Nitinol Medical Devices Market
Nitinol Medical Devices Market (Product - Nitinol Stents, Nitinol Guidewires, Nitinol Filters, Nitinol Basket, and Nitinol Catheters; Application - Orthopedic, Vascular, Dental, and Gastroenterology; End-user - Hospitals, Clinics, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global nitinol medical devices market for the historical period 2017–2018 and forecast period 2019–2027, Increased clinical application of nitinol based products in medical procedures, rise in prevalence of cardiovascular diseases, and increase in number of minimally invasive (MI) surgeries are projected to drive the global nitinol medical devices market during the forecast period
- According to the report, the global nitinol medical devices market was valued at US$ 14,571.7 Mn in 2018 and is anticipated to expand at a CAGR of 8.5% from 2019 to 2027
Rise in Prevalence of Cardiovascular Diseases: Key Drivers
- Rise in prevalence of cardiovascular diseases is likely to increase the number of cardiovascular surgical procedures globally. Hence, demand for nitinol-based medical devices such as stents, catheters, and guidewires is projected to increase due to quick and safe surgical procedures.
- According to World Health Organization statistics (2017), cardiovascular diseases affect 17.7 million people each year. Approximately 31% of global death occurs due to cardiovascular diseases.
- According to white paper published by HCL “Design Engineering of Nitinol based Medical Devices”, recent growth in the cardiovascular industry indicates a significant market potential in the medical devices segment. Superelastic nature of the metal increases extensive usage in medical products such as stent and guide wire. In the past few years, inferior vena cava filters and embolic protection devices have witnessed significant commercial success.
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Increase in Number of Minimally Invasive (MI) Surgeries to Boost Market Growth
- Minimally invasive surgery is becoming more common in hospitals. The procedures are performed through tiny incisions instead of one large opening due to which patients tend to have quicker recovery times and less discomfort.
- According to mivision, minimally invasive procedures are set to transform the care of glaucoma patients. These procedures are appealing from a patient’s perspective because of improved safety and faster recovery compared to more invasive procedures.
- Hydrus Microstent acts like a scaffold to widen and dilate Schlemm’s canal to enhance aqueous outflow in eye. It is made of nitinol that is both biocompatible and MRI-safe. This material is well-proven and has been used in over one million medical implants.
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Increase in innovation in polymer-based bio absorbable stents or catheter devices to Hamper Market Growth
- Nitinol has been widely used in the medical devices industry. However, there are certain risks and limitations associated with the use of nitinol in medical device manufacturing
- Nitinol cannot be considered as a standard material as compared to other raw materials such as stainless steel and cobalt chromium for medical applications involving friction and wear. Poor electropolishing nitinol devices showed the release of nickel (allergen) from nitinol alloy at a slower pace than stainless steel. Hence, many companies have introduced polymer-based bioabsorbale stents which is designed similar to the nitinol stents and can be reabsorbable by the body.
- In 2016, Boston Scientific Corporation received CE Mark for the Eluvia Drug-Eluting Vascular Stent, the ?rst polymer-based, drug-eluting stent designed to treat peripheral lesions above the knee.
Global Nitinol Medical Devices Market: Competitive Landscape
- This report profiles major players in the global nitinol medical devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global nitinol devices market is consolidated, with the limited number of players operating in the global market.
- Key players operating in the global nitinol devices market includes
- Arthrex, Inc.
- Boston Scientific Corporation
- C. R. Bard, Inc.
- Cook Medical, Inc.
- ENDOSMART GmbH
- Medtronic plc
- B. Braun Melsungen AG
- W. L. Gore & Associates, Inc.
- Terumo Medical Corporation
- Abbott Laboratories.
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Global Nitinol Medical Devices Market: Key Developments
Key players in the global nitinol devices market are engaged in development of technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global nitinol devices market. A few expansion strategies adopted by players operating in the global nitinol devices market are:
- In January 2017, Abbott Laboratories acquired St. Jude Medical (SJM). The acquisition of St. Jude Medical will advance the company’s revenue growth is cardiovascular care and neuromodulation devices. The company is also focusing on developing new designs for Supera self?expanding nitinol stent system used in the treatment of peripheral artery disease.
- In October 2016, Medtronic's CoreValve Evolut R 34 mm valve received the U.S. Food and Drug Administration (FDA) approval. The system delivers a greater opportunity to treat patients with smaller vessels through the preferred transfemoral access route.
- In August 2016, W.L. Gore and Associates, Inc. announced the U.S. Food and Drug Administration (FDA) approval for the GORE TIGRIS Vascular Stent, a dual-component stent with a unique fluoropolymer/nitinol design. This will improve anatomical conformability with the natural movement of the knee when treating peripheral artery disease (PAD)
- In December 2015, Boston Scientific Corporation acquired the interventional radiology portfolio of CeloNova Biosciences (CeloNova). The acquisition includes drug-eluting microspheres, which can be used for delivery of chemotherapy drugs to cancerous tumors and uterine fibroids.
- In August 2015, Nitinol Devices & Components, Inc. (NDC) of Confluent Medical Technologies completed the acquisition of Interface Catheter Solutions. The acquisition of company create an unique opportunity to strengthen the relationships with the existing customer particularly in the endovascular, neurovascular market
The report on the global nitinol medical devices market discussed individual strategies, followed by company profiles of developer and provider of nitinol medical devices. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global nitinol medical devices market.
Global Nitinol Medical Devices Market - Scope of Report
TMR’s report on the global nitinol medical devices market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global nitinol medical devices market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global nitinol medical devices market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global nitinol medical devices market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global nitinol medical devices market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global nitinol medical devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global nitinol medical devices market.
The report delves into the competitive landscape of the global nitinol medical devices market. Key players operating in the global nitinol medical devices market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global nitinol medical devices market that have been profiled in this report.
Key Questions Answered in Global Nitinol Medical Devices Market Report
- What is the scope of growth of product companies in the global nitinol medical devices market?
- What will be the Y-o-Y growth of the global nitinol medical devices market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global nitinol medical devices market?
- Will North America continue to be the most profitable market for nitinol medical devices providers?
- Which factors are anticipated to hamper the growth of the global nitinol medical devices market during the forecast period?
- Which are the leading companies in the global nitinol medical devices market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global nitinol medical devices market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global nitinol medical devices market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the nitinol medical devices market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the nitinol medical device market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global nitinol medical devices market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global nitinol medical devices market more reliably and accurately.
Regional Segmentation of Nitinol Medical Devices Market
- 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
The Nitinol Medical Devices Market has been segmented as follows:?