Nitinol Medical Device Market Size Is Projected To Be Around $24 Billion By 2025
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A research study titled, “Nitinol Medical Devices Market by Semi-finished Raw Material and Final Medical Component - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the Nitinol medical device market is projected to be around $24 billion by 2025.
Cardiovascular diseases are disorders caused by inflammation of veins and arteries due to deposition of fatty acids in blood vessels. Cardiovascular diseases are precursors to a heart stroke and can be symptomless for longer period. A heart attack or stroke can be a warning sign of vascular diseases. As per 2015 Heart Disease and Stroke Statistics Update of American Heart Association, around 85.6 million Americans are living with some type of cardiovascular disorder. More than 75% of CVD related fatalities occur in low-income and middle-income countries. Such high prevalence of vascular diseases across the globe is primarily attributed to large number of factors such as tobacco consumption, unhealthy diet, obesity, lack of physical exercise, and hypertension. Cardiovascular diseases usually arise due to narrowing of the arteries in the body causing insufficient flow of the blood. Stents are small expandable tubes that are used to treat narrowed arteries in the body through percutaneous coronary intervention. The flexibility of nitinol stents is 10 to 20 times greater than stainless steel stents. Nitinol stents are made of nickel-titanium alloy and are self-expanding i.e., they are compressed into a catheter and then pushed out of the catheter where they expand against the vessel wall. Therefore, an exclusive property of nitinol such as high resistance and super elasticity is the primary factor driving the market growth.
Wiring segment dominated the global market in 2016, due to large number of factors such as low cost of material, low resistance and corrosion property, more durability and utilization in wide range of application in medical fields such as orthopedics, endoscopy, and custom springs. Stents segment is expected to witness highest growth during the forecast period. This high growth rate is primarily attributed to increasing demand for minimum invasive surgeries and growing elderly population requiring better healthcare facilities.
U.S dominated the North American nitinol medical devices market in 2016, due to increasing adoption of nitinol devices for product advancements and designing simplified and time saving treatments. For instance, in November 2016, Boston Scientific Corporation launched the Dakota nitinol stone retrieval device with OpenSure handle, in the U.S. and Europe. This device allows physicians to release and capture kidney stones of multiple sizes. Emerging economies such as China and India will experience favorable growth during the forecast period due to high patient population and increased awareness about availability of treatment options with rising disposable income of the people.
Some of the major players operating in the global nitinol devices market are Nitinol Devices & Components, Inc., Custom Wire Technologies, Inc., Boston Scientific Corporation, Abbott Laboratories, Inc., Cook Medical, Inc., and C.R. Bard, Inc. Strategic acquisitions was the key strategy adopted by these players to sustain in this market at global level. For instance, in August 2015, Nitinol Devices & Components, Inc. acquired Interface Catheter Solutions for developing fully integrated solutions to create Confluent Medical Technologies, a company dedicated for manufacturing specialized medical devices.
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Key Findings of the Research Study:
- Stents segment dominated the overall market in 2016 and is expected to grow with a double digit growth rate during forecast period, due to growing number of vascular stenting procedures worldwide.
- Wiring segment held the largest share of the global market in 2106, due to low cost and better corrosion resistance properties.
- North America accounted for the largest share of global nitinol devices market in 2016 and will continue to dominate the overall market during the forecast period. This is due to high demand for advanced medical devices and developed healthcare infrastructure with high adoption of nitinol devices.
- Asia-Pacific is projected to record lucrative growth during the forecast period due to rising incidences of cardiovascular diseases and increase in healthcare spending.