by 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 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nitinol medical devices are made from nickel titanium alloy called Nitinol. Nitinol has shape memory properties that allow devices to be deformed at one temperature and regain their pre-defined shape when exposed to another temperature. Key Nitinol medical devices include surgical implements, which consists of guidewires, catheters, stents, filters and occluders. Nitinol allows increased flexibility and shape retention in minimal invasive surgeries. Additionally, its shape memory properties aid in minimally invasive surgeries, minimizes friction and improving patients’ recovery time.
Market key trends:
One of the major trends in the Nitinol medical devices market is the expanding applications of Nitinol alloys. Nitinol alloys are increasingly finding new applications in interventional cardiology, neurology and peripheral vascular diseases. For instance, Nitinol stents are gaining popularity in treating abdominal aortic aneurysms. Additionally, Nitinol based implants are being utilized in orthopedic applications such as foot and ankle surgeries. Growing research in bio-compatible Nitinol alloys is also supporting new product development. Manufacturers are focusing on developing advanced Nitinol alloys with improved shape memory effect and biocompatibility. Such product innovations are expected to support the growth of Nitinol medical devices market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand recognition by existing players make the entry of new players difficult in this market.
Bargaining power of buyers: Buyers have moderate bargaining power owing to the availability of substitute products and established brand preference.
Bargaining power of suppliers: A few vendors dominate the supply of raw materials for nitinol medical devices providing them higher bargaining power.
Threat of new substitutes: Substitute technologies such as shape memory polymers possess potential threats but nitinol offers unmatched biocompatibility and functionality.
Competitive rivalry: The market comprises large multinational firms leading to high competitive rivalry.
Key Takeaways
The global Nitinol Medical Devices Market Growth is expected to witness high growth, exhibiting a CAGR of 10.% over the forecast period, due to increasing preference for minimally invasive surgeries.
Regional analysis: North America dominates the global market owing to presence of major players and advanced healthcare system in the region. Asia Pacific exhibits highest growth rate attributed to growing medical tourism and healthcare spending.
Key players: 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. Zimmer Biomet leads the market with wide product portfolio for dental, orthopedic, and cardiovascular applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
