Market Outlook:
The Global Nitinol Based Medical Device Market was estimated at USD 17,612.2 Million in 2022 and is anticipated to reach USD ~ 46,274.6 Million by 2031, expanding at a CAGR of 11.8% during the forecast period.
Nitinol is an alloy composed of titanium (Ti) and Nickel (Ni) alloys. Nitinol has high elasticity and is resistant to corrosion. Nitinol (NiTi) is a shape memory alloy that has applications in several medical devices. A shape memory alloy regains its original shape after deformation. Several self-expanding implants, including stents and filters, use the thermal shape-memory property of nitinol for activation in the body. Some medical applications of nitinol include intravascular stents, radiofrequency interstitial tissue ablation device, orthodontic archwires, and inferior vena cava (IVC) filters.
Macro-economic Factors
Government Policies
Governments play a crucial role in the overall development of a strong healthcare system in a region through the ministry of Health and other related ministries and agencies. Stringent policies of government determine the growth and decline of a specific market in a particular country. These government policies differ from country to country or region to region.
Government plays a significant part in the establishment of a prominent healthcare system by taking various initiatives and entering into partnerships with the private sector, nongovernmental organizations, and charitable institutions. Governments provide a broad framework and direction for all healthcare programs to be undertaken, depending on the epidemiological profile of the country. Government authorities decide whether to approve a drug or a medical device. Government approvals are mandatory for companies to launch a medication. Drug efficacy and safety of the medication are determined during clinical trials by the manufacturers.
Cost of Treatment
Cost of treatment is one of the significant factors that determine the affordability of a cure. It is calculated by dividing the total expenses by the number of unique patients to determine the average cost per patient per year. Developing countries are not able to provide treatment facilities for diseases, such as cancer. This is attributed to the fact that the cost of treatment is extremely high and the population or infrastructure of the developing countries does not have a strong financial basis for such therapies. Over the last few decades, advancement in medical technology has made it possible to cure diseases that were once considered incurable. However, the high cost of treatment makes it difficult for a middle-class person to afford the treatment. High cost of treatment has a major impact on the growth of a market.
Market Dynamics
Market Driver- Growing Prevalence of Cardiovascular Disease
Rising sedentary lifestyle has led to an increase in the number of diseases, especially cardiovascular diseases. According to the Centers for Disease Control (CDC), 30.3 million people in the US were affected by cardiovascular diseases in 2018. Increasing occurrence of cardiovascular diseases has propelled the expenditure on on surgical procedures, thereby, driving the demand for Nitinol Based Medical Devices. Nitinol Based Medical Devices are elastic and biocompatible; therefore, they are used as stents for treating cardiovascular diseases.
According to a recent estimate by the World Heart Federation, fatalities from cardiovascular diseases (CVDs), the main cause of death globally, increased 60% globally from 12.1 million in 1990 to 20.5 million in 2021. Globally, about 2% of deaths from cardiovascular diseases are related to rheumatic heart disease. Thus, the growing prevalence of cardiovascular disease is anticipated to boost the Nitinol Based Medical Device market over the forecast period.
Market Driver- Rising Demand for Minimally Invasive Surgical Procedures
A small incision is made in minimally invasive surgical procedures to minimize the damage done to the body. These procedures result in reduced pain than traditional surgeries. Chances of infections after these procedures are less, which, in turn, drives their demand. Nitinol Based devices have applications in laparoscopy. Nitinol Based devices reduce the occurrence of infections, which, in turn, boosts their usage in minimally invasive surgical procedures. Minimally invasive surgical procedures comprised 52% of procedures in 2020. 29% of minimally invasive surgeries in 2020 underwent complications.
Robotic surgery was widely and quickly adopted by hospitals that started robotic surgery programs; however, this was accompanied by a decline in traditional laparoscopic minimally invasive surgery.
Market Restraint- Recall of Medical Devices
Medical devices are recalled, due to defects in the design of these devices. Recall of medical devices hinders the growth of the market. According to the Food and Drug Administration, (FDA), the nitinol stent system and the S.M.A.R.T. control nitinol stent system were recalled in November 2019. These self-expanding nitinol stent systems are placed in the blood vessels. The diameter of the stents is small, which led to the recall of these devices.
During 2018, the average number of $58 million per unit the previous year (2017) rose to nearly 100 million units issued a recall each quarter, a massive jump of nearly 71%. Data indicates that approximately 17% of all medical device liability cases involve inadequate (defective) device designs. Thus, the recall of medical devices is expected to affect the market growth to some extent over the forecast period.
Market Opportunity- Technological Advancements in the Medical Device Industry
Advent of technology has led to an increase in the adoption of medical devices, thus boosting the market. Moreover, the introduction of medical devices is fueling the adoption of drug-eluting stents and Nitinol Based stents for the treatment of diseases, which, in turn, is driving the market.
Introduction of technologies, including resistance to corrosion, led to an increase in the adoption of medical devices. Medical devices, such as drug delivery systems, surgical robots, and diagnostic tools, use artificial intelligence (AI). AI is used to create treatments for diseases as well as increase the precision and effectiveness of these technologies. Custom medical devices such as implants, surgical instruments, and prosthetics are being manufactured using the 3D printing method. 3D printing is used to manufacture prototypes of new equipment rapidly, in addition to enabling the construction of devices that are customized to the specific requirements of patients.
Scope of the Report
The report on the Global Nitinol Based Medical Device Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Nitinol Based Medical Device Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Nitinol Stents, Nitinol Guidewires, Nitinol Filters, Nitinol Basket, Nitinol Catheters, and Others), Application (Orthopedic, Vascular, Dental, Gastroenterology, and Others), End-user (Hospitals, Clinics, Ambulatory Surgical Centers, and Others)
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Regional Scope
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Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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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.
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Segmental Outlook
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. Nitinol stents are flexible, which allows them to be inserted into the twisting arteries.
On the basis of Application, the market is fragmented into orthopedic, vascular, dental, gastroenterology, and others. The vascular segment holds a key share of the market. The orthopedic segment is anticipated to expand at a considerable pace during the forecast period. In orthopedic applications, nitinol bone screws are used to hold bones together after surgery. They are more flexible than traditional metal screws, which makes them less likely to cause damage to the bone.
On the basis of End-user, the market is fragmented into hospitals, clinics, ambulatory surgical centers, and others. The hospitals segment holds a key share of the market, as hospitals are focusing on providing new therapies and treatments for diseases through their services.
Regional Outlook
Based on regions, the market is fragmented 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 rising adoption of technologies and increasing disposable income of people in North America are fueling the adoption of Nitinol Based Medical Devices in the region.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Nitinol Based Medical Device Market
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Historical, Current, and Projected Market Size in Terms of Value
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Nitinol Based Medical Device Market
Segments
By Product
- Nitinol Stents
- Nitinol Guidewires
- Nitinol Filters
- Nitinol Basket
- Nitinol Catheters
- Others
By Application
- Orthopedic
- Vascular
- Dental
- Gastroenterology
- Others
By End-user
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Abbott
- ENDOSMART
- Arthrex, Inc.
- 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.
- Zimmer Biomet
Competitive Landscape
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Manufacturers operating in the Global Nitinol Based Medical Device Market are 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.
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Market players are pursuing strategies such as acquisitions, product launches, collaborations, and geographic expansion to leverage untapped opportunities in the Global Nitinol Based Medical Device Market.