austenite to martensite and back to the stress-free austenite state.
The global nitinol medical devices market size reached US$ 16.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 25.7 Billion by 2027, exhibiting a growth rate (CAGR) of 7.6% during 2022-2027.
Nitinol is used in the manufacturing of medical devices that undergo repetitive deformations from high strain levels during deployment. Some commonly available nitinol medical devices, include catheter tubes, guidewires, stone retrieval baskets, filters, needles, dental files, arch wires, etc. These devices find various applications in minimally invasive (MI) procedures across the globe.
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Nitinol Medical Devices Market Trends:
The increasing prevalence of chronic diseases on account of sedentary consumer lifestyles and escalating intake of alcohol and tobacco, is primarily driving the need for nitinol medical devices in the medical sector. Additionally, the elevating adoption of nitinol medical devices in minimally invasive surgeries (MIS) for smaller incisions, less scarring, considerable accuracy, etc., is further propelling the market growth.
Besides this, the introduction of advanced nitinol medical devices, including peripheral vascular stents that find extensive applications in general surgery, structural heart diseases, orthopedics, etc., is also augmenting the global market. Moreover, the emergence of biodegradable polymer stents, along with the growing product utilization in orthodontics and endodontics is anticipated to bolster the nitinol medical devices market in the coming years.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players:
- Arthrex Inc.
- Braun Melsungen AG
- Becton Dickinson and Company
- Boston Scientific Corporation
- Cook Group Incorporated
- Endosmart GmbH
- Medtronic plc
- Shanghai MicroPort Medical (Group) Co. Ltd.
- Stryker Corporation
- Terumo Corporation
- L. Gore & Associates Inc.
- Zimmer Biomet
Key Market Segmentation:
The report has categorized the market based on product type, application and end user.
Breakup by Product Type:
- Stents
- Baskets
- Guidewires
- Nitinol Catheters
- Nitinol Filters
- Others
Breakup by Application:
- Cardiovascular
- Urology
- Dentistry
- Gastroenterology
- Others
Breakup by End User:
- Hospitals and Clinics
- Ambulatory Surgery Centers
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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