by Nitinol medical devices are widely used in minimally invasive surgical procedures owing to their shape memory properties and superelastic characteristics. Nitinol medical devices are used to manufacture products such as catheters, guidewires, stents, filters, and orthodontic archwires. Catheters guidewires made of nitinol provide precise positioning and navigation inside arteries, veins, and hollow cavities in the body. Stents are commonly used to open blocked or narrowed blood vessels and tubes inside the body. Nitinol filters are implanted in blood vessels to capture blood clots safely.
The global Nitinol medical devices market is estimated to be valued at US$ 51039.93 Mn in 2023 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 Dynamics:
Increasing minimally invasive surgical procedures is one of the key drivers for the growth of the nitinol medical devices market. For instance, minimally invasive cardiac surgery procedures have significantly increased over the past few years. Nitinol catheters, guidewires, filters and stents are majorly used in minimally invasive cardiac surgeries and vascular procedures. According to the Society of Thoracic Surgeons Adult Cardiac Surgery Database, over 70% of mitral valve repairs in the United States were conducted through minimally invasive approach in 2017. Moreover, increasing prevalence of cardiovascular and neurological diseases also contributes to the growth of nitinol medical devices market. Nitinol stents are majorly used to open blocked arteries, majority of which are caused due to atherosclerosis. According to American Heart Association’s Heart Disease and Stroke Statistics- 2020 Update report, cardiovascular diseases are the leading global cause of death accounting for over 17.9 million deaths annually.
Segment Analysis
The nitinol medical devices market is dominating segmented by cardiovascular devices which accounts for more than 50% share of the overall market. Cardiovascular devices segment is dominating due to increasing prevalence of cardiovascular diseases and rising number of percutaneous cardiology interventions performed annually. The cardiovascular devices include coronary stents, vena cava filters, guidewires and catheters.
PEST Analysis
Political: Governments across the regions have undertaken various initiatives to increase healthcare spending and infrastructure which is positively impacting the growth of nitinol medical devices market.
Economic: Rising disposable income, growing healthcare expenditure and health insurance penetration are the key economic factors fueling the demand for advanced nitinol medical devices.
Social: Growing prevalence of chronic diseases due to changing lifestyle and rapidly aging population are creating social impact on the adoption of nitinol medical devices for treatment and management of various diseases.
Technological: Continuous focus on research and development activities to develop novel devices with improved efficacy is supporting the market growth. Adoption of artificial intelligence and robotics is also prompting new opportunities
Key Takeaways
The Global Nitinol Medical Devices Market Size is expected to witness high growth over the forecast period.
North America region currently dominates the market and is expected to maintain its lead position during the forecast period.Favourable reimbursement policies and growing funding for research & development activities involving nitinol medical devices are some of the factors supporting the market growth in the region.
Key players operating in the nitinol medical devices market are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, and MAN Energy Solutions. Key players are majorly focusing on new product launches, partnerships, and expansion strategies 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
