The global nitinol
medical devices market is considerably consolidated with the presence
of a number of large players that hold the dominant share, reveals a
fresh market intelligence study by Transparency Market Research
(TMR). In this competitive market, companies are hard-focused on
product innovation in order to capture a larger market share. Savvy
players are also vying to expand their geographical presence which
they are attaining by means of strategic partnerships and mergers and
acquisitions.
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Some of the leading
companies in the global nitinol medical devices market are B.Braun
Melsungen AG, C.R. Bard Inc., Arthrex Inc., Zimmer Biomet Holdings
Inc., Cook Medical, Medtronic, W.L. Gore & Associates Inc.,
Terumo Corporation, Abbott Laboratories, Boston Scientific
Corporation, and Endosmart GmbH.
As per a report by
TMR, the global nitinol medical devices market is anticipated to
clock a CAGR of 8.2% between 2017 and 2025 for the market to reach a
valuation of US$25,657.5 mn by 2025-end. The market was evaluated at
US$12,783.9 mn in 2016.
Among the various
product types, nitinol stents have emerged as a key segment
accounting for a revenue significant contribution to the overall
market. On the basis of application, vascular segment held the
leading share of the market vis-à-vis revenue in 2016.
Geography-wise, North America held the commanding share in the
overall market in 2016, and going forward the trend is anticipated to
continue during the forecast period.
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The global market
for nitinol medical devices is anticipated to rise over the forecast
period owing to the rising incidence of peripheral artery diseases
among the geriatric population, rising prevalence of cardiovascular
diseases, and increasing demand for minimally invasive surgical
procedures. As per 2017 statistics of the World Health Organization,
almost 17.7 million individuals globally are affected by
cardiovascular diseases each year. Cardiovascular diseases account
for 31% deaths each year globally.
Further, the rising
demand for nitinol-based stents for vascular surgeries is also a
significant factor acting in favor of the growth of nitinol medical
devices market. The rising demand for dental implants and increasing
demand for nitinol-based product is also anticipated to stoke growth
of this market.
Nitinol is one of
the most useful shape memory alloys suitable for a wide range of
biomedical applications such as tweezers for small incisions,
coronary angiography, tendon fixation tool, and orthodontic wires.
Apart from this, nitinol is extensively used in the manufacture of
catheter tubes, stone retrieval baskets, guidewires, dental files,
filters, and needles. This is because nitinol displays properties of
high fatigue strength, nonmagnetism, high power/weight ratio, heat
resistance, corrosion resistance, and biocompatibility. In
particular, the kink-resistant property of nitinol accounts for its
increased preference over stainless steel in the manufacture of
guidewires for catheters. The increased use of nitinol for the
manufacture of medical devices has brought a radical change in the
way diseases are treated.
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With the rising
geriatric population globally and increasing prevalence of vascular
diseases such as coronary artery diseases and peripheral arterial
diseases, the nitinol medical devices market is expected to display
notable growth in the upcoming years, particularly in developing
nations.
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