Industry Trend Analysis
The global nitinol medical devices market is projected to be around $24 billion by 2025. Past few years has witnessed an unfortunate rise in number of vascular diseases such as venous diseases, renal artery diseases, abdominal aortic diseases and stroke, which is set to drive the market growth. Additionally, increase in obesity rate and subsequent demand for minimally-invasive surgery techniques are further contributing to the market growth. Moreover, increasing use of nitinol in medical devices is set to drive the market growth. Limited scope for use of nitinol as raw material for medical devices and its vulnerability towards frictional and wear forces can hamper the growth of global nitinol medical devices market.
Product Outlook and Trend Analysis
Wiring segment dominated the overall market in 2016, due to high preference and wide adoption of nitinol wires. Low cost, and better resistance and corrosion properties has speed up the acceptance of nitinol wires in wide range of applications in medical field such as orthopedics, endoscopy, custom springs, and catheter. Stents segment accounted for the largest share of the global nitinol devices in 2016 and is projected to maintain the lead with a double digit growth rate during the forecast period, primarily due to increase in vascular stenting procedures worldwide.
Regional Outlook and Trend Analysis
North America dominated the global nitinol devices market in 2016 and is expected to continue its leading position during the forecast period. This is attributed to a number of factors such as the developed healthcare infrastructure and high adoption of technologically advanced products as healthcare providers prefer highly sophisticated devices for treatment.
Asia-Pacific region is expected to witness impressive growth over the forecast period, due to increasing number of endovascular surgeries, growing awareness about diseases and available treatment options, and increasing income of people. Moreover, government initiatives to offer better health care services in the region is set to further speed up the market growth.
Some of the key players in the market are Boston Scientific Corporation, Abbott Laboratories, Inc., Custom Wire Technologies, Inc., Cook Medical, Inc., Nitinol Devices & Components, Inc., and C.R. Bard, Inc. These companies are highly focused on bringing innovations in the market through research and development and strategic acquisitions. For instance, in August 2015, Interface Catheter Solutions was acquired by Nitinol Devices & Components, Inc. to develop fully integrated solutions for manufacturing specialized medical devices.
The single leading driver for global nitinol medical devices is pool of advantages offered by nitinol in medical devices. The emerging markets are hot spots for such products as they offer huge pool of patients. With government initiatives for providing better healthcare services, nitinol devices market will witnessed enormous growth with the introduction of innovative products that guarantees effective and safe treatment.
Nitinol Medical Devices Market Segmentation
By Semi-finished Raw Material:
By Final Medical Components:
Rest of Europe
Rest of Asia-Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?