The nitinol medical devices market size is projected to reach US$ 2.28 billion by 2031 from US$ 1.51 billion in 2023. The market is expected to register a CAGR of 5.3% during 2024–2031. Rising burden of chronic diseases across the world coupled with increasing preference towards minimally invasive surgeries are likely to remain key trends in the market.
According to the Centers for Disease Control and Prevention (CDC), as of 2023, an estimated 129 million people in the US had at least 1 major chronic disease i.e., heart disease, cancer, diabetes, obesity, hypertension as defined by the US Department of Health and Human Services. Nitinol based medical devices basically provides patient comfort, reduces risk of contamination, and also improves the patient healthcare outcomes. New product launches by companies in the recent years is expected to create lucrative opportunities for nitinol medical devices market in the future years.
Increasing demand for nitinol material in medical device production particularly for minimally invasive surgeries has surged the growth of overall nitinol medical devices market. Nitinol has unique properties such as super elasticity and shape memory. An upward trajectory for nitinol continues post-COVID-19 as there have been more minimally invasive procedures that utilize the metal alloy . Elective surgeries are more commonly being performed in outpatient clinics compared to traditional open-surgical operations that require extended hospital stays. Such a factor has resulted in the growth of nitinol medical devices market.
According to the National Institutes of Health (NIH), in the ambulatory setting, minimally invasive procedures were more frequent and represented a larger proportion of overall ambulatory operations. In 2016, 2017, and 2018, the total surgical encounters were 10.6, 10.6, and 10.7 million, respectively. According to the North Kansas City Hospital, over 15 million laparoscopic procedures are performed in the United States annually. It is one of the most commonly performed surgeries, benefiting many medical conditions. The surgeons at Meritas Health which is a subsidiary of North Kansas City Hospital, have a lot of experience performing this type of procedures.
Thus, the major factors leading to the nitinol medical devices market growth are the growing inclination toward minimally invasive surgeries (MIS).
In the recent past, it has been observed that market participants are launching new productes associalted with nitinol owing to its unique properties. For instance, in April 2024, it has been reported that Endosmart has introduced nitinol to the medical device industry across Europe and the US. The rebranding to Alleima (acquisition partner) earlier this year will further unify their values, goals, and resources to provide smart nitinol medical device components.
Key segments that contributed to the derivation of the nitinol medical devices market analysis are application and product.
The geographic scope of the nitinol medical devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the nitinol medical devices market. Incresaing number of minimally invasive surgeries and rise in cardiovascular diseases in the United States has led the growth of regional market. According to the American Heart Association, as of 2019, approximately 82.6 million people in the United States currently have one or more forms of cardiovascular disease (CVD), making it a leading cause of death for both men and women Asia Pacific region is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Nitinol Medical Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Nitinol Medical Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 1.51 Billion |
Market Size by 2031 | US$ 2.28 Billion |
Global CAGR (2024 - 2031) | 5.3% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Product
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Nitinol Medical Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Nitinol Medical Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The nitinol medical devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the nitinol medical devices market are listed below:
The “Nitinol Medical Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America has dominated the nitinol medical devices market in 2023
Rising burden of chronic diseases across the world coupled with increasing preference towards minimally invasive surgeries are likely to remain key trends in the market.
Technologically advanced products is one of the future trends that will drive the overall nitinol medical devices market during the forecast period 2024-2031
Arthrex Inc.; B. Braun SE; Boston Scientific Corporation; Becton, Dickinson & Company; Johnson & Johnson; Cook Medical; EndoSmart GmbH (Alleima); Terumo Corporation; W.L. Gore & Associates Inc.; and Zimmer Biomet are some leading players operating in the nitinol medical devices market
The nitinol medical devices market size is projected to reach US$ 2.28 billion by 2031
The global nitinol medical devices market is estimated to register a CAGR of 5.3% during the forecast period 2024-2031