Nitinol medical devices find wide application in minimally invasive surgeries owing to their shape memory and super elastic properties. Nitinol stents, guidewires, and vascular filters are widely used in cardiovascular procedures.
Market key trends:
Technological advancements are playing a key role in driving the growth of the nitinol medical devices market. Researchers and manufacturers are developing novel techniques to impart improved corrosion resistance, fatigue life, flexibility, and biocompatibility to nitinol alloys. 3D printing technologies are allowing complex nitinol structures to be fabricated for advanced medical applications. Additive manufacturing enables customization and on-demand production which is advantageous for medical devices. Advancements such as laser cutting and micro-machining have increased the precision of nitinol parts used in minimally invasive procedures. Growing R&D in the field of shape memory alloys is expanding the potential of nitinol in medical implants, heart valves, and orthopedic devices.
Segment Analysis
The global nitinol medical devices market is dominated by the cardiovascular segment. This segment accounted for the largest market share in 2019 owing to high usage of nitinol in various cardiovascular applications such as stents, guidewires and filters. Nitinol possesses desirable properties like shape memory effect and superelasticity that makes it preferable for cardiovascular applications over other materials. The extensive use of nitinol for manufacturing cardiovascular stents has been a major factor contributing to the segment's large size. The neurological segment is expected to grow at the fastest pace during the forecast period on account of increasing technological advancements in nitinol-based implants and rise in neurological disorders globally.
Key Takeaways
The Global Nitinol Medical Devices Market Demand is expected to witness high growth during the forecast period owing to increasing incidence of cardiovascular, neurological and other chronic diseases.
Regional analysis: North America currently dominates the market and is expected to continue its lead during the forecast period. The increasing prevalence of cardiovascular diseases and growing adoption of minimally invasive surgeries in the region are primary factors supporting the large size of the North American market. Asia Pacific region is poised to witness the fastest growth and emerge as the second largest market by 2030. Rapidly developing healthcare infrastructure, large patient pool and growing medical tourism industry are fueling the demand for nitinol medical devices in Asia Pacific countries.
Key players: Key players operating in the nitinol medical devices market are GE Healthcare, Abbott Laboratories, Boston Scientific Corporation, Cardinal Health, Medtronic, C.R. Bard, Terumo Corporation, Johnson & Johnson, B. Braun Melsungen and Stryker Corporation. GE Healthcare is one of the leading vendor providing a wide range of nitinol-based vascular plugs, embolization coils and micro-catheters for neurovascular and peripheral vascular applications. Abbott Laboratories offers coronary, peripheral and endovascular stents made of nitinol for invasive cardiology procedures.
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