Albany, NY -- (SBWIRE) -- 09/24/2018 -- In a consolidated yet competitive global Nitinol Medical Devices Market, savvy players are hard-focused on product innovation to strengthen their position. Keen players are also vying to expand their geographical outreach by means of strategic partnerships and mergers and acquisitions. Majorly fuelling the global nitinol medical devices market is the rising prevalence of cardiovascular diseases, growing geriatric population susceptible to peripheral artery diseases, and increasing demand for minimally invasive surgical procedures. As per statistics of the World Health Organization, almost 17.7 million individuals suffer from cardiovascular diseases each year; cardiovascular diseases account for 31% deaths each year globally.
As per estimates of a report by Transparency Market Research (TMR), the global nitinol medical devices market will be valued at US$25,657.5 mn by the end of 2025 vis-à-vis revenue from US$12,783.9 mn in 2016 at a CAGR of 8.2% therein. Depending upon product type, the global nitinol medical devices market is classified as nitinol stents, nitinol guidewires, nitinol filters, nitinol basket, nitinol catheters, and others (needles, staples, sheath, pins, and wires, etc.). Nitinol guidewires is further segmented into orthodontic guidewires and endoscopic guidewires.
Amongst all, nitinol stents segment led the overall market in terms of revenue in 2016; going forward the segment is anticipated to further grow due to increasing prevalence of cardiovascular diseases and peripheral vascular diseases. The growth of nitinol stents segment is mainly because of high efficacy of nitinol-based coronary and peripheral stents in the treatment of cardiovascular diseases. As per Diagnostic & Interventional Cardiology, prevalence of percutaneous coronary intervention (PCI) procedures in the U.S. is four times as compared to coronary artery bypass graft (CABG) procedures.
Based on application, the key segments include orthopedic, vascular, dental, gastroenterology, and others. The vascular segment held the leading market share of more than 60% in 2016 in the global nitinol medical devices market. This is mainly because of rising prevalence of cardiovascular diseases and increasing adoption of nitinol based stents for vascular surgeries.
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Based on end-user, the report classifies the global nitinol medical devices market into hospitals, clinics, ambulatory surgical centers, and others. In 2016, hospitals led the market and the trend is anticipated to continue over the forecast period. The growth of hospitals segment is attributed to the increasing demand for minimally invasive surgeries and increasing number of surgeries for vascular and orthopedic diseases. However, clinics and ambulatory surgical centers segments are anticipated to surpass in terms of growth rate over the forecast period due to surging demand for same-day surgeries.
High Prevalence of Peripheral Artery Disease among Geriatrics Makes North America Leader
Based on region, the nitinol medical devices market has been classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America accounted for the leading market share vis-à-vis revenue in 2016 due to increasing adoption of technologically advanced products and increasing prevalence of peripheral artery disease. As per statistics of the Houston Methodist Research Institute, peripheral arterial disease affects 13% to14% of the elderly population in the U.S. Further, prevalence of peripheral artery disease, which increases with age, can also range from 13% to 32% among individuals of 80 years of age.
Powered by the U.K, Germany, and France Europe is a key market for nitinol medical devices. As per the European Heart Network, cardiovascular diseases are responsible for 3.9 million deaths each year in Europe. In 2015, 11.3 million new cases of cardiovascular diseases were reported in Europe.
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Prominent names in the global nitinol medical devices market include 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.