Nitinol Medical Devices Market to Reach USD 2.5 Billion USD 17.3 Billion Respectively Globally in 2019
Advances in a wide range of surgical procedures, growing demand for minimally invasive surgical treatments and increasing life expectancy would create an excellent opportunity for various commercial applications in the medical devices market. At present, the use of shape memory alloy in the manufacturing of implantable medical devices is widely accepted and recognized due to its unique shape memory properties. These shape memory alloys are referred to a unique class of metals, which have the ability to regain its original shape after severe deformation. Thus, owing to possession of unique biochemical property these alloys are being used in various industries such as medical, robotics, automotive and aerospace. Currently, copper-aluminum-nickel, zinc-aluminum nitinol (Nickel-Titanium) and iron-manganese-silicon alloys are various commercially available shape memory alloys. Of these shape memory alloys, Nitinol is found to be the most significant alloy in biomedical applications hence, increased utilization of this alloy has replaced the consumption of stainless steel in the manufacturing of medical devices substantially.
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Owing to the rise in geriatric population and growing incidence of various vascular diseases such as peripheral vascular diseases and coronary artery diseases, the global nitinol medical devices market is expected to show a tremendous growth in next few years. For our study, nitinol medical devices market is segmented based on the type of semi-finished raw materials and final medical components. The total market of nitinol medical devices for final medical components was valued at USD 8,287.2 million in 2012 and is forecasted to grow at a CAGR of 11.1% during the period of 2013 to 2019. Based on the type of final medical components, the total market is subdivided into nitinol stents, guidewires and others, which comprises dental wires, catheter tubes, tissue ablators, needles, retrieval baskets, biopsy forceps, endodontic files and filters. Among these afore-mentioned components, nitinol stents market accounted for the largest market share in 2012 and is expected to retain its market share till 2019 due to increasing number of vascular stenting procedures globally. Additionally, growing medical device manufacturer’s preference for using nitinol as a chief raw material owing to its unique biomechanical properties is further expected to drive the market for nitinol stents in coming years.
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Based on the type of semi-finished raw materials, the market is categorized into nitinol tubes, wiring and others, which comprise sheets and ribbons. The total market for nitinol semi-finished raw materials was valued at USD 1,525.2 million in 2012. Of these, the Nitinol-wiring market accounted for the largest market share in 2012. The contributing factors for such an assessment included a large number of clinical applications, low cost and better corrosion resistance properties compared to tubes and others. Nitinol wires are currently being deployed in various applications such as orthopedics, endoscopy, laparoscopy, catheter wall supports, ablation catheter, custom springs, etc.
Geographically, North America constituted the largest market for global nitinol medical devices market in 2012; however, Asia-Pacific is predicted to foresee the fastest growth rate during the forecast period from 2013 to 2019. This high growth has been attributed to presence of large population base which consequently gives rise to large patient population, low treatment cost and increasing healthcare awareness among the patients. In addition, favorable government support and growing medical tourism industry would trigger the growth of this market in Asia-Pacific.
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The leading players in this market include Abbott Laboratories, Boston Scientific Corporation, Cordis Corporation, Cook Medical, Nitinol Devices & Components, Inc., Memry Corporation, Medtronic, Inc. and C. R. Bard Medical.
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