Global Nitinol Based Medical Device Market Anticipated to Reach US$ 46,274.6 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Global Nitinol Based Medical Device Market by Product, By Product, By Application, By End-user, and By Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at US$ 17,612.2 Million in 2022 and is anticipated to expand at a growth rate of 11.8% by 2031.

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Nitinol is an essential material for medical devices and instruments, due to its biocompatibility and super-elasticity. Furthermore, nitinol has applications in the manufacturing process of catheter tubes, guidewires, stone retrieval baskets, filters, needles, dental files, arch-wires, and other surgical instruments. Nitinol is used in stents, as it has a flexible tubular structure with small, folded dimensions that offer movement in difficult locations in the body and expand the vessels. Stents are used to treat weakened coronary arteries in the body. Self-expanding stents use the thermal shape memory property of nitinol to expand the vessels in the body. Growing prevalence of arterial diseases has led to the adoption of Nitinol Based Medical Devices, especially for restoring the predetermined shape of the arteries.

The Global Nitinol Based Medical Device Market has been segmented in terms of product, application, end-user and region. In terms of product, the Global Nitinol Based Medical Device Market is split into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others. On the basis of application, the market is fragmented into orthopedic, vascular, dental, gastroenterology, and others. On the basis of end-user, the market is fragmented into hospitals, clinics, ambulatory surgical centers, and others. Considering regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The pandemic affected surgical practices significantly in the following ways:

Surgeons and staff availability: Some surgeons and healthcare professionals were redeployed to COVID-19 response efforts, such as treating infected patients. This, in turn, created a shortage of healthcare professionals who are able to handle various surgical operations.

Infection control protocol: Governments of various countries, along with healthcare facilities, implemented stringent infection control measures, such as unnecessary public gatherings within hospitals. These protocols compelled people to avoid gathering in the hospital for those surgeries, which are not required to be done on a priority basis.

Key Takeaways from the Study:

• Players in the Global Nitinol Based Medical Device Market include Abbott, ENDOSMART, Arthrex, Inc., B. Braun SE, BD, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, COOK MEDICAL LLC, Medtronic, Nordson Corporation, Olympus Corporation, steris plc, W. L. Gore & Associates, Inc., and Zimmer Biomet.

• Technological advancements in the medical device industry is expected to create opportunities in the coming years.

• Based on product, the market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others. The nitinol stents segment is expected to hold a considerable share of the market during the forecast period. The nitinol guidewires segment is anticipated to account for a significant share of the market during the forecast period. Several doctors and surgeons use nitinol guidewires, owing to the procedural and technical benefits offered by nitinol, such as biocompatibility, recovering elongation, resistivity, and elasticity.

• Based on application, the market is segmented into orthopedic, vascular, dental, gastroenterology, and others. The vascular segment is expected to hold a considerable share of the market during the forecast period. The gastroenterology segment is expected to hold a substantial share of the market during the forecast period. Nitinol balloons are used to expand narrowed or blocked gastrointestinal tracts.

• Based on end-user, the market is segmented into hospitals, clinics, ambulatory surgical centers, and others. The hospitals segment is expected to hold a considerable share of the market during the forecast period. The ambulatory surgical centers segment is projected to hold a considerable share of the market during the forecast period. The market growth is attributed to the rising number of outpatient surgeries that provide quick recovery and rehabilitation.

• Based on regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a significant share of the market in 2022. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period, due to the growing demand for medical devices in the region. Additionally, the market saturation in developed economies is encouraging market players to expand their presence in emerging countries, especially in the Asia Pacific.

Report Scope:

Target Audience:

• Supply-side: Vendor, Manufacturer, Distributors, Suppliers, Retailer.

• Regulatory Side: Concerned government authorities, and other approved regulatory bodies.