According to The Insight Partners latest study on “Nitinol Medical Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Application,” the market was valued at US$ 15,807.53 million in 2020 and is projected to reach US$ 27,327.25 million by 2028; it is expected to grow at a CAGR of 7.2% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining to the market growth.
Market Size Value in
(US$ 15,807.53 Million in 2020)
Market Size Value by
(US$ 27,327.25 Million by 2028)
(CAGR of 7.2% from 2021-2028)
No. of Pages
No. of Charts & Figures
(Product ; Application , and Geograpy)
(North America; Europe; Asia Pacific; Latin America; MEA)
(US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
(Revenue forecast, company ranking, competitive landscape, growth factors, and trends)
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The use of minimally invasive surgeries has evolved the paradigm of the surgery in the medical science. The growth of innovative technologies has resulted in increased interest, awareness, clinical trial and evaluation, and eventually adoption of MIS. Types of MIS such as laparoscopy surgery, robotic surgery, endoscopic mucosal resection, and endovascular surgery are widely adopted in various countries worldwide. The advantages of MIS such as smaller incisions, reduced pain, lower complications, minimal blood loss, and shorter hospital stays have dramatically influenced the adoption of MIS.
Nitinol refers to an alloy of nickel and titanium that is rapidly becoming a metal of choice for the composition of various medical devices in the healthcare industry. Nitinol widely finds its applications as self-expanding grafts, baskets, filters, graft-supporting systems, and others. Nitinol alloys are most known for their super-elasticity and thermal shape memory. Chronic diseases are among the prime factors that have escalated the demand for nitinol medical devices such as stents, guidewires, catheters, orthopedic implants and staples, and orthodontic arch wires. Several chronic diseases such as cardiovascular diseases (CVD) and peripheral vascular diseases (PVD), urology and gastroenterology cancers, severe orthopedic injuries, and dental deformities have widely demanded the advanced treatments with efficient and effective products. The chronic diseases have affected the health and quality of people worldwide.
In addition, chronic diseases cause maximum deaths in the countries across the world. For instance, CVD is highly prevalent in developed and developing countries. It is among the largest contributors to the overall deaths in the world. According to the World Health Organization (WHO) data published in 2017, nearly 17.9 million people have died due to CVD in 2016. The number of deaths represented 31% of the total deaths occurred globally. Among the 17.9 million, ~85% of deaths were due to heart attack and stroke. However, the advancements in medical science have enabled the early diagnosis of risk of severe CVD. There is an easy availability of treatments to improve quality of life. In addition, the procedures such as angioplasty that place balloons or stents in the blood vessels have allowed the use of nitinol medical devices. Majority of the stents, grafts, and balloons are made from nitinol. Also, the guiding guidewires and catheters used during the procedures are widely made from nitinol.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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In terms of product, the global 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 2020. Also, the same segment is expected to continue its dominance and register the highest CAGR in the market during the forecast period.
Based on application, the global nitinol medical devices market is segmented into orthopedic, vascular, dental, and gastroenterology. The vascular segment held the largest share of the market in 2020, and it is expected to register the highest CAGR during the forecast period.
Nitinol Medical Devices Market: Competitive Landscape and Key Developments
Cook Medical LLC; Abbott Laboratories; Zimmer Biomet Holdings, Inc; B. Braun Melsungen AG; Boston Scientific Corporation; Becton, Dickinson and Company (BD); Arthrex, Inc.; W. L. Gore & Associates, Inc; Terumo Corporation; and Nordson Corporation are among the prominent players operating in the nitinol medical devices market.
These companies are adopting partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2021, Cook Medical announced that the Approach Authority Workhorse Microwire Guide is now commercially available in the US and Canada. Approach Authority combines resilient nitinol tip technology with a hydrophilic coating. These wire guides can be used for various vascular procedures.
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