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The Nitinol Medical Devices Market Is Estimated To Witness High Growth Owing To Growing Applications In Minimally Invasive Surgical Procedures

Poonam

The Nitinol Medical Devices Market Is Estimated To Witness High Growth Owing To Growing Applications In Minimally Invasive Surgical Procedures

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.

Poonam

Nitinol Medical Devices Market Is Estimated To Witness High Growth Owing To Opportunity In Minimally Invasive Surgeries

Poonam 2024-01-17

The global Nitinol medical devices Market is estimated to be valued at US$ 44305. With increasing healthcare spending and rising geriatric population, the number of minimally invasive procedures is expected to grow significantly during the forecast period. This rising adoption of minimally invasive techniques will boost the demand for nitinol medical devices over the coming years. Porter’s Analysis Threat of new entrants: The Nitinol medical devices market has high start-up costs due to stringent regulations and need for strong distribution networks, reducing threat of new entrants. Key Takeaways The global Nitinol Medical Devices Market Share is expected to witness high growth over the forecast period of 2023 to 2030, growing at a CAGR of 7.

Nitinol Medical Devices Market: Trends and Growth Prospects in 2023

Yashvi Gadhiya 2023-08-04

As of 2023, the Nitinol medical devices market is experiencing significant growth and emerging as a promising sector in the healthcare industry. One of the key trends driving the Nitinol medical devices market is the growing adoption of endovascular procedures. The global Nitinol Medical Devices Market was valued at US$ 36,417. However, the Nitinol medical devices market is not without challenges. The Nitinol medical devices market is witnessing remarkable growth and holds promising growth prospects in 2023 and beyond.

The Growing Requirements for Minimally Invasive Procedures Drives the Nitinol Medical Devices Market

ashwinicmi 2024-01-12

The global Nitinol Medical Devices Market is estimated to be valued at US$ 18. 43 Billion 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. The advent of 3D printing technology has further expanded application areas of nitinol in the medical field by facilitating precision manufacturing of complex nitinol devices. The global Nitinol Medical Devices Market is estimated to be valued at US$ 18.

Patient Monitoring Is Fastest Growing Segment Fueling The Growth Of Nitinol Medical Devices Market

Pooja Khodke 2023-12-15

The global Nitinol Medical Devices Market is estimated to be valued at Us$ 44305. Segment AnalysisThe global nitinol medical devices market is segmented based on product and end user. By product, the market is categorized into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket and nitinol catheters. Among these, the nitinol stents segment dominates the market due to the wide use of nitinol stents in interventional cardiovascular procedures like angioplasty and stent placement. Regional analysis: North America dominates the global nitinol medical devices market due to the rising geriatric population and increasing adoption of minimally invasive surgeries in the region.

Nitinol Medical Devices Market Share, Demand, Growth and Forecast 2022-2027

Joseph Finch 2023-01-12

The global nitinol medical devices market size reached US$ 16. Some commonly available nitinol medical devices, include catheter tubes, guidewires, stone retrieval baskets, filters, needles, dental files, arch wires, etc. Additionally, the elevating adoption of nitinol medical devices in minimally invasive surgeries (MIS) for smaller incisions, less scarring, considerable accuracy, etc. Besides this, the introduction of advanced nitinol medical devices, including peripheral vascular stents that find extensive applications in general surgery, structural heart diseases, orthopedics, etc. Key highlights of the report: Market Performance (2016-2021)Market Outlook (2022-2027)Market TrendsMarket Drivers and Success FactorsImpact of COVID-19Value Chain AnalysisComprehensive mapping of the competitive landscapeIf you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Global GCC Nitinol-based Medical Devices Market Trends, Research and Analysis for the Forecast Period 2022-2028

pallavi 2022-05-13

The most recent research report on the Global GCC Nitinol-based Medical Devices Market Research 2022-2028 focuses on the upcoming trends and is based on a meticulous analysis of the global GCC Nitinol-based Medical Devices market's geographical landscape. The global GCC Nitinol-based Medical Devices market study also evaluates detailed information such as demand and supply rates, key contributions by leading industry manufacturers, GCC Nitinol-based Medical Devices market share, and GCC Nitinol-based Medical Devices industry growth rate. The worldwide GCC Nitinol-based Medical Devices market research also contains information on emerging trends, the competitive landscape, GCC Nitinol-based Medical Devices market influencing factors, and significant statistical data for each market. The GCC Nitinol-based Medical Devices market study examines a variety of key aspects, including GCC Nitinol-based Medical Devices market share, investments, revenue growth, and worldwide demand and supply factors. It offers company profiles of the GCC Nitinol-based Medical Devices industry players in accordance with product picture and its portfolios, GCC Nitinol-based Medical Devices market plans, and technology.

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