ALBANY, N.Y., Dec. 3, 2021 /PRNewswire/ -- Innovative medical devices such as biodegradable polymer stents, peripheral vascular stents, and others have been developed using nitinol in the recent years. The quest for minimally invasive treatments using novel instruments and implants has expanded the use of nitinol in the medical industry, which is likely to drive the global nitinol medical devices market. Endovascular stents, for instance, employ nitinol as a basic element for design and structural construction, as do endoscopic tools and orthodontic archwires.
Magnetostrictive and ferromagnetic shape memory alloys (FSMA), which are utilized to design paediatric cardiovascular devices, are two possible uses of shape-memory alloys according to Pediatric Research, a monthly peer-reviewed medical journal. This is due tothe ferromagnetic or magnetostrictive properties of nitinol, which changes form in response to temperature variations. Thus, the growth of the global nitinol medical devices market is expected to be fuelled by the extensive use of nitinol-based products in medical operations during the forecast period.
The global nitinol medical devices market was valued at US$ 14,571.7 Mn in 2018 and the market is estimated to rise at a CAGR of 8.5% during the forecast period, from 2019 to 2027.
Key Findings of Market Report
Increase in Demand for Minimally Invasive (MI) Surgeries to Drive Global Market
Hospitals are increasingly adopting minimally invasive surgical methods. Since the surgeries are conducted through small incisions rather than a single large opening, patients benefit from shorter recovery periods and less discomfort. Minimally invasive methods, according to mivision, are destined to revolutionize the glaucoma treatment. As compared to other invasive procedures, these methods appeal to patients due to quicker recovery and better safety.
The Hydrus Microstent functions as a scaffold, widening and dilating Schlemm's canal to improve aqueous outflow in the eye. It is made of nitinol, a biocompatible as well as MRI-safe material. This material has been successfully utilized in over a million medical implants.
Rapid Adoption of Technologically Advanced Medical Products to Drive North America Market
In 2018, North America was one of the prominent regions in the global nitinol medical devices market, and it is expected to retain that dominance during the forecast period. Acceptance of technologically advanced products, a well-established healthcare infrastructure, high prevalence of cardiovascular illnesses, and rapidly aging population are estimated to drive the regional market.
The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. Increasing business penetration of global players in highly populous nations such as India, China, and Taiwan, along with a constantly advancing healthcare industry in the region, is projected to boost the regional market. In addition, the presence of a large pool of patients with gastrointestinal and cardiovascular conditions is also estimated to contribute to the high growth rate of the nitinol medical devices market in Asia Pacific.
In the forthcoming years, hospitals are expected to emerge as a leading end user, owing to rising demand for minimally invasive procedures and increasing number of orthopedic and vascular surgeries
As per the World Health Organization, cardiovascular illnesses are the major cause of mortality globally. Due to the increasing incidence of peripheral vascular disease and cardiovascular illnesses, nitinol stents are likely to observe rise in demand.
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Smart Patches Market: Smart patch devices for delivery of COVID-19 vaccination with the use of microneedle arrays for transdermal therapeutic drug delivery and diagnostic applications hold future opportunities for the healthcare sector. The smart patches market is expected to register a favorable CAGR of ~6% during the forecast tenure. However, there is a need for new designs in wearable smart patches.
Fibrin Sealants Market: The global fibrin sealants market was valued over US$ 900 Mn in 2020 and is projected to expand at a CAGR of 6.7% from 2021 to 2031. Increase in number of patients with chronic diseases, rise in trauma cases, and surge in geriatric population are anticipated to drive the global fibrin sealants market from 2021 to 2031.
Soft Tissue Market: The soft tissue market is expected to reach US$ 8.6 Bn by 2031. The custom 3D bone allograft block fabrication is a fast growing phenomenon in the market, as the digital technology has drastically improved all areas of modern medicine and will continue to do so in the upcoming decade. Growing demand for accurate treatment planning, decline in patient chair-side time, and greater surgical accuracy have fueled the demand for custom 3D bone allografts in the modern implant dentistry.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.