Albany, NY -- (SBWIRE) -- 09/10/2018 -- A freshly compiled business and commerce report by Transparency Market Research (TMR) has observed that while the Nitinol Medical Devices Market is poised for a prosperous future, the global shares are mostly consolidated among a small pool of players. Overall, nitinol medical devices make for a market that is highly competitive and the major players are focusing on innovating and enhancing their product portfolio to gain greater shares. Additionally, the aim of the prominent players is on expanding geographically by the means of strategic partnerships and acquisitions.
If the estimations of the TMR report are to be believed, the demand in the global nitinol medical devices market will multiply at an impressive CAGR of 8.2% during the forecast period of 2017 to 2025. Revenue-wise, the analyst of the report has estimated the opportunities to produce a revenue of US$25,657.5 million by the end of 2025. In terms of products, the report has segmented the nitinol medical devices market into catheters, basket, filters, stents, and guidewires including orthodontic and endoscopic. Application-wise, the market for nitinol medical devices has been bifurcated into dental, vascular, orthopedic, gastroenterology, and others. Geographically, North America is foreseen to remain the most lucrative region throughout the forecast period 2017 to 2025.
The report identifies Abbott Laboratories, C.R. Bard Inc., B.Braun Melsungen AG, Zimmer Biomet Holdings Inc., Boston Scientific Corporation, Cook Medical, Medtronic, Terumo Corporation, W.L. Gore & Associates Inc., Endosmart GmbH, and Arthrex Inc. as some of the players who are currently ahead of the curve in the global nitinol medical devices market.
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The nitinol medical devices market is flourishing on the back of increased clinical applications in medical procedures. Additionally, rise in the prevalence of numerous chronic diseases, growing adoption of minimally invasive (MI) surgeries, rise in incidences of peripheral artery diseases among the escalating percentage of geriatrics, and growing demand for dental implants are some of the other factors driving the market.
Moreover, distinctive biomedical properties of nitinol is expected to reflect positively over the course of the forecast period of 2017 to 2025. Nitinol-based medical devices are now finding increased demand as a result of growing usage of shape metal alloys (SMAs). Owing to their solid state, high-power density, durability, strong damping capacity, and fatigue resistance, SMAs are now developed that have superior elasticity and ideal for hip replacement. Nitinol are also used for a number of medical implants such as transcatheter heart valve, vascular stents, neurovascular closure implants, orthopedic anchors, vena cava filters, and atrial fibrillation devices.
On the other hand, increase in innovation pertaining to polymer or bare metal based bioabsorbale stents or catheter devices, and high cost of the products are a few restraints curtailing the progress of the global nitinol medical devices market. That being said, increasing demand for advanced nitinol medical devices from the developing countries and rise in modification of nitinol-based stent systems are expected to open new opportunities in the near future.
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