Nitinol Medical Devices Market: Increase in Number of Minimally Invasive (MI) Surgeries to Boost Market Growth

Wilmington, Delaware, United States, Transparency Market Research Inc.: Transparency Market Research (TMR) has published a new report titled, ‘Nitinol Medical Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Nitinol medical devices market was valued at US$ 14,571.7 Mn in 2018 and is projected to expand at a CAGR of 8.5% from 2019 to 2027.

Overview

Nitinol is a unique class of shape-memory alloy that is made of nickel titanium. Nitinol properties include the shape-memory effect, super elasticity, and high damping capability. These technical properties of nitinol shape-memory alloy can be modified to a large extent by changes in composition, heat treatment, and mechanical working.
Some of the major properties of nitinol include high fatigue strength, nonmagnetic, high power/weight ratio, corrosion resistance, heat resistance, and biocompatible.
Nitinol is used in cardiovascular stents, kink resistant guide wires, minimally invasive surgical tools, and self-locking orthopedic devices. Recent advancements in nitinol includes developing new medical devices such as peripheral vascular stents, biodegradable polymer stents, and others.
Based on product, the nitinol medical devices market is segmented into nitinol stents, nitinol guide wires, nitinol filters, nitinol baskets, nitinol catheters, and others (needles, staples, pins, sheath, and wires, etc.).
North America dominated the global nitinol medical devices market in 2018 and the trend is anticipated to continue during the forecast period. The increasing adoption of technologically advanced products and the increasing prevalence of peripheral artery disease have contributed to the dominant share of the region in the global market.
The Asia Pacific is likely to be a highly lucrative market for nitinol medical devices and it is expected to expand at a high CAGR during the forecast period
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Increased Clinical Application of Nitinol-based Products in Medical Procedures to Drive Market

Usage of nitinol in the medical industry has increased due to the demand for minimally invasive procedures utilizing novel instruments and implants. Medical applications range from orthodontic archwires and endoscopic instruments to endovascular stents which use nitinol as a base material for design and structure formation.
According to Pediatric Research, potential applications of shape-memory alloys are magnetostrictive and ferromagnetic shape memory alloys (FSMA) which are used to design pediatric cardiovascular devices. This is due to nitinol which changes shape in response to a change in temperature, and magnetostrictive or ferromagnetic properties.
Thus, wide applications of nitinol-based products in medical procedures are estimated to drive the growth of the market during the forecast period.

Nitinol Stents to Dominate Market

In terms of product, the nitinol medical devices market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol baskets, nitinol catheters, and others (needles, staples, pins, sheath, wires, etc.). Further nitinol guidewires are segmented into orthodontic guidewires and endoscopic guidewires.
Nitinol stents accounted for a larger market share in terms of revenue in 2016 and are expected to grow in the forecast period due to the increasing prevalence of cardiovascular diseases and peripheral vascular disease (PVD).
According to the World Health Organization, cardiovascular disease is a leading cause of death worldwide. More people die of cardiovascular diseases every year than any other cause. Each year, worldwide an estimated 17.9 million people die due to cardiovascular diseases.