Nitinol Based Medical Device Market By 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) and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends and Forecast 2023 – 2031
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 |
Details |
Report Title |
Nitinol Based Medical Device Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
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) |
Regional Scope |
Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
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. |
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
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Nitinol Based Medical Device Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Nitinol Based Medical Device Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Nitinol Based Medical Device Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Nitinol Based Medical Device Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Nitinol Based Medical Device Market Size & Forecast, 2016-2031
4.5.1 Nitinol Based Medical Device Market Size and Y-o-Y Growth
4.5.2 Nitinol Based Medical Device Market Absolute $ Opportunity
Chapter 5 Global Nitinol Based Medical Device Market Analysis and Forecast By Product
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Product
5.1.2 Basis Point Share (BPS) Analysis By Product
5.1.3 Absolute $ Opportunity Assessment By Product
5.2 Nitinol Based Medical Device Market Size Forecast By Product
5.2.1 Nitinol Stents
5.2.2 Nitinol Guidewires
5.2.3 Nitinol Filters
5.2.4 Nitinol Basket
5.2.5 Nitinol Catheters
5.2.6 Others
5.3 Market Attractiveness Analysis By Product
Chapter 6 Global Nitinol Based Medical Device Market Analysis and Forecast By Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Application
6.1.2 Basis Point Share (BPS) Analysis By Application
6.1.3 Absolute $ Opportunity Assessment By Application
6.2 Nitinol Based Medical Device Market Size Forecast By Application
6.2.1 Orthopedic
6.2.2 Vascular
6.2.3 Dental
6.2.4 Gastroenterology
6.2.5 Others
6.3 Market Attractiveness Analysis By Application
Chapter 7 Global Nitinol Based Medical Device Market Analysis and Forecast By End-user
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By End-user
7.1.2 Basis Point Share (BPS) Analysis By End-user
7.1.3 Absolute $ Opportunity Assessment By End-user
7.2 Nitinol Based Medical Device Market Size Forecast By End-user
7.2.1 Hospitals
7.2.2 Clinics
7.2.3 Ambulatory Surgical Centers
7.2.4 Others
7.3 Market Attractiveness Analysis By End-user
Chapter 8 Global Nitinol Based Medical Device Market Analysis and Forecast by Region
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities by Region
8.1.2 Basis Point Share (BPS) Analysis by Region
8.1.3 Absolute $ Opportunity Assessment by Region
8.2 Nitinol Based Medical Device Market Size Forecast by Region
8.2.1 North America
8.2.2 Europe
8.2.3 Asia Pacific
8.2.4 Latin America
8.2.5 Middle East & Africa (MEA)
8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
9.1 Introduction
9.2 Current & Future Impact Analysis
9.3 Economic Impact Analysis
9.4 Government Policies
9.5 Investment Scenario
Chapter 10 North America Nitinol Based Medical Device Analysis and Forecast
10.1 Introduction
10.2 North America Nitinol Based Medical Device Market Size Forecast by Country
10.2.1 U.S.
10.2.2 Canada
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 North America Nitinol Based Medical Device Market Size Forecast By Product
10.6.1 Nitinol Stents
10.6.2 Nitinol Guidewires
10.6.3 Nitinol Filters
10.6.4 Nitinol Basket
10.6.5 Nitinol Catheters
10.6.6 Others
10.7 Basis Point Share (BPS) Analysis By Product
10.8 Absolute $ Opportunity Assessment By Product
10.9 Market Attractiveness Analysis By Product
10.10 North America Nitinol Based Medical Device Market Size Forecast By Application
10.10.1 Orthopedic
10.10.2 Vascular
10.10.3 Dental
10.10.4 Gastroenterology
10.10.5 Others
10.11 Basis Point Share (BPS) Analysis By Application
10.12 Absolute $ Opportunity Assessment By Application
10.13 Market Attractiveness Analysis By Application
10.14 North America Nitinol Based Medical Device Market Size Forecast By End-user
10.14.1 Hospitals
10.14.2 Clinics
10.14.3 Ambulatory Surgical Centers
10.14.4 Others
10.15 Basis Point Share (BPS) Analysis By End-user
10.16 Absolute $ Opportunity Assessment By End-user
10.17 Market Attractiveness Analysis By End-user
Chapter 11 Europe Nitinol Based Medical Device Analysis and Forecast
11.1 Introduction
11.2 Europe Nitinol Based Medical Device Market Size Forecast by Country
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 U.K.
