Nitinol Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Nitinol Medical Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global nitinol medical devices market size reached US$ 17.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.52% during 2022-2028.

Nitinol belongs to a class of shape memory alloys (SMA) made using equal concentrations of nickel and titanium. It is a super elastic material with the ability of phase transformation from austenite to martensite and back to the stress-free austenite state. It is widely used to develop medical devices that undergo repetitive deformations from high strain levels during deployment. Some of the commonly used nitinol medical devices include catheter tubes, guidewires, stone retrieval baskets, filters, needles, dental files, arch wires, and other surgical instruments. At present, these medical devices find extensive applications in minimally invasive (MI) procedures around the world.

Nitinol Medical Devices Market Trends:
There is a significant increase in the prevalence of chronic and cardiovascular diseases worldwide on account of sedentary lifestyles and the rising number of individuals who consume alcohol excessively and smoke. This, in confluence with the growing geriatric population, which is more susceptible to medical ailments, represents one of the key factors driving the market. Apart from this, the increasing adoption of minimally invasive surgeries (MIS) on account of its numerous benefits, including smaller incisions, less scarring, considerable accuracy, and decreased risk of complications, is positively influencing the utilization of nitinol medical devices across the globe. Furthermore, leading manufacturers are introducing advanced nitinol medical devices like peripheral vascular stents that find extensive applications in general surgery, structural heart diseases, and orthopedics. They are also focusing on developing material technology to offer better radiopacity, higher strength, enhanced purity, and tighter transformational hysteresis, which is creating a favorable market outlook. Other major factors, including the introduction of biodegradable polymer stents and growing applications of nitinol medical devices in orthodontics and endodontics, are anticipated to fuel the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global nitinol medical devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, application and end user.

Breakup by Product Type:

Stents
Baskets
Guidewires
Nitinol Catheters
Nitinol Filters
Others

Breakup by Application:

Cardiovascular
Urology
Dentistry
Gastroenterology
Others

Breakup by End User:

Hospitals and Clinics
Ambulatory Surgery Centers
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Arthrex Inc., B. Braun Melsungen AG, Becton Dickinson and Company, Boston Scientific Corporation, Cook Group Incorporated, Endosmart GmbH, Medtronic plc, Shanghai MicroPort Medical (Group) Co. Ltd., Stryker Corporation, Terumo Corporation, W. L. Gore & Associates Inc. and Zimmer Biomet.

Key Questions Answered in This Report:
How has the global nitinol medical devices market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global nitinol medical devices market?
What are the key regional markets?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global nitinol medical devices market and who are the key players?
What is the degree of competition in the industry?