The global nitinol medical devices market in terms of final medical components was dominated by Abbott Laboratories, Boston Scientific Corporation, Cordis Corporation, and Medtronic, Inc., in 2012. Their collective value summed up to a massive 75.7% of the global market value, this consolidated market is ready to emerge from its nascent beginnings.
According to a research report released by Transparency Market Research, the degree of competitiveness in the global nitinol medical devices market is expected to remain very high over the coming years. This is attributed to the intensely high scale of research and development conducted by each key player in the market. Meanwhile, the threat of new entrants is expected to remain low or medium over the coming years, due to the high cost entry barriers to the market.
The global nitinol medical devices market for final medical components is expanding at a projected CAGR of 11.1% from 2013 to 2019, in terms of revenue. This revenue is expected to reach US$12.63 bn by the end of 2016 and US$17.33 bn by the end of 2019. The market for semi-finished raw materials in nitinol medical devices is expected to expand at a CAGR of 7.3% in terms of revenue from 2013 to 2019. By the end of 2019, this revenue is expected to reach US$2.51 bn.
North America to Remain Dominant in Nitinol Medical Devices Demand
By the end of 2019, North America is expected to take up US$1.26 bn and US$7.99 bn in semi-finished raw materials and final medical components respectively in the global nitinol medical devices market. This region is expected to maintain the dominant force for the market’s growth. North America is continuing to show a heavy increase in its demand for nitinol medical devices due to an advanced healthcare infrastructure where medical professionals are capable of opting for the use of increasingly efficient devices.
Meanwhile, the nitinol medical devices market of Asia Pacific is expected to expand at an impressive CAGR of 13.6% from 2013 to 2019, owing to a speedy evolution of healthcare infrastructure, the increasing number of endovascular surgeries being performed in this region, and a growing awareness of better healthcare options among patients.
Nitinol Hailed as Most-wanted Medical Equipment Raw Material
“Perhaps the single leading driver for the global nitinol medical devices market is the plethora of advantages that using nitinol offers directly. It possesses a set of very unique biomechanical properties that are highly sought-after in the medical device manufacturing industry. It is not only a shape memory alloy, but a thermal shape memory allow. Additionally, nitinol is extremely resistant to corrosion, and possesses super-elasticity. These properties are not seen in the currently common shape memory alloys. Additionally, nitinol has been recognized as safe for being used to manufacture implants, allowing a huge scope of growth for the global nitinol medical devices market¸” states a TMR analyst.
The highly favorable biomechanical properties of nitinol are giving it the upper hand in an industry that is already being driven by a rising geriatric demographic that is demanding a greater number of implants and surgeries, as well as a correlative increment in the demand for minimally invasive surgeries.
Manufacturing Difficulties and Utility Limitations Still Mar Global Nitinol Medical Devices Market
Two of the key restraints affecting the global nitinol medical devices market include the currently limited scope of use of nitinol due to the risks involved. Stents made with nitinol, for instance, are not as effective in radial compression as balloon-expandable stents are. Additionally, nitinol cannot yet be used as a raw material for mechanical medical devices that are subject to wear and frictional forces. The other restraint on the global nitinol medical devices market is the large number of complexities that arise when using nitinol as a raw material for certain medical devices.
“The emerging economies are currently a hot spot for players in the global nitinol medical devices market. These regions offer a massive patient pool that is aware of nitinol and is in demand for advanced medical devices,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Nitinol Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
Key segments of the Global Nitinol Medical Devices Market
Nitinol Medical Devices Market, Semi-finished Raw Material
- Nitinol Tubes
Nitinol Medical Devices Market, Final Medical Components
- Nitinol Stents
Nitinol Medical Devices Market, Region
- North America
- Asia Pacific
- Rest of the World
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