Global Nitinol Medical Devices Markets, 2021-2028 - Formation of Regulatory Guidelines & 3D Printed Nitinol Stents - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Nitinol Medical Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product; Application, and Geograpy" report has been added to ResearchAndMarkets.com's offering.
The nitinol medical devices market was valued at US$ 15,807.53 million in 2020 and is projected to reach US$ 27,327.25 million by 2028; it is expected to grow at a CAGR of 7.08% during 2020-2028.
The growth of the market is mainly attributed to the factors such as the increasing adoption of minimally invasive surgeries (MIS) and growing prevalence of chronic diseases.
However, manufacturing challenges in nitinol medical devices restrain the market growth. On the other side, the formation of regulatory guidelines would offer lucrative opportunities for the growth of the market during the forecast period.
The use of minimally invasive surgeries has evolved the paradigm of the surgery in the medical science. The growth of innovative technologies has resulted in increased interest, awareness, clinical trial and evaluation, and eventually adoption of MIS.
Types of MIS such as laparoscopy surgery, robotic surgery, endoscopic mucosal resection, and endovascular surgery are widely adopted in various countries worldwide. The advantages of MIS such as smaller incisions, reduced pain, lower complications, minimal blood loss, and shorter hospital stays have dramatically influenced the adoption of MIS.
Minimally invasive surgeries require medical instruments or devices such as guiding catheters, guidewires, stents, filters, inflators, insufflators and insufflator needles, and closure devices due to flexible nature. As these devices are inserted through small incision, they need high flexibility, biocompatibility, strength, elasticity, and safety. Therefore, nitinol is widely preferred to design the above-listed devices.
Along with the properties mentioned above, nitinol has the shape retaining property, which has accelerated its use in designing medical devices for MIS. Thus, owing to the above-mentioned unique features of nitinol, there is a significant use of nitinol-based medical devices for MIS.
Based on product, the global nitinol medical devices market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others. The nitinol stents segment held the largest share of the market in 2020. Also, the same segment is expected to register the highest CAGR during the forecast period.
By application, the global nitinol medical devices market is segmented into orthopedic, vascular, dental, and gastroenterology. The vascular segment held the largest share of the market in 2020, and it is further expected to register the highest CAGR in the market during 2021-2028.
Key Market Dynamics
- Increasing Adoption of Minimally Invasive Surgeries (MIS)
- Growing Prevalence of Chronic Diseases
- Manufacturing Challenges
- Formation of Regulatory Guidelines
- 3D Printed Nitinol Stents
- Cook Medical LLC
- Zimmer Biomet
- B. Braun Melsungen AG
- Boston Scientific Corporation
- Arthrex, Inc.
- W. L. Gore and Associates, Inc.
- Terumo Corporation
- Nordson Corporation
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