Global
Nitinol Medical Devices Market: Description
Shape
Memory Alloys (SMA) is a special class of metals that have the
ability to restore their original shape after severe deformation.
SMAs find applications in various industries such as automotive,
aerospace, robotics and biomedical. Nickel-Titanium alloy (nitinol)
has been found to be the most useful shape memory alloy in biomedical
applications such as tweezers for small incisions, cardiovascular
stents, coroner angiography, tendon fixation tool and orthodontic
wires. Some of the major properties of nitinol include high fatigue
strength, nonmagnetic, high power/weight ratio, corrosion resistance,
heat resistance, and biocompatible. The increased utilization of this
alloy to manufacture various medical devices has changed the
algorithm of disease treatment. With the growth in geriatric
population globally and the increasing rate of vascular diseases such
as peripheral arterial diseases and coronary artery diseases, the
nitinol medical devices market shows tremendous growth potential,
particularly in developing nations.
This
research report provides a detailed analysis of the global nitinol
medical devices market and helps in understanding the various driving
factors for the growth of this market. The executive summary provides
market snapshot which covers overall information about various
segments and sub-segments. This section also includes comparative
analysis of the global nitinol medical devices market according to
the geographical regions. The market overview section of this report
demonstrates the market dynamics and trends such as drivers,
restraints and opportunities that influence the current nature and
future status of this market. Impact factors such as market
attractiveness analysis, Porter’s five forces analysis and heat map
analysis of key market players have also been explained in the market
overview section of the report. All these factors would help the
market players to gain thorough analysis of the overall competitive
scenario and thereby decide upon the business strategies and plans to
be observed in future for the global nitinol medical devices market.
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Global
Nitinol Medical Devices Market :
Overview
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.
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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