Use of Nitinol in Development of Biodegradable Medical Stents to Drive Global Nitinol Medical Devices Market at CAGR of 8.5% During Forecast Period, says TMR Study

- The global nitinol medical devices market is expected to be driven by growing clinical use of nitinol-based products in medical processes during the forecast period

-  Dominance of North America in the global market is due to rapid rise in the use of technically sophisticated products and high incidence of peripheral artery illness

ALBANY, N.Y., Dec. 3, 2021 /PRNewswire/ -- Innovative medical devices such as biodegradable polymer stents, peripheral vascular stents, and others have been developed using nitinol in the recent years. The quest for minimally invasive treatments using novel instruments and implants has expanded the use of nitinol in the medical industry, which is likely to drive the global nitinol medical devices market. Endovascular stents, for instance, employ nitinol as a basic element for design and structural construction, as do endoscopic tools and orthodontic archwires.

Magnetostrictive and ferromagnetic shape memory alloys (FSMA), which are utilized to design paediatric cardiovascular devices, are two possible uses of shape-memory alloys according to Pediatric Research, a monthly peer-reviewed medical journal. This is due tothe ferromagnetic or magnetostrictive properties of nitinol, which changes form in response to temperature variations. Thus, the growth of the global nitinol medical devices market is expected to be fuelled by the extensive use of nitinol-based products in medical operations during the forecast period.

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The global nitinol medical devices market was valued at US$ 14,571.7 Mn in 2018 and the market is estimated to rise at a CAGR of 8.5% during the forecast period, from 2019 to 2027.

Key Findings of Market Report

• Increase in Demand for Minimally Invasive (MI) Surgeries to Drive Global Market

Hospitals are increasingly adopting minimally invasive surgical methods. Since the surgeries are conducted through small incisions rather than a single large opening, patients benefit from shorter recovery periods and less discomfort. Minimally invasive methods, according to mivision, are destined to revolutionize the glaucoma treatment. As compared to other invasive procedures, these methods appeal to patients due to quicker recovery and better safety.

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The Hydrus Microstent functions as a scaffold, widening and dilating Schlemm's canal to improve aqueous outflow in the eye. It is made of nitinol, a biocompatible as well as MRI-safe material. This material has been successfully utilized in over a million medical implants.

• Rapid Adoption of Technologically Advanced Medical Products to Drive North America Market

In 2018, North America was one of the prominent regions in the global nitinol medical devices market, and it is expected to retain that dominance during the forecast period. Acceptance of technologically advanced products, a well-established healthcare infrastructure, high prevalence of cardiovascular illnesses, and rapidly aging population are estimated to drive the regional market.

The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Increasing business penetration of global players in highly populous nations such as India, China, and Taiwan, along with a constantly advancing healthcare industry in the region, is projected to boost the regional market. In addition, the presence of a large pool of patients with gastrointestinal and cardiovascular conditions is also estimated to contribute to the high growth rate of the nitinol medical devices market in Asia Pacific.

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Nitinol Medical Devices Market: Growth Drivers

• In the forthcoming years, hospitals are expected to emerge as a leading end user, owing to rising demand for minimally invasive procedures and increasing number of orthopedic and vascular surgeries
• As per the World Health Organization, cardiovascular illnesses are the major cause of mortality globally. Due to the increasing incidence of peripheral vascular disease and cardiovascular illnesses, nitinol stents are likely to observe rise in demand.

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Nitinol Medical Devices Market: Key Competitors

Some of the key market players are

• Boston Scientific Corporation
• B. Braun Melsungen AG
• W. L. Gore & Associates, Inc.
• Zimmer Biomet Holdings, Inc.
• Abbott Laboratories
• Endosmart GmbH

Nitinol Medical Devices Market: Segmentation

Product

• Nitinol Stents
• Nitinol Guidewires
• Nitinol Filters
• Nitinol Basket
• Nitinol Catheters

Application

• Orthopedic
• Vascular
• Dental
• Gastroenterology

End User

• Hospitals
• Clinics
• Ambulatory Surgical Centers

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