March 1, 2024
Nitinol Medical Devices Market

The Nitinol Medical Devices Market Is Expected To Be Flourished By Growing Adoption Of Minimally Invasive Procedures

Nitinol is a nickel-titanium alloy that has the ability to return to a predefined shape when subjected to heat. This property makes nitinol highly preferable for manufacturing medical devices. Nitinol medical devices include stents, guidewires, vascular filters and occluders, bone fixation and removal devices, and dental applications. Stents account for the largest market share as they prevent blockages in blood vessels and do not require open-heart surgeries. Guidewires are inserted into the body with catheters and other medical devices to examine and guide tools to targeted internal organs easily. Vena cava filters are implanted in the inferior vena cava to trap blood clots safely. Bone fixation devices such as compression plates and screws are inserted surgically to treat bone fractures. Recently, nitinol finds usage in transcatheter heart valves as they can be delivered via minimally invasive catheter procedures.

The global Nitinol Medical Devices Market is estimated to be valued at US$ 44305.49 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growth in geriatric population prone to cardiovascular diseases and adoption of minimally invasive surgeries are key factors fueling the demand for nitinol medical devices. As per the United Nations, the geriatric population aged above 65 years is projected to reach 1.5 billion globally by 2050. Moreover, adoption of transcatheter aortic valve replacement and other minimally invasive procedures are gaining prominence over conventional open-heart surgeries due to benefits such as reduced risk of infection, shorter hospital stay, and quicker recovery time. Growth in target disease incidence rates especially cardiovascular diseases, increase in healthcare expenditure worldwide, and technological advancements in nitinol-based medical devices are expected to boost the market during the forecast period.

Segment Analysis

The global nitinol medical devices market is dominated by the cardiovascular segment. Cardiovascular devices account for around 60% of the total nitinol medical devices market share owing to factors such as growing prevalence of cardiovascular diseases and rising demand for minimally invasive endovascular procedures. Expanding applications of nitinol alloys in designing vascular stents, occluders, filters and grafts has boosted the cardiovascular segment growth.

Pest Analysis

Political: Stringent regulatory approval process and policies by health authorities like FDA sometimes delays the product launch affecting the market growth.

Economic: Rising healthcare expenditure, growing geriatric population and increasing cases of CVD and neurological diseases drive the market demand. However, high R&D costs associated with developing niche devices pose a challenge.

Social: Growing public awareness about latest treatment options and availability of favorable medical insurance and reimbursement policies support the adoption of nitinol medical devices

Technological: Advancements in material engineering and 3D printing technologies help manufacturers design nitinol devices with enhanced flexibility, fatigue resistance and biocompatibility meeting the complex anatomical requirements. Ongoing nanotechnology research also expands the applications.

Key Takeaways

The global Nitinol Medical Devices Market Share is expected to witness high growth at a CAGR of 7.2% during the forecast period of 2023 to 2030.

Regional analysis:

The North America region currently dominates the market backed by growing geriatric population, higher healthcare spending and presence of key players like GE Healthcare, Boston Scientific and Medtronic in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with countries like China, India and Japan emerging as lucrative markets.

Key players operating in the nitinol medical devices market are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries operating in customized and standardized product segments with a focus on R&D to develop application-specific nitinol alloys with enhanced properties. Startups are also engaged in developing niche products for unconventional applications

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