Nitinol Medical Devices Market Analysis and Forecast by Size, Share, Growth, Trends 2031

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.

Nitinol Medical Devices Market Analysis

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.

Nitinol Medical Devices Market Overview

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.

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Nitinol Medical Devices Market: Strategic Insights

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Nitinol Medical Devices Market Drivers and Opportunities

Rising Number of Minimally Invasive Surgeries in the United States to Favor 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).

Innovative Product Launches

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.

Nitinol Medical Devices Market Report Segmentation Analysis

Key segments that contributed to the derivation of the nitinol medical devices market analysis are application and product.

• Based on application, the nitinol medical devices market is segmented into orthopedic, vascular, dental, and gastroenterology. The vascular segment held the largest market share in 2023.
• By product, the nitinol medical devices market is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others. The nitinol stents segment held the largest share of the market in 2023.

Nitinol Medical Devices Market Share Analysis by Geography

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.

Nitinol Medical Devices Market Regional Insights

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.

Nitinol Medical Devices Market Report Scope

Nitinol Medical Devices Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Arthrex Inc.
2. B. Braun SE
3. Boston Scientific Corporation
4. Becton, Dickinson & Company
5. Johnson & Johnson
6. Cook Medical

Disclaimer: The companies listed above are not ranked in any particular order.

Nitinol Medical Devices Market News and Recent Developments

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:

• Researchers at Australia’s national science agency, CSIRO, created the first self-expanding nitinol stents made via powder bed fusion. The project points to more opportunities with this shape memory alloy. (Source: Additive Manufacturing, Events, September 2020)
• BD launched PAD treatment study with vascular-covered stent. The study evaluated the safety and effectiveness of the BD Vascular Covered Stent, a low-profile, self-expanding, polytetrafluoroethylene encapsulated nitinol implant. (Source: Medical Device Network, News, March 2024)

Nitinol Medical Devices Market Report Coverage and Deliverables

The “Nitinol Medical Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Nitinol medical devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Nitinol medical devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Nitinol medical devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the nitinol medical devices market
• Detailed company profiles