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Europe Nitinol Based Medical Device Market Size Forecast By Product
11.6.1 Nitinol Stents
11.6.2 Nitinol Guidewires
11.6.3 Nitinol Filters
11.6.4 Nitinol Basket
11.6.5 Nitinol Catheters
11.6.6 Others
11.7 Basis Point Share (BPS) Analysis By Product
11.8 Absolute $ Opportunity Assessment By Product
11.9 Market Attractiveness Analysis By Product
11.10 Europe Nitinol Based Medical Device Market Size Forecast By Application
11.10.1 Orthopedic
11.10.2 Vascular
11.10.3 Dental
11.10.4 Gastroenterology
11.10.5 Others
11.11 Basis Point Share (BPS) Analysis By Application
11.12 Absolute $ Opportunity Assessment By Application
11.13 Market Attractiveness Analysis By Application
11.14 Europe Nitinol Based Medical Device Market Size Forecast By End-user
11.14.1 Hospitals
11.14.2 Clinics
11.14.3 Ambulatory Surgical Centers
11.14.4 Others
11.15 Basis Point Share (BPS) Analysis By End-user
11.16 Absolute $ Opportunity Assessment By End-user
11.17 Market Attractiveness Analysis By End-user
Chapter 12 Asia Pacific Nitinol Based Medical Device Analysis and Forecast
12.1 Introduction
12.2 Asia Pacific Nitinol Based Medical Device Market Size Forecast by Country
12.2.1 China
12.2.2 Japan
12.2.3 South Korea
12.2.4 India
12.2.5 Australia
12.2.6 South East Asia (SEA)
12.2.7 Rest of Asia Pacific (APAC)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Asia Pacific Nitinol Based Medical Device Market Size Forecast By Product
12.6.1 Nitinol Stents
12.6.2 Nitinol Guidewires
12.6.3 Nitinol Filters
12.6.4 Nitinol Basket
12.6.5 Nitinol Catheters
12.6.6 Others
12.7 Basis Point Share (BPS) Analysis By Product
12.8 Absolute $ Opportunity Assessment By Product
12.9 Market Attractiveness Analysis By Product
12.10 Asia Pacific Nitinol Based Medical Device Market Size Forecast By Application
12.10.1 Orthopedic
12.10.2 Vascular
12.10.3 Dental
12.10.4 Gastroenterology
12.10.5 Others
12.11 Basis Point Share (BPS) Analysis By Application
12.12 Absolute $ Opportunity Assessment By Application
12.13 Market Attractiveness Analysis By Application
12.14 Asia Pacific Nitinol Based Medical Device Market Size Forecast By End-user
12.14.1 Hospitals
12.14.2 Clinics
12.14.3 Ambulatory Surgical Centers
12.14.4 Others
12.15 Basis Point Share (BPS) Analysis By End-user
12.16 Absolute $ Opportunity Assessment By End-user
12.17 Market Attractiveness Analysis By End-user
Chapter 13 Latin America Nitinol Based Medical Device Analysis and Forecast
13.1 Introduction
13.2 Latin America Nitinol Based Medical Device Market Size Forecast by Country
13.2.1 Brazil
13.2.2 Mexico
13.2.3 Rest of Latin America (LATAM)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Latin America Nitinol Based Medical Device Market Size Forecast By Product
13.6.1 Nitinol Stents
13.6.2 Nitinol Guidewires
13.6.3 Nitinol Filters
13.6.4 Nitinol Basket
13.6.5 Nitinol Catheters
13.6.6 Others
13.7 Basis Point Share (BPS) Analysis By Product
13.8 Absolute $ Opportunity Assessment By Product
13.9 Market Attractiveness Analysis By Product
13.10 Latin America Nitinol Based Medical Device Market Size Forecast By Application
13.10.1 Orthopedic
13.10.2 Vascular
13.10.3 Dental
13.10.4 Gastroenterology
13.10.5 Others
13.11 Basis Point Share (BPS) Analysis By Application
13.12 Absolute $ Opportunity Assessment By Application
13.13 Market Attractiveness Analysis By Application
13.14 Latin America Nitinol Based Medical Device Market Size Forecast By End-user
13.14.1 Hospitals
13.14.2 Clinics
13.14.3 Ambulatory Surgical Centers
13.14.4 Others
13.15 Basis Point Share (BPS) Analysis By End-user
13.16 Absolute $ Opportunity Assessment By End-user
13.17 Market Attractiveness Analysis By End-user
Chapter 14 Middle East & Africa (MEA) Nitinol Based Medical Device Analysis and Forecast
14.1 Introduction
14.2 Middle East & Africa (MEA) Nitinol Based Medical Device Market Size Forecast by Country
14.2.1 Saudi Arabia
14.2.2 South Africa
14.2.3 UAE
14.2.4 Rest of Middle East & Africa (MEA)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Middle East & Africa (MEA) Nitinol Based Medical Device Market Size Forecast By Product
14.6.1 Nitinol Stents
14.6.2 Nitinol Guidewires
14.6.3 Nitinol Filters
14.6.4 Nitinol Basket
14.6.5 Nitinol Catheters
14.6.6 Others
14.7 Basis Point Share (BPS) Analysis By Product
14.8 Absolute $ Opportunity Assessment By Product
14.9 Market Attractiveness Analysis By Product
14.10 Middle East & Africa (MEA) Nitinol Based Medical Device Market Size Forecast By Application
14.10.1 Orthopedic
14.10.2 Vascular
14.10.3 Dental
14.10.4 Gastroenterology
14.10.5 Others
14.11 Basis Point Share (BPS) Analysis By Application
14.12 Absolute $ Opportunity Assessment By Application
14.13 Market Attractiveness Analysis By Application
14.14 Middle East & Africa (MEA) Nitinol Based Medical Device Market Size Forecast By End-user
14.14.1 Hospitals
14.14.2 Clinics
14.14.3 Ambulatory Surgical Centers
14.14.4 Others
14.15 Basis Point Share (BPS) Analysis By End-user
14.16 Absolute $ Opportunity Assessment By End-user
14.17 Market Attractiveness Analysis By End-user
Chapter 15 Competition Landscape
15.1 Nitinol Based Medical Device Market: Competitive Dashboard
15.2 Global Nitinol Based Medical Device Market: Market Share Analysis, 2022
15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
15.3.1 Abbott
15.3.2 ENDOSMART
15.3.3 Arthrex, Inc.
15.3.4 B. Braun SE
15.3.5 BD
15.3.6 BIOTRONIK SE & Co. KG
15.3.7 Boston Scientific Corporation
15.3.8 COOK MEDICAL LLC
15.3.9 Medtronic
15.3.10 Nordson Corporation
15.3.11 Olympus Corporation
15.3.12 steris plc
15.3.13 W. L. Gore & Associates, Inc.
15.3.14 Zimmer Biomet