by The North American nitinol medical devices market is estimated to be valued at US$ 40,176.4 Mn in 2022 and is expected to exhibit a CAGR of 10.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nitinol is a shape memory alloy made of nearly equal parts nickel and titanium. It possesses properties such as shape memory effect and pseudoelasticity that allow nitinol to return to a defined shape/size when exposed to heat. Nitinol medical devices find widespread application in minimally invasive surgeries and other medical procedures due to their ability to offer flexibility, kink resistance, and shape memory effects. They include stents, guidewires, vena cava filters, orthodontic archwires and cryogenic tools. Nitinol guidewires in particular help surgeons and cardiologists reach narrow, hard-to-access areas in the body.
Market Dynamics:
Rising geriatric population: The North American region has a growing elderly population above 65 years of age which is more prone to chronic diseases like heart diseases. This is increasing the demand for minimally invasive surgeries and procedures where nitinol medical devices are used extensively. According to the U.S. Census Bureau, the population aged 65 years or over is projected to grow dramatically from 56 million today to over 88 million by 2050. This growing geriatric population will drive the adoption of nitinol medical devices.
Growing medical tourism: The availability of advanced medical facilities and technologies at relatively lower costs is making North America an emerging medical tourism hub. This is attracting large number of medical tourists from other regions.
Segment Analysis
The global nitinol medical devices market is segmented into orthodontic & dental devices, endovascular devices, orthopedic & trauma devices, gastrointestinal devices, and others. The orthopedic & trauma devices segment dominated the market in 2021 and accounted for the largest market share. This is owing to the rising number of orthopedic surgeries performed worldwide for musculoskeletal disorders such as osteoarthritis, osteoporosis, and fractures.
PEST Analysis
Political: The growth of the medical devices industry is backed by various initiatives taken by governments globally to improve healthcare infrastructure and drive innovation. However, stringent regulations pertaining to approval of new devices may impact market growth to some extent.
Economic: Rising healthcare expenditure and increasing disposable incomes are expected to drive demand for advanced nitinol medical devices across major markets. However, pricing pressures faced by vendors and economic downturns may negatively impact the market.
Social: Growing geriatric population and increasing prevalence of lifestyle diseases such as cardiovascular conditions are major factors increasing the need for effective medical solutions. However, social stigma and lack of awareness in certain regions hamper market growth.
Technological: Advancements in material sciences have enabled the development of new nitinol alloys with superior properties. Ongoing R&D for minimally invasive surgeries also augurs well for the market. However, high costs associated with development of innovative products restrict technology adoption.
Key Takeaways
The Global Nitinol Medical Devices Market Size is expected to witness high growth, exhibiting a CAGR of 10.3% over the forecast period, owing to a rise in the number of minimally invasive surgeries and the increasing geriatric population globally.
North America dominated the market in 2021 and is projected to continue its dominance during the forecast period. This is attributed to the presence of advanced healthcare infrastructure, rising healthcare expenditure, and growing patient awareness regarding minimally invasive surgeries in the region.
Key players operating in the 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, and Terumo Interventional Systems (Terumo Corporation), among others. These players are focusing on new product launches and mergers & acquisitions to strengthen their presence and expand their product portfolio. For instance, in November 2021, Zimmer Biomet launched the Persona Partial Knee System featuring NiTiNOL material science.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
