Nitinol is a great choice for medical devices. It is a commonly used material in the medical device industry. Nitinol is commonly used to manufacture cardiovascular stents and guidewires, surgical instruments, orthodontic archwires, transcatheter heart valves, orthopedic fracture fixation, dental files, and permanent birth control implants, among others. Nitinol is also a great choice for medical devices that may be introduced into the body to perform surgical procedures. It is ideal for use in internal and external medical applications.
Market Statistics:
The Global Nitinol Medical Devices Market is estimated to account for US$ 40,160.9 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for or increase in adoption of nitinol medical devices worldwide is expected to propel growth of the global nitinol medical devices market over the forecast period. For instance, with the increase in clinical applications of nitinol in the healthcare industry, the adoption of nitinol medical devices is also increasing rapidly. In July 2022, Stryker Corporation announced the launch of EasyFuse Dynamic Compression System, which uses nitinol, a nickel-titanium alloy metal well known for its strength and shape recovery. The system is designed to decrease surgical complexity, provide strong dynamic-compression implants, and reduce waste in the operating room.
Opportunities:
Rise in prevalence of cardiovascular diseases (CVDs) worldwide is expected to offer significant growth opportunities for players in the global nitinol medical devices market. For instance, with the rise in prevalence of cardiovascular diseases, such as coronary and peripheral vascular disease, the adoption of self-expanding nitinol stents is also increasing with a rapid pace. Self-expanding nitinol stents have revolutionized the treatment of peripheral vascular disease. According to World Health Organization (WHO), CVDs are the leading cause of death worldwide, taking an estimated 17.9 million lives each year. Over 31% of global death occurs due to cardiovascular diseases.
Restraints:
High cost of nitinol-based medical devices and the presence of alternative metals are major factors expected to hamper growth of the global nitinol medical devices market. For instance, metal alloys, like cobalt-chromium alloys, copper-based alloys, stainless steel, gold, silver, iridium, platinum, tantalum, and tungsten, are also being used in medical devices. Moreover, nitinol medical devices are expensive and difficult to process, and the manufacturing costs associated with other materials are relatively low. Even though nitinol medical devices have various advantages, the high cost of manufacturing is expected to hinder market growth.
Nitinol Medical Devices Market - Impact of Coronavirus (Covid-19) Pandemic:
Outbreak of COVID-19 had a severe impact on the nitinol medical devices market, as the pandemic resulted in postponements or cancellations of elective and non-essential surgical procedures, such as cardiovascular, orthopedic, and dental surgeries. Several governments worldwide implemented lockdowns which greatly hampered the ability to carry out routine medical treatments or surgeries. However, the worldwide medical devices market has been broadly growing, especially since the COVID-19 outbreak. The pandemic has increased demand for medical device that are essential for the management of COVID-19.
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Key Takeaways:
The global nitinol medical devices market was valued at US$ 36,417.2 Mn in 2021 and is forecast to reach a value of US$ 72,516.5 Mn by 2028 at a CAGR of 10.3% between 2022 and 2028.
Among product type Stents segment held dominant position in the global nitinol medical devices market in 2021, accounting for 39.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Nitinol, a metal alloy, is being used in a wide range of medical devices. The material is often used to manufacture catheters, needles, guidewires, filters, stone retrieval baskets, dental files, archwire, and other surgical instruments. Moreover, nitinol is a great choice for medical devices that may be introduced into the body to perform surgical procedures. Thus, with the rise in clinical application of nitinol, the demand for nitinol based medical devices is also increasing. This trend is expected to continue over the forecast period, driving the growth of the market.
Competitive Landscape:
Major players operating in the global nitinol medical devices market include 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 (BD), and Terumo Interventional Systems (Terumo Corporation), among others.
Recent Developments:
In August 2019, Arthrex Inc. received FDA clearance of its Eclipse Total Shoulder Replacement System, which is a novel, less invasive, bone-preserving total shoulder replacement.
In June 2019, Boston Scientific Corporation announced the acquisition of Vertiflex Inc., which developed and commercialized the Superior Indirect Decompression System, a minimally invasive device for lumbar spinal stenosis.
In July 2018, Becton, Dickinson and Company (BD) acquired TVA Medical Inc., which develops minimally invasive vascular solutions for patients suffering from chronic kidney diseases.
