by Nitinol, or nickel titanium, is a shape memory alloy used in medical devices due to its properties such as super elasticity and shape memory effect. Nitinol medical devices include self-expanding stents, guide wires, vena cava filters, orthodontic arch wires, bone fracture fixation devices and more. These devices aid interventional radiologists, vascular surgeons and cardiologists in procedures with their flexible yet rigid structure and ability to self-expand to a pre-determined size and shape when deployed in the body. 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 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
Technological advancements in material science have enabled the development of next-generation nitinol devices with enhanced properties. Ongoing research is focused on modifying nitinol surface with different coatings to impart properties like antibacterial activity, improved hemocompatibility and cell attachment. Startups are developing novel 3D printed nitinol devices tailored for specific anatomical regions with intricate designs not possible with conventional manufacturing. These innovative products along with rising disease incidence will drive the growth of nitinol medical devices market during the forecast period.
Porter’s Analysis
Threat of new entrants: Nitinol medical devices requires huge R&D investment and regulatory approvals which make it difficult for new players to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players offering variety of nitinol medical devices at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitutes and less differentiation in products.
Threat of new substitutes: Threat of new substitutes is low as nitinol alloys have unique properties like shape memory effect and super elasticity which makes it irreplaceable for medical applications.
Competitive rivalry: The competitive rivalry is high among key global players due to technological advancements and innovative product launches.
Key Takeaways
The global Nitinol Medical Devices Market Share is expected to witness high growth.
Regional analysis:
North America dominates the nitinol medical devices market owing to advanced healthcare infrastructure and increasing usage of minimally invasive surgeries. Asia Pacific is expected to grow at the fastest pace over the forecast period due to rising medical tourism, growing economy and increasing healthcare investments in countries like India and China.
Key players operating in the Nitinol Medical Devices market are GE, Siemens, Rolls-Royce, Kawasaki Heavy Industries, MAN Energy Solutions, Wartsila, Mitsubishi Heavy Industries, Harbin Turbine Company, Solar Turbines, and Ansaldo Energia. GE offers wide range of nitinol medical devices including cardiovascular devices, dental devices, orthopedic devices, gastrointestinal devices and others. Siemens focuses on imaging and therapy equipment incorporating nitinol components for brain and spine applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
