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| Nitinol Medical Devices Market |
Nitinol medical devices are well-suited for minimally invasive medical procedures as they have shape memory and superelasticity properties allowing them to be inserted through small incisions and body lumens and contort to the required shape during a procedure. Nitinol guidewires, retrieval devices, support devices, and filters are extensively employed during cardiac and vascular surgeries. The growing preference for minimally invasive surgeries over traditional open surgeries owing to benefits such as less pain and scarring, shorter hospital stays, and faster recovery is driving demand for nitinol medical devices. 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:
The major trend fueling the growth of the nitinol medical devices market is the
increasing research and development activities focused on developing innovative
nitinol-based products. Key market players are investing heavily in R&D to
expand the applications of nitinol alloys in medical devices. For instance,
researchers are exploring ways to impart hyperelastic properties to nitinol to
develop superelastic stents that can pulsate with the blood vessels. Ongoing
advancements in material science, surface engineering, and microfabrication
technologies are also supporting new productdevelopment endeavors in this
market. This rising focus on R&D and innovation is expected to introduce
newer categories of nitinol medical devices over the forecast period.
Segment Analysis
The global nitinol medical devices market is dominated by stents sub-segment.
Nitinol stents accounts for around 50% of the overall market share owing to
increasing usage of nitinol stents in interventional cardiology procedures.
Nitinol stents offer advantages like shape memory effect, elasticity, and super
elasticity which makes them preferred choice amongst doctors for vascular
interventions.
Key Takeaways
The global Nitinol
Medical Devices Market Share is expected to witness high growth during
the forecast period of 2023 to 2030. The market is projected to grow at a CAGR
of around 7.2% during the forecast period.
Regional analysis: North America is
currently the largest as well as the fastest growing regional market for
nitinol medical devices market. The presence of developed healthcare infrastructure
and rising prevalence of cardiovascular diseases are some of the key factors
contributing to the large share of the North America region. Moreover,
favorable reimbursement policies and increasing research funding and
development activities are further supporting the growth of nitinol medical
devices market in North America.
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
healthcare offers one of the widest portfolio of nitinol medical devices
including nitinol stents, nitinol guidewires, and retrieval devices. Similarly,
Siemens healthineers provides nitinol-based solutions for neurovascular,
cardiovascular, and peripheral interventions.
For more details on the report, Read- https://www.ukwebwire.com/biohacking-market-trends-size-and-share-analysis/
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