Nitinol Medical Devices Market is Estimated To Witness High Growth Owing To Increased Adoption of Minimally Invasive Surgeries

The nitinol medical devices market is estimated to be valued at US$ 40,000 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 are medical devices made from the nickel-titanium alloy nitinol which has shape memory and superelastic properties. Such devices find wide application in minimally invasive surgeries as they can be deployed through small incisions and body lumens. Common nitinol medical devices include stents, guidewires, vascular filters, orthodontic archwires and endoscopy devices among others. Their shape memory allows precise deployment and positioning inside the body.

Market key trends:
One of the key trends driving the growth of the nitinol medical devices market is the rising preference for minimally invasive surgeries. Minimally invasive surgeries are performed through small incisions and cuts instead of large incisions thereby resulting in less pain, fewer complications, shorter hospital stays, and faster recovery times for patients. Nitinol alloys are well suited for minimally invasive procedures given their superelasticity and shape memory properties allow the devices to be delivered through small catheters and deployed precisely at the target site. The increase in number of such surgeries being performed worldwide is boosting the demand for nitinol medical devices. Furthermore, nitinol stents have better flexibility and conformability than other metal stents, helping them navigate tortuous anatomy with minimal risk of disruption or damage. Their radial strength also prevents collapse after deployment. These advantages have increased the adoption of nitinol stents over other types in various interventional applications

Porter’s Analysis:
Threat of new entrants: Low economies of scale in research and development pose entry barriers for new players.
Bargaining power of buyers: Large medical device companies have significant bargaining power over smaller manufacturers.
Bargaining power of suppliers: Few suppliers of raw materials like nickel and titanium limit supplier bargaining power.
Threat of new substitutes: No major substitute materials provide nitinol’s shape memory and elastic properties.
Competitive rivalry: Market dominated by large players who compete on technology, product innovation and geographic expansion.

SWOT Analysis:
Strengths: Nitinol’s unique properties allow minimally invasive medical procedures. Demand from ageing population drives growth.
Weaknesses: High raw material costs and lengthy product approval cycles affect profitability. Limited manufacturing expertise is a challenge.
Opportunities: Expanding applications in orthopedic implants and vascular reconstruction present opportunities.
Threats: Stringent regulations and medical reimbursement policies pose challenges. Patent expiries impact key players.

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 demand for minimally invasive surgeries. The North America region dominates the market holding over 35% share in 2021 due to presence of major players and rising healthcare expenditure in the US and Canada.

The Asia Pacific region is expected to be the fastest growing market for nitinol medical devices exhibiting a CAGR of around 12.5% owing to growing medical tourism industry and rapid improvements in healthcare infrastructure in emerging economies like India, China and Indonesia.

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.

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