Nitinol Medical Devices Market Estimated to Record Highest CAGR by 2025

Shape Memory Alloys (SMA) is a special class of metals that have the ability to restore their original shape after severe deformation. SMAs find applications in various industries such as automotive, aerospace, robotics and biomedical. Nickel-Titanium alloy (nitinol) has been found to be the most useful shape memory alloy in biomedical applications such as tweezers for small incisions, cardiovascular stents, coroner angiography, tendon fixation tool and orthodontic wires.

Some of the major properties of nitinol include high fatigue strength, nonmagnetic, high power/weight ratio, corrosion resistance, heat resistance, and biocompatible. The increased utilization of this alloy to manufacture various medical devices has changed the algorithm of disease treatment. With the growth in geriatric population globally and the increasing rate of vascular diseases such as peripheral arterial diseases and coronary artery diseases, the nitinol medical devices market shows tremendous growth potential, particularly in developing nations.

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Based on product, the nitinol medical devices market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, others (needles, staples, pins, sheath, and wires, etc.). Further nitinol guidewires is segmented into orthodontic guidewires and endoscopic guidewires. Nitinol stents accounted to larger market share in terms of revenue in 2016 and expected to grow in the forecast period due to increasing prevalence of cardiovascular diseases and peripheral vascular disease (PVD). According to the World Health Organization, cardiovascular diseases is a leading cause of deaths worldwide. More people die of cardiovascular diseases every year than any other cause. An estimated 17.7 million people died of cardiovascular diseases in 2015, representing 31% of the total number of deaths worldwide.

Based on application, the nitinol medical devices market is segmented into orthopedic, vascular, dental, gastroenterology, and others. Vascular segment accounted for larger market share in terms of revenue in 2016, vascular segmented accounted for more than 60% of the market share in 2016 due to increasing demand and adoption of nitinol based stents for vascular surgeries. Increasing number of dental implants and increasing demand for nitinol based product is expected to drive the growth of the nitinol medical devices market.

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Based on the end-user, the market has been segmented into hospitals, clinics, ambulatory surgical centers and others. The hospitals segment dominated the market in 2016 and is anticipated to remain dominant in the forecast period owing to the increasing demand for minimal invasive surgeries and increasing number of surgeries for vascular and orthopedic diseases. The ambulatory surgical centers and clinics are expected to grow at higher CAGR in the forecast period due to surging demand for same-day surgeries.

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Based on region the nitinol medical devices is segmented into 5 regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for larger market share in terms of revenue in 2016 due to increasing adoption of technological advanced products and increasing prevalence of peripheral artery disease. According to the Houston Methodist Research Institute, peripheral arterial disease affects 13% to 14% of the elderly population and thus affects more than 27 million in the U.S. and Europe. The prevalence of PAD increases with age. In several epidemiologic studies, prevalence of PAD ranged from 13% to 32% in individuals 80 years of age.

Major players in the nitinol medical devices market include B. Braun Melsungen AG, C. R. Bard, Inc., Arthrex, Inc., Zimmer Biomet Holdings, Inc., Cook Medical, Medtronic, W. L. Gore & Associates, Inc., Terumo Corporation, Abbott Laboratories, Boston Scientific Corporation and Endosmart GmbH

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