Global Nitinol Medical Devices Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Nitinol Medical Devices Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Nitinol has unique properties that have led to an increase in its use in devices – particularly for orthopedic fracture fixation, cardiovascular stents, guidewires and other devices used in minimally-invasive medical procedures. Devices made with nitinol provide many important benefits to patients. This report studies the global Nitinol Medical Devices market.

Market Overview:

The latest research study on the global Nitinol Medical Devices market finds that the global Nitinol Medical Devices market reached a value of USD 16606.88 million in 2022. It’s expected that the market will achieve USD 23892.51 million by 2028, exhibiting a CAGR of 6.25% during the forecast period.

Minimally invasive surgery is becoming more and more popular

Compared with open surgery, minimally invasive surgery, especially minimally invasive surgery in cardiovascular discipline, has been favored for many years because of its advantages of minimal injury, less pain and lower risk of complications. These developments help to position less invasive surgery as the preferred surgical method, because they rely heavily on the use of catheters and other specialized medical devices, which are designed to be inserted into the body through small incisions for therapeutic intervention and diagnostic measurement. Nitinol is being actively used in medical devices for more than thirty years, and its use faces a significant increase nowadays, especially in medical devices intended for minimally invasive procedures. This material became widely used due to its ability to return to the original shape after being mechanically deformed or after heat is applied.

The production process of Nitinol Medical Devices is complicated

One of the many reasons that hinder the large-scale commercial application of nitinol is the lack of understanding of material processes and superelasticity. The early technological development of alloys mainly focused on refining and melting process and understanding basic metallurgical mechanism. Melting of nitinol is especially challenging because it has to be melted under vacuum to minimize impurities. In addition, the alloy is sensitive to the composition of nickel and titanium, and this slight change will lead to different mechanical properties, thus leading to different final products. The production process of Nitinol Medical Devices is complicated, which poses a certain challenge to manufacturers.

Fluctuation of raw material prices

The main raw materials of Nitinol Medical Devices are Nitinol. The cost of raw materials accounts for a large proportion of the total cost. The fluctuation of raw material price will directly affect the cost of raw materials. The price of raw materials rises, and the cost of enterprises increases. The price of raw materials decreases, and the cost of enterprises decreases. Due to the fluctuation of market supply and demand and the promotion of capital market, the prices of different raw materials show different trends. Generally speaking, this will be a fluctuating state.

Region Overview:

In 2021, the share of the Nitinol Medical Devices market in North America stood at 34.34%.

Company Overview:

Abbott is one of the major players operating in the Nitinol Medical Devices market, holding a share of 13.92% in 2022.

Abbott

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Its portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Its 109,000 colleagues serve people in more than 160 countries.

Medtronic

Medtronic plc is an American-Irish registered medical device company that primarily operates in the United States. Medtronic has an operational and executive headquarters in Fridley, Minnesota in the US. Medtronic was founded in 1949 in Minneapolis by Earl Bakken and his brother-in-law, Palmer Hermundslie, as a medical equipment repair shop.

Segmentation Overview:

By type, Stents segment accounted for the largest share of market in 2021.

Stents

Stents are ‘scaffold’ like structures that support or hold open circulatory vessels.

Guidewires

The purpose of a guidewire is to gain access to the blood vessels using a minimally invasive technique.

Application Overview:

The market's largest segment by application is the segment Vascular, with a market share of 64.57% in 2021.

Vascular

Nitinol is to make self-expanding stents, especially for peripheral vascular applications.

Orthopedic & Dental

Nitinol is commonly used in orthodontics thanks to its shape memory and superelastic behavior. Use archwires made from this clever metal alloy to move teeth efficiently and reduce the frequency of adjustments.

Key Companies in the global Nitinol Medical Devices market covered in Chapter 3:

Lombard Medical
Stryker
Boston Scientific
Medtronic
JOTEC
ELLA-CS
Biotronik
Edwards Lifesciences
Acandis
B. Braun
Cordis
Cook Medical
Abbott
CR Bard
TERUMO

In Chapter 4 and Chapter 14.2, on the basis of types, the Nitinol Medical Devices market from 2018 to 2029 is primarily split into:

Stents
Guidewires
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Nitinol Medical Devices market from 2018 to 2029 covers:

Vascular
Orthopedic & Dental
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)