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Nitinol Medical Devices Market - Growth, Trends, and Forecasts (2023-2028)

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  • 117 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 4997397
Over the next few years, the market for medical devices made of nitinol is expected to grow at a CAGR of 9.1%.

The COVID-19 pandemic resulted in postponements and cancellations of non-essential and elective procedures such as dental procedures and orthopedic surgeries, which witnessed a significant decline in the number of surgeries during the pandemic. For instance, in 2021, an article published by Linguistic and Culture Review reported that medical device supply chains hit by the global pandemic are under unprecedented pressure as sharply fluctuating demand triggers widespread shortages of medical devices. The worldwide medical devices market, including nitinol medical devices, has been affected by the pandemic. However, as the pandemic has subsided currently, the market is expected to have stable growth in the forecast period of the study.

The factors that are driving the market are the growing burden of chronic diseases and the rising preference for minimally invasive surgeries. Cardiovascular disease (CVD) is highly prevalent in developed and developing countries. It is among the largest contributors to overall deaths in the world. For instance, in 2021, WHO reported that an estimated 17.9 million people died from cardiovascular disease (CVD) annually, representing 32% of all global deaths. Of these deaths, 85% were due to heart attacks and strokes. In addition, procedures such as angioplasty that place balloons or stents in the blood vessels have allowed the use of nitinol medical devices. Most of the stents, grafts, and balloons are made from nitinol. Also, the guiding guidewires and catheters used during the procedures are widely made from nitinol.

Another driving factor for this market is the rising preference for minimally invasive surgeries for cardiovascular disease (CVD), which is highly prevalent in developed and developing countries. The advantages of minimally invasive surgeries (MIS), such as smaller incisions, reduced pain, fewer complications, minimal blood loss, and shorter hospital stays, have dramatically influenced the adoption of minimally invasive surgeries (MIS). The growing popularity of minimally invasive surgeries (MIS) is largely due to the benefits of MIS, and it has also contributed to the growth of nitinol medical devices, particularly for robotic surgeries and laparoscopic procedures.

Due to the above-mentioned reasons, such as the growing burden of chronic diseases and the rising preference for minimally invasive surgeries, and the fact that cardiovascular disease (CVD) is highly prevalent in both developed and developing countries, the market is expected to show significant growth over the forecast period; however, the high cost of devices and the presence of alternative devices may slow down the growth of the market.

Nitinol Medical Devices Market Trends

Stents Segment to Witness Significant Growth over the Forecast Period.

Stents are tiny tubes that are used for insertion into a blocked passageway. Nitinol stents exhibit some unique properties that make them more efficient than other stents. These stents are engineered in such a way that when inserted, they adjust themselves into the wall of the vessel and resist its forces. Also, these stents are less corrosive, even though there is a presence of nickel.

The major factors driving this market segment are technological advancements, the increasing number of percutaneous coronary intervention (PCI) procedures, the rising burden of cardiovascular diseases (CVDs), the increasing demand for minimally invasive procedures, and the rising geriatric population. Cook Medical, for example, received breakthrough device designation from the US Food and Drug Administration in January 2022 for a new drug-eluting stent for below the knee (BTK).This new stent is designed to treat patients suffering from chronic limb-threatening ischemia (CLTI). For another instance, in February 2022, Cordi Health’s Cordis Precise Nitinol Stent System received United States Food and Drug Administration (USFDA) approval for labeling updates.

The other driving factors for the growth in the stent segment are the rising burden of cardiovascular diseases (CVDs) and the rising geriatric population. In 2022, an article published in the American Journal of Cardiology reported that with the aging of the population, a large proportion of patients seen in cardiovascular practice are older adults. The burden of cardiovascular disease increases with age, and there is an increasing incidence of cardiac diseases in the geriatric patient population. Thus, the increasing geriatric population is associated with a high prevalence of cardiac diseases, thereby driving the market for nitinol medical devices associated with these diseases.

Thus, due to the above-mentioned reasons, such as the rising burden of cardiovascular diseases (CVDs) and the rising geriatric population, technological advancements, and the increasing number of percutaneous coronary intervention (PCI) procedures, the stents segment is expected to witness significant growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to hold a significant share of the nitinol medical devices market growth due to the growing burden of diseases and the increase in the adoption of minimally invasive procedures. A sedentary lifestyle resulting in obesity and other cardiovascular diseases such as heart attack, stroke, ischemic heart disease (IHD), etc. are primarily driving the nitinol medical devices market in North America.

Coronary heart disease, also known as ischemic heart disease, is caused by the formation of plaque in the walls of the arteries. Increasing adoption of technologically advanced products is also another reason to drive the growth of this market. For instance, in February 2022, the Cordis Health S.M.A.R.T. Control nitinol stent system got the United States Food and Drug Administration's (USFDA) approval for a new delivery system to allow the use of a trans-radial approach. For another instance, in 2022, Confluent Medical Technologies partnered with medical device manufacturers' original equipment manufacturers ('OEMs') and announced that TPG Capital had agreed to make a majority investment in the company. Confluent’s depth of expertise in Nitinol processing and other complex modalities, differentiated manufacturing capabilities, and unique end-to-end integration have positioned the company as a trusted design and manufacturing partner to original equipment manufacturers (OEMs) for many of the most complex implantable products.

Moreover, the increasing use of nitinol devices in dentistry is also expected to enhance market growth. For instance, according to the data published by the Canadian Dental Association in September 2022, there will be approximately 25,500 licensed dentists in Canada in 2022, which stands for 65 dentists for every 100,000 Canadians. They are operating in roughly 16,000 dental offices in Canada. The increasing number of dentists and dental offices is expected to increase the adoption of nitinol devices in dentistry.

Thus, owing to the above mentioned reasons, such as the increasing adoption of technologically advanced products, the growing burden of diseases, and the increase in the adoption of minimally invasive procedures, the region is expected to show significant growth over the forecast period.

Nitinol Medical Devices Market Competitor Analysis

The nitinol medical devices market is fragmented in nature due to the presence of fewer companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold market shares and are well known, such as Arthrex Inc., B. Braun SE, Boston Scientific Corporation, Becton, Dickinson & Company, Cook Medical, EndoSmart GmbH, Merck KGaA, Terumo Corporation, W.L. Gore & Associates Inc., and Zimmer Biomet.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Chronic Diseases
4.2.2 Rising Preference for Minimally Invasive Surgeries
4.3 Market Restraints
4.3.1 High-cost of Devices
4.3.2 Presence of Alternative Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Product Type
5.1.1 Stents
5.1.2 Baskets
5.1.3 Guidewires
5.1.4 Other Products
5.2 By Application
5.2.1 Cardiovascular
5.2.2 Urology
5.2.3 Dentistry
5.2.4 Other Products
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Arthrex Inc
6.1.2 B. Braun SE
6.1.3 Boston Scientific Corporation
6.1.4 Becton, Dickinson & Company
6.1.5 Cook Medical
6.1.6 EndoSmart GmbH
6.1.7 Merck KGaA
6.1.8 Terumo Corporation
6.1.9 W.L. Gore & Associate Inc.
6.1.10 Zimmer Biomet

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Arthrex Inc
  • B. Braun SE
  • Boston Scientific Corporation
  • Becton, Dickinson & Company
  • Cook Medical
  • EndoSmart GmbH
  • Merck KGaA
  • Terumo Corporation
  • W.L. Gore & Associate Inc.
  • Zimmer Biomet