Nitinol Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Nitinol Medical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The nitinol medical devices market is expected to register a CAGR of 9.1% over the forecast period (2022-2027).

The COVID-19 outbreak has severely impacted the world and left a trail of destruction in its wake. The rapid increase in COVID-19 cases has surged the medical device markets that are imperative to supplying hospital equipment for the management of COVID-19, such as personal protective equipment, ventilators, and general hospital supplies. However, the pandemic also resulted in postponements and cancellations of non-essential and elective procedures such as dental procedures, and orthopedic surgeries, which witnessed a significant decline in the number of surgeries during the pandemic. For instance, in 2021 an article titled, Influence of Epidemic COVID–19 on Business Strategy, Information Technology, and Supply Chain Agility to Firm Performance in Medical Device Industry, reported that medical device supply chains hit by the global pandemic are under unprecedented pressure, as sharply fluctuating demand triggers widespread shortages of medical devices. The coordination of business strategy and information technology as well as supply chain agility helps pharmaceutical companies to maintain the stock of medical devices for consumers without any problems. The nitinol medical devices market showed significant growth after the pandemic, as nitinol amalgams are consumption safe and are exceptionally acknowledged in the medical gadget industry. The worldwide medical devices market has been broadly growing, especially since the COVID-19 outbreak. The super elastic nature of the metal lends a helping hand to broad utilization in medical items, for example, stents and guide wires.

The factors which are driving the market are the growing burden of chronic diseases and the rising preference for minimally invasive surgeries cardiovascular disease (CVD) is highly prevalent in developed and developing countries. It is among the largest contributors to overall deaths in the world. For instance, in 2021, World Health Organization (WHO) reported that an estimated 17.9 million people died from cardiovascular disease (CVDs) annually representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. In addition, the procedures such as angioplasty that place balloons or stents in the blood vessels have allowed the use of nitinol medical devices. Most of the stents, grafts, and balloons are made from nitinol. Also, the guiding guidewires and catheters used during the procedures are widely made from nitinol. Another driving factor for this market is the rising preference for minimally invasive surgeries cardiovascular disease (CVD) is highly prevalent in developed and developing countries. The advantages of minimally invasive surgeries (MIS) such as smaller incisions, reduced pain, lower complications, minimal blood loss, and shorter hospital stays have dramatically influenced the adoption of minimally invasive surgeries (MIS). The increasing adoption of minimally invasive surgeries (MIS) is majorly backed by advantages of the minimally invasive surgeries (MIS) and has equally contributed to leveraging the growth of nitinol medical devices specifically for robotic surgeries and laparoscopic procedures.

Due to the above-mentioned reasons, the market is expected to show significant growth over the forecast period, however, the high cost of devices and the presence of alternative devices may slow down the growth of the market.

Key Market TrendsStents Segment to Witness Significant Growth over the Forecast Period.

Stents are tiny tubes that are used for insertion into a blocked passageway. Nitinol stents exhibit some unique properties that make them more efficient than other stents. These stents are engineered in such a way that when inserted, it adjusts themselves into the wall of the vessel and resists its forces. Also, these stents are less corrosive even though there is a presence of nickel.

The major factor driving this market segment are technological advancements, the increasing number of percutaneous coronary intervention (PCI) procedures, the rising burden of cardiovascular diseases (CVDs), the increasing demand for minimally invasive procedures, and the rising geriatric population. Technological advancements are driving the growth of this market. For instance in January 2022, Cook Medical received Breakthrough Device designation from the United States Food and Drug Administration (USFDA) on a new drug-eluting stent for below the knee (BTK). This new stent is designed to treat patients suffering from chronic limb-threatening ischemia (CLTI). For another instance in February 2022 Cordi Health’s Cordis Precise Nitinol Stent System received United States Food and Drug Administration (USFDA) approval for labeling updates.

The other driving factors for the growth in the stent segment are the rising burden of cardiovascular diseases (CVDs) and the rising geriatric population. In 2022 an article titled, Interventions for Frailty Among Older Adults With Cardiovascular Disease published in the American Journal of Cardiology reported that with the aging of the population, a large proportion of patients seen in cardiovascular practice are older adults. The burden of cardiovascular disease increases with age, there is an increasing incidence of cardiac diseases in the geriatric patient population. Thus, the increasing geriatric population is associated with a high prevalence of cardiac diseases, thereby driving the market related to nitinol medical devices associated with these diseases.

Thus, due to the above-mentioned reasons stents segment to witness significant growth over the forecast period.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to be a dominant region in nitinol medical devices market growth due to the growing burden of diseases and the increase in the adoption of minimally invasive procedures. A sedentary lifestyle resulting in obesity and other cardiovascular diseases such as heart attack, stroke, ischemic heart diseases (IHD), etc., are primarily driving the nitinol medical devices market in North America.

Coronary heart disease also known as ischemic heart disease is caused due to formation of plaque in the wall of arteries. For instance, in 2022 American Heart Association reported that North Africa and the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of ischaemic heart disease (IHD) in the world. Increasing adoption of technologically advanced products is also another reason to drive the growth of this market. For instance, in February 2022, Cordis Health S.M.A.R.T. CONTROL nitinol stent system got the United States Food and Drug Administration (USFDA) approval for a new delivery system to allow the use of a trans-radial approach. For another instance, in 2022 Confluent Medical Technologies partnered with medical device manufacturers' original equipment manufacturers (“OEMs”) and announced that TPG Capital, has agreed to make a majority investment in the company. Confluent’s depth of expertise in Nitinol processing and other complex modalities, differentiated manufacturing capabilities, and unique end-to-end integration has positioned the company as a trusted design and manufacturing partner to original equipment manufacturers (OEMs)for many of the most complex implantable products.

Thus, owing to the abovementioned reasons, the region is expected to show significant growth over the forecast period.

Competitive Landscape

The nitinol medical devices market is fragmented in nature due to the presence of fewer companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known as Arthrex Inc, B. Braun Melsungen, Boston Scientific Inc, Becton, Dickinson & Company, Cook Medical, EndoSmart GmbH, Merck KGaA, Terumo IS (Terumo Corporation), W.L. Gore & Associate Inc., and Zimmer Biomet.

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