Global Nitinol Medical Devices Market: Snapshot
In a consolidated yet competitive global nitinol medical devices market, savvy players are hard-focused on product innovation to strengthen their position. Keen players are also vying to expand their geographical outreach by means of strategic partnerships and mergers and acquisitions.
Majorly fuelling the global nitinol medical devices market is the rising prevalence of cardiovascular diseases, growing geriatric population susceptible to peripheral artery diseases, and increasing demand for minimally invasive surgical procedures. As per statistics of the World Health Organization, almost 17.7 million individuals suffer from cardiovascular diseases each year; cardiovascular diseases account for 31% deaths each year globally.
As per estimates of a report by Transparency Market Research (TMR), the global nitinol medical devices market will be valued at US$25,657.5 mn by the end of 2025 vis-à-vis revenue from US$12,783.9 mn in 2016 at a CAGR of 8.2% therein.
Hospitals End-use Segment to Continue to Lead through 2025
Depending upon product type, the global nitinol medical devices market is classified as nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others (needles, staples, sheath, pins, and wires, etc.). Nitinol guidewires is further segmented into orthodontic guidewires and endoscopic guidewires.
Amongst all, nitinol stents segment led the overall market in terms of revenue in 2016; going forward the segment is anticipated to further grow due to increasing prevalence of cardiovascular diseases and peripheral vascular diseases. The growth of nitinol stents segment is mainly because of high efficacy of nitinol-based coronary and peripheral stents in the treatment of cardiovascular diseases. As per Diagnostic & Interventional Cardiology, prevalence of percutaneous coronary intervention (PCI) procedures in the U.S. is four times as compared to coronary artery bypass graft (CABG) procedures.
Based on application, the key segments include orthopedic, vascular, dental, gastroenterology, and others. The vascular segment held the leading market share of more than 60% in 2016 in the global nitinol medical devices market. This is mainly because of rising prevalence of cardiovascular diseases and increasing adoption of nitinol based stents for vascular surgeries.
Based on end-user, the report classifies the global nitinol medical devices market into hospitals, clinics, ambulatory surgical centers, and others. In 2016, hospitals led the market and the trend is anticipated to continue over the forecast period. The growth of hospitals segment is attributed to the increasing demand for minimally invasive surgeries and increasing number of surgeries for vascular and orthopedic diseases. However, clinics and ambulatory surgical centers segments are anticipated to surpass in terms of growth rate over the forecast period due to surging demand for same-day surgeries.
High Prevalence of Peripheral Artery Disease among Geriatrics Makes North America Leader
Based on region, the nitinol medical devices market has been classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America accounted for the leading market share vis-à-vis revenue in 2016 due to increasing adoption of technologically advanced products and increasing prevalence of peripheral artery disease. As per statistics of the Houston Methodist Research Institute, peripheral arterial disease affects 13% to14% of the elderly population in the U.S. Further, prevalence of peripheral artery disease, which increases with age, can also range from 13% to 32% among individuals of 80 years of age.
Powered by the U.K, Germany, and France Europe is a key market for nitinol medical devices. As per the European Heart Network, cardiovascular diseases are responsible for 3.9 million deaths each year in Europe. In 2015, 11.3 million new cases of cardiovascular diseases were reported in Europe.
Prominent names in the global 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.
Global Nitinol Medical Devices Market: Overview
Nitinol, an alloy of nickel and titanium, is one of the most important shape memory alloys having a wide range of biomedical applications. Characterized by superelasticity (or pseudoelasticity), exceptional elastic deformation, and marked biocompatibility, nitinol has gained vast acceptance in making a variety of medical devices. The factors such as increasing number of surgical procedures worldwide, rise in prevalence of cardiovascular diseases and increasing demand for minimal invasive procedures and among others are anticipated to contribute to the significant growth of the market during the forecast period.
Global Nitinol Medical Devices Market: Research Methodology
The research is a combination of primary and secondary research, conducted for understanding and arriving at trends, used to forecast the expected revenue of drugs employed in the treatment of nitinol medical devices in the near future. Primary research formed the bulk of our research efforts with information collected from in-depth interviews and discussions with a number of key industry experts and opinion leaders. Secondary research involved study of company websites, annual reports, press releases, investor presentations, analyst presentation and various international and national databases. The report provides estimated market size in terms of US$ Mn for type of equipment, communication type, end-user, and geography for the period 2015 to 2025, considering the macro and micro environmental factors. The revenue generated from each product, application, and end-user was calculated by considering the preference for nitinol medical devices in different regions, and utilization of the nitinol based products across all the geographies.
Global Nitinol Medical Devices Market: Market Segmentation
The market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on product, application, and end-user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints and opportunities that influences the nitinol medical devices market in the current and future scenario. The report also provides key industry events and Porter’s five forces analysis for the market.
Market share analysis among the market players is analyzed to signify the contribution of these players in the market in terms of percentage share. All these factors will help the market players to decide about the business strategies and plans to strengthen their positions in the global market. Based on geography, the market has been analyzed for major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also covers detailed country analysis contributing majorly in the nitinol medical devices market.
Global Nitinol Medical Devices Market: Competitive Landscape
The report also profiles the major players in the market and provides various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Companies profiled in the nitinol medical devices market report are 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 among others.
The Nitinol Medical Devices Market has been segmented as follows:
- Nitinol Medical Devices Market, by Product, Revenue (US$ Mn) 2015-2025
- Nitinol Stents
- Nitinol Guidewires
- Orthodontic Guidewires
- Endoscopic Guidewires
- Nitinol Filters
- Nitinol Basket
- Nitinol Catheters
- Nitinol Medical Devices Market, by Application, Revenue (US$ Mn) 2015-2025
- Nitinol Medical Devices Market Revenue, by Geography (US$ Mn), 2015-2025
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America