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| Nitinol Medical Devices Market |
The nitinol medical devices market is estimated to be valued at US$ 44305.49 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nitinol medical devices are primarily used in minimally invasive surgeries and
procedures. Products like guidewires, embolization coils, filters stents, etc
are widely used in cardiovascular surgeries, urology, neurology and other
specialties. Features like shape memory effect, superelasticity and corrosion
resistance make nitinol attractive for manufacturing medical devices. The
increasing demand for minimally invasive techniques is driving innovations in
nitinol based devices.
Market Dynamics:
One of the key drivers contributing to growth of nitinol medical devices market
is rising prevalence of chronic diseases like cardiovascular diseases, cancer
and neurological disorders. These conditions often require minimally invasive
procedures in which nitinol based stents, filters and other implants are used.
According to World Health Organization, cardiovascular diseases are the leading
cause of death globally, taking an estimated 17.9 million lives each year.
Additionally, increasing geriatric population also elevates the risk of chronic
ailments. For example, as per United Nations estimates, number of people aged
65 years or over is projected to grow to nearly 1.5 billion in 2050 from 703
million in 2019. The other driver is technological advancements in materials
used for manufacturing which is leading to development of novel nitinol based
medical devices with improved properties. This is further expanding
applications of nitinol and propelling market growth over the forecast period.
SWOT Analysis
Strength: Nitinol medical devices have high biocompatibility and corrosion
resistance which makes them suitable for long term implants. Their shape memory
properties allow minimally invasive procedures. They can regain their
pre-defined shape on applying heat helping in better treatment outcomes.
Weakness: High material and manufacturing costs of Nitinol increases the
overall cost of these medical devices. Challenges in controlling the transition
temperature precisely can affect shape memory behavior.
Opportunity: Rising geriatric population suffering from cardiovascular and
orthopedic conditions will drive the demand. Growing preference for minimally
invasive surgeries increases the scope of nitinol usage.
Threats: Stringent regulatory approval process delays product launch. Presence
of alternatives like polymers and stainless steel restrict the market growth to
some extent.
Key Takeaways
The global Nitinol
Medical Devices Market Growth is expected to witness high growth,
exhibiting CAGR of 10% over the
forecast period, due to increasing prevalence of cardiovascular, neurological
and orthopedic disorders. The market size is projected to reach US$ 96403.46 Mn by 2030 from US$
44305.49 Mn in 2023.
Regional analysis: North America dominates the global nitinol medical devices
market owing to growing healthcare expenditure and faster adoption of advanced
medical technologies. Asia Pacific exhibits the fastest growth due to rising
medical tourism, large patient pool and improving healthcare infrastructure.
Key players operating in the Nitinol Medical Devices market are 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. Key players are focusing on new product launches, partnerships and
geographical expansion strategies to gain market share.
Read More,
https://www.trendingwebwire.com/nitinol-medical-devices-market-trends-size-and-share-analysis/
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