Rising funds and expanding the manufacturing of nitinol medical devices is boosting the market growth.
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Nitinol Medical Devices Market is estimated to reach $25,747 million by 2026; growing at a CAGR of 8.4% till 2026.
Nitinol medical devices provide superelasticity, biocompatibility, and fatigue, and kink resistance. Nitinol is used to manufacture guidewires, stone retrieval baskets, catheter tubes, stents, filters, needles, dental files, archwires, and other surgical instruments.
Rising prevalence of cardiovascular diseases and peripheral vascular disease (PVD), is a key driving factor of the market. According to the World Health Organization, globally, around 17.9 million lives with cardiovascular diseases each year. According to the American Heart Association, in 2018, around 30.3 million U.S. was diagnosed with heart disease. Approximately 647,000 Americans die from heart disease each year. According to the National Center for Chronic Disease Prevention, it is estimated that by 2035, more than 45% of Americans are expected to have some type of cardiovascular disease. In Europe, cardiovascular disease (CVD) causes 3.9 million deaths and over 1.8 million deaths in the European Union (EU). According to the Australian Institute of Health and Welfare (AIHW), in 2018, around 1.2 million adults aged 18 years and over had one or more heart conditions or vascular disease, including stroke in Australia. Peripheral artery disease narrows the arteries and reduces blood flow to the limbs. According to the American Heart Association, in 2018, approximately 8.5 million people age 40 and older have peripheral artery disease (PAD) in the U.S. In Canada, 800,000 people suffer from some form of peripheral artery disease (PAD).
Nitinol Guidewires, Nitinol Catheters, Nitinol Stents, Nitinol Filters, Nitinol Basket, and Others is the type segment of the market scope. By application, the market is divided into Vascular, Gastroenterology, Orthopedic, and Dental. The report covers value of the global market by type and application.
Nitinol Stents is expected to register larger share in 2020, owing to the commercialization of nitinol medical devices, increasing studies related to nitinol medical devices, R&D activities, the partnership between companies to expand the nitinol medical devices market at the global scale, and increasing regulatory approval of nitinol medical devices.
North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global nitinol medical devices value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
North America was dominating the global nitinol medical devices market in 2019, due to the rising prevalence of cardiovascular diseases, government funding for research and development activities of technologically advanced nitinol medical devices, and commercialization of regulatory approved nitinol medical devices, and facility expansion to develop new innovative nitinol medical devices.
Major players operating in the nitinol medical devices industry include C. R. Bard, Inc., B. Braun Melsungen AG, Medtronic, Cook Medical, Abbott Laboratories, Boston Scientific Corporation, Terumo Corporation, W. L. Gore & Associates, Inc., Endosmart GmbH, Zimmer Biomet Holdings, Inc.
The increasing investment by the companies on R&D activities on nitinol medical devices, commercialization of new nitinol medical devices, the partnership between companies to expand the nitinol medical devices business, and increasing regulatory approval of nitinol medical devices are some of the strategies adopted by the major companies.