Nitinol Medical Devices Market: Supermetal to Lifesaver: Nitinol use in medical devices expected to soar

Nitinol (Nickel-Titanium) was initially synthesized for ordinance use in naval torpedoes. Its shape regaining characteristics however became a matter of interest in other industries. With the availability of efficient manufacturing processes in the early 1990’s, nitinol soon became the hot favorite in medical and commercial industries, besides the usual automotive and aeronautics industry. Due to its high biocompatibility property, nitinol is widely used in various medical implant surgeries, especially orthopedics and orthodontics.

In orthopedics, nitinol tubing is commonly used in catheters, stents, and super elastic needles. In orthodontics nitinol is used to make brackets and wires connecting the teeth. But the most lifesaving application of nitinol would be in the manufacture of cardiovascular stents; these stents are required to open a blockage in the heart of patients with cardiac co-morbidity, nitinol’s shape changing properties thus proved invaluable, making the whole process simple yet highly effective.

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Transparency Market Research, a leading U.S. based market research firm, analyzes the global market for nitinol-based medical devices (final medical components) and predicts a compounded annual growth rate of 11.1% for the period 2013 to 2019. According to this research the medical devices sales of nitinol were largely based on stents, which on its own comprised of more than 50% of the total nitinol medical devices market.

The market for nitinol medical device was segmented based on type of final medical components and semi-finished raw materials. Further, the market for nitinol medical devices based on type of semi-finished raw materials was categorized into wires, tubes and others, which include ribbons and sheets. Among these afore-mentioned raw materials, the nitinol wires segment expected to grow at an attractive growth rate higher than the cumulative growth of the entire semi-finished raw materials market. This could be attributed to its growing use in medical devices category as it possesses good corrosion resistance. Some of the top manufacturers in this category are Nitinol Devices & Components Inc., Memry Corporation, Tegra Medical and Fort Wayne Metals.

Based on type of final medical components, the market is further classified into nitinol stents, guidewires and other products. Among these, nitinol stents market accounted for a largest market share in 2012 and is expected to grow at a healthy growth rate during the forecast period of 2013 to 2019. The major factors driving the growth of this market include increasing number of global peripheral and coronary vascular stenting procedures. Additionally, usage of nitinol as a raw material to manufacture vascular stents has also been growing due to its unique biomechanical properties compared to other raw materials such as stainless steel and cobalt chromium. On an average, 50% of the peripheral and coronary stents currently available in the market are manufactured from nitinol, which has made it the leading segment.

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Geographically, North America showed the highest sales of nitinol medical devices segment with nearly half of the global sales from the continent in 2012. This is expected to more or less remain constant, however the Asia-Pacific market which has been growing significantly is also expected to grow nearly as rising awareness and increased availability along with growing medical tourism industry, shall together in all provide a boost to the market. Some players in this category are Abbott Laboratories, Boston Scientific Corporation, Cordis Corporation, Medtronic Inc, etc, among which Abbott Laboratories on its own contributed to nearly 1/3rd of the global market shares.

Currently the major reason for increased sales are; the increasing geriatric populations which routinely undergo tests, increased requirements for non-invasive surgical procedures and growing innovations in medical use of nitinol. However, like any other industry, nitinol too faces challenges in the form of; high prices, existing cheaper substitutes like stainless steel alloys and uncertainties associated with the manufacturing of nitinol-based devices. These hurdles however are bound to be tackled in time with the rise in innovations pertaining to the applications of nitinol.

The future has opened doors of great potential for nitinol, specifically in the medical devices segment, with Asia-Pacific market expected to lead the global demand. For an exceptional entity to be transformed from a possible weapon to one that has the potential to save millions of lives, nitinol sure has come a long way and probably is here to stay as the people’s favorite.

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