Nitinol Medical Devices Market Growth Drivers & Trends by 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
Market Size Value in US$ 15,807.53 Million in 2020 Market Size Value by US$ 27,327.25 Million by 2028 Growth rate CAGR of 7.2% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Nitinol Medical Devices Market: Strategic Insights
Market Size Value in | US$ 15,807.53 Million in 2020 |
Market Size Value by | US$ 27,327.25 Million by 2028 |
Growth rate | CAGR of 7.2% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Speak to AnalystNitinol 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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application , and Geograpy
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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