Report : North America Nitinol Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Nitinol Stents, Nitinol Guidewires, Nitinol Filters, Nitinol Basket, Nitinol Catheters, and Others) and Application (Orthopedic, Vascular, Dental, and Gastroenterology)
The nitinol stents segment by product is estimated to lead the market growth during the forecast period.
According to a new market research study of “North America Nitinol Medical Devices Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product, Application and Country.” The North America nitinol medical devices market is expected to reach US$ 10,021.26 million by 2028 from US$ 7,255.12 million by 2021; it is estimated to grow with a CAGR of 7.5% from 2021 to 2028. The report highlights trends prevailing in the North America nitinol medical devices market and the factors driving market along with those that act as hindrances.
The North America nitinol medical devices market, by product, is segmented into nitinol stents, nitinol guidewires, nitinol filters, nitinol baskets, nitinol catheters and others. In 2020, the nitinol stents segment held the largest share of the market, by product. And the same segment is estimated to grow at significant CAGR during the forecast period.
The use of minimally invasive surgeries has evolved the paradigm of the surgery in the medical science. The advantages of MIS such as smaller incisions, reduced pain, lower complications, minimal blood loss and shorter hospital stays have dramatically influenced the adoption of MIS. The increasing adoption of MIS is majorly backed by advantages of the MIS has equally contributed to leveraging the growth of nitinol medical devices specifically for robotic surgeries and laparoscopic procedures. According to a research article “Management of Patients after Laparoscopic Procedures” published in 2018, ~15 million laparoscopic procedures are performed each year across the world. Such increasing number of procedures through MIS is likely to drive the market during the forecast period. Also, growing prevalence of chronic diseases such as cardiovascular diseases (CVD) and peripheral vascular diseases (PVD), have widely demanded the advanced treatments with efficient and effective products. Therefore, considering the growing prevalence rate of chronic diseases it is expected that the demand for nitinol medical devices will be increasing, thereby leading to the market growth during the forecast period.
The countries in the North America have started vaccinating its population on a larger scale. This is expected to lower the intensity of COVID-19 pandemic in the region. Owing to which the patients post vaccination are undergoing the pending medical procedures such as the surgeries, dental treatments, and others. The healthcare systems in the region have regained its capacity since the start of the pandemic. However, the development of the advance treatments and reductions in the death rate has gained confidence in the doctors and patients. Thus, it is expected to have low negative impact on the nitinol medical devices market in the region.
The growth of the market is attributed to increasing adoption of minimally invasive surgeries (MIS) and growing prevalence of chronic diseases are boosting the market. However, the manufacturing challenges including joining and assembly, plating and coating, machining, and stamping, and forming are likely to hinder the market’s growth.
Cook Medical LLC, Abbott, Zimmer Biomet, B. Braun Melsungen AG, Boston Scientific Corporation, BD, Arthrex, Inc, W. L. Gore and Associates, Inc., Terumo Corporation, NORDSON CORPORATION are among the leading companies operating in the North America nitinol medical devices market.
The report segments in North America Nitinol Medical Devices Market as follows:
- Nitinol Stents
- Nitinol Guidewires
- Orthodontic Guidewires
- Endoscopic Guidewires
- Nitinol Filters
- Nitinol Basket
- Nitinol Catheters
Contact Person: Sameer Joshi
